South Korea: Grain and Feed Update

Rice production in Korea is forecast to be gradually down in marketing year (MY) 2023/24 on reduced acreage in response to government incentives encouraging farmers to switch to other grains, such as wheat and soybean. Wheat production in 2023 has benefited from this policy and increased to a 40-year high, but still short of the original government target. Annual imports and consumption of grain and feed have been stable, except for rice imports. While Korea will maintain the volume of rice import contracts under the tariff rate quota scheme in calendar year 2023, imports in MY 2022/23 will be reduced due to the slow pace of filling the 2023 quota. Market share of U.S. corn continues to fall because of price competition, reaching its lowest level since MY 2012/13, at 9 percent for feed corn and 7 percent overall while the sources of Korea's feed corn imports are becoming increasingly diverse.