South Korea: Grain and Feed Update
Link to report:
FAS Seoul’s MY 2020/21 Korean rice production forecast is 3.86 million metric tons (MMT) – up three percent from the initial estimate – due to higher than expected actual planted area. Consumption estimates remain unchanged. For imports, COVID-19 related logistical issues are expected to increase the portion of 2020 TRQ delivered in the first half of 2021. Therefore MY 2020/21 rice imports are revised up to 500,000 MT (milled basis) from the previous report and MY 2019/20 rice imports are expected to decrease to 500,000 MT (milled basis). Likewise, annual U.S. rice exports in 2020 are expected to decrease to 150,000 MT (milled basis), with the balance of exports rolling into 2021.