Browse Data and Analysis

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.

Korea was the 5th largest country importer of U.S. agricultural and related products in 2022. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $5.9 billion in 2022.

The FAS/Seoul June 2023 Grain and Feed update covers changes to the Korean rice situation since the March 2023 Grain and Feed Annual report. Marketing year 2022/23 production and consumption will be unchanged, with a small decline in imports.