Korean Govt to Stabilise Livestock Markets

23 October 2012, at 12:38pm

SOUTH KOREA - The Korean Ministry for Food, Agriculture, Forestry and Fisheries (MIFAFF) announced this week that it will attempt to stabilise the domestic cattle and pig markets in response to the ongoing price falls and rising livestock numbers.

The Korean cattle herd reached record numbers in mid-2012, at 3.5 million head, while Korea’s pig herd has jumped from 7 million head in early 2011, to 9.4 million head as at June 2012.

The Korean government stated that it would slaughter 130,000 cows in the second half of 2012, along with promoting local beef by offering discounts, promoting gift sets and offering cow beef to company cafeterias. Furthermore, local cattle farmers will receive financial assistance to buy feed, along with being encouraged to increase coarse fodder production in light of high grain prices.

To control the domestic pig herd growth, MIFAFF is expected to slaughter 80,000 head of low producing sows and 100,000 young animals, along with lowering the ‘full grown’ pig classification from 115kg to 110kg to increase supplies. In addition, the authorities will promote pork consumption through discounting.