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FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2022/23 to support anticipated growth in animal inventories, following an expected decrease in corn imports in 2021/22 due to the war in Ukraine. Korean wheat consumption in 2022/23 is forecast to decline 15 percent due to reduced feed wheat supply.

This report is an October 2021 update to the FAS Seoul Grain and Feed Annual released on March 31 and the Grain and Feed Update from June 27.

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2021/22, recovering from a projected 3 percent decline in imports during the current marketing year.

The MY 2020/21 wheat import forecast remains unchanged at 4 MMT. 2020/21 corn consumption projections are revised up to 12 MMT, consisting of 9.7 MMT for feed purposes and 2.3 MMT for food, seed...

Market Year (MY) 2020/21 Korean compound feed production is forecast to reach a record volume of around 21.2 MMT in MY 2020/21, based on strong growth in swine and poultry inventories.

In MY 2018/19, total production of grain and other crops (grain-equivalent basis for potatoes) dropped 12 percent from the previous marketing year to an estimated 4.9 million metric tons....

For Marketing Year (MY) 2019/20, FAS/Seoul has increased the projection for corn imports to 10.8 MMT.

MY 2019/2020 wheat production will remain negligible at 25,000 metric tons (MT), while wheat consumption is anticipated to grow slightly to 3.85 million MT (MMT). MY 2019/2020 corn consumption....

In Marketing Year (MY) 2018/19, heavy rains during the planting season caused farmers to opt out of the government program to reduce rice acreage and continue planting rice.

Total production of grain and other crops on a grain equivalent basis is estimated at 5.75 million metric tons (5 MMT, milled basis for rice and grain equivalent for soybeans) in marketing year....

Korean rice production is forecast to decrease in MY 2018/19 as the government’s rice reduction program takes effect.