The government will buy 590,000 tons of locally produced rice this year to help stabilize the market price of the staple grain, the farm ministry said Monday.

The amount represents an increase of 200,000 tons from the original plan announced in early September that called for 360,000 tons to be set aside as part of the country's strategic reserves, and 30,000 tons to be pledged to the ASEAN Plus Three Emergency Rice Reserve, the Ministry of Agriculture, Food and Rural Affairs said.

The extra 200,000 tons of rice that will be purchased starting in November will be isolated from the market that should help prop up domestic rice prices that have direct impact on the income of farmers.

"Isolating the rice will be given top priority," the ministry said. "Unless there is an unexpected shortage of rice or a spike in prices, the government will do its utmost not to release its reserves."

The government predicted earlier this month that rice production could top 4.26 million tons, up 0.4 percent from 4.24 million tons last year. The increase comes despite 2 percent less land being used to grow rice.

Reflecting the rise in output, the average prices for a 80 kilogram sack of rice stood at 156,880 won as of Oct. 15, down 7.5 percent from a year earlier.

In addition, the farm ministry said it will release some 200 billion won ($176.4 million) in extra funds to make it possible for the private sector to buy up rice.

Other incentives like raising the payment guarantee coverage of rice processing plants from the current 3 billion won to 5 billion won will be pursued that can further allow the private sector to buy 2.13 million tons of rice this year, up 85,000 tons from 2014, it said.

The government said that depending on the movement of rice prices and overall production, more rice can be purchased.

"A long term rice price stabilization plan will be announced later in the year," it said. (Yonhap)