South Korea's rice production this year is forecast to be some three-point-87 million tons, a two-point-four percent drop from the previous year.

The Agriculture Ministry said Wednesday, a total of 738-thousand hectares of rice paddies were used to grow the staple grain this year, down two-point-two percent from last year.

The ministry attributed the drop to bad weather conditions during the harvest season and a decline in rice paddies. 

The 2018 estimate is a bit higher than the market demand for new rice, which stands at three-point-78 million tons this year.

The price of rice in the producing area, however, was 48-thousand-693 won for every 20 kilograms as of October fifth, up more than 29 percent on-year.

Ministry officials, meanwhile, said they expect prices will stabilize as the shipment of this year's rice output begins in earnest later this month.