On March 13, 2015, The Committee for Agricultural Stabilization on Supply and Demand under the Ministry of Agriculture, Food and Rural Affairs (MAFRA) made a decision on standards of minimum price for contract faming in seven major vegetables such as radish, oriental cabbage, carrots, green onions, etc. Minimum price of major vegetables will be adjusted every three years considering the changes in farming conditions such as production costs. It is for stabilizing the production of contract faming in major vegetables and promoting the participation of farmers in contract farming with agricultural cooperatives.
Source: Korea Rural Economic Institute, Weekly Report on Agricultural Policy, March 23, 2015
(Research and summarized by Dr. Jeong-Bin Im)