South Korea: Grain and Feed Annual

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. MY 2020/21 total corn imports are forecast to increase to 11.5 MMT, up 100,000 MT from the estimate for the current marketing year, consisting of 9.1 MMT of corn for compound feed, and 2.4 MMT of processing corn for food processing. Based on the average U.S. market share in corn in Korea over the previous five years, MY 2020/21 imports of U.S. corn are forecast to stay around 5 MMT. MY 2020/21 rice production is forecast at 3.75 million metric tons (MMT), essentially unchanged from 3.74 MMT in the previous marketing year. MY 2020/21 rice imports are forecast at 410,000 MT (milled basis). Korea is expected to purchase 408,700 tons (milled basis) of rice under the 2020 TRQ, which has been allocated to five countries as part of the rice tariffication agreement concluded at the end of 2019.

South Korea: Grain and Feed Annual