South Korea Faces Impending Deadline for Raw Milk Price Negotiations Amid Industry Dispute
Source: The DairyNews
In South Korea, the deadline is looming for the resolution of ongoing raw milk price negotiations, which have seen significant disagreements between representatives from the farming and dairy industries.
A special subcommittee, formed under the Korea Dairy Committee on June 11, has been tasked with resolving these price disputes by Tuesday.
Once an agreement is reached by the subcommittee, it will require approval from the committee's board of directors before the new prices can be implemented in the market starting August 1. The potential adjustment in raw milk prices could see an increase of up to 26 won (approximately 2 cents) per liter, a change that reflects both farm production costs and prevailing market conditions.
Should the committee fail to agree on a new price by the stipulated deadline, raw milk prices will remain at their current levels. This scenario may affect various stakeholders within the industry, from producers to consumers, as it impacts the cost structure across the supply chain.
Once an agreement is reached by the subcommittee, it will require approval from the committee's board of directors before the new prices can be implemented in the market starting August 1. The potential adjustment in raw milk prices could see an increase of up to 26 won (approximately 2 cents) per liter, a change that reflects both farm production costs and prevailing market conditions.
Should the committee fail to agree on a new price by the stipulated deadline, raw milk prices will remain at their current levels. This scenario may affect various stakeholders within the industry, from producers to consumers, as it impacts the cost structure across the supply chain.
