The Ministry of Agriculture, Food and Rural Affairs said Thursday that it has completed the purchase of 143-thousand tons of rice that was harvested and set aside last year for the purpose of market stability.
 
During bidding on Wednesday, 143-thousand tons or 91 percent of 157-thousand tons of emergency rice reserves were successfully sold. The average purchase price was 48-thousand-825 won per 40 kilograms of rice.
 
The rice reserves for public auction held in each province belonged to farmers, agricultural cooperatives or private rice processing complexes(RPC).
 
With the latest government purchases, 343-thousand tons of rice out of last year's total rice output of four-point-three million tons have been purchased off the market. The government purchased 200-thousand tons late last year. 
 
The Agriculture Ministry will refrain from releasing its purchased reserves into the market barring unstable demand and supply or a sudden price hike.