South Korea: Grain and Feed Update
Link to report:
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, and industrial (FSI) purposes, up 4.3 percent from FAS/Seoul’s initial forecast of 11.5 MMT. The 2020/21 corn import forecast is revised up to 12 MMT from FAS/Seoul’s initial forecast of 11.5 (a 4.3 percent increase), due to rising animal inventories and limited availability of price competitive feedgrade wheat and domestic rice for feed. Statistics Korea (KOSTAT) estimates 2020 rice production at 3.63 million metric tons (MMT), down three percent from the previous year due to both lower production area and reduced yields.