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Breaking with historical practice, Korean soybean crushers began operating below full capacity in mid-2023 and are forecast to further reduce crush volume into marketing year (MY) 2024/25. Soybean imports are forecast to recover slightly from MY 2023/24, but will still remain below average levels on sluggish crushing demand.
This report analyzes all vegetable oil markets in Korea, whether for food or industrial use, and covers oils derived from soybean, palm, palm kernel, olive, rapeseed/canola, grapeseed, sunflower seed, corn, coconut, sesame, perilla seed (a leafy plant from the mint family), and rice bran.
On November 13, 2015, Statistics Korea (KOSTAT) released its revised 2015 rice production estimate of 4.33 million metric tons.
Post revises rice production upward, despite a decline in planted area, based on record average yields of 5.33 MT/ha, due to favorable weather in September.