South Korea: Oilseeds and Products Annual
Soybean consumption in MY 2016/17 is forecast unchanged from the current marketing year at 1.42 MMT, while trade is also expected to remain stable at 1.3 MMT of which soybeans for crushing stay at 1MMT. Imports of food grade soybeans in MY 2016/17 are forecast around 290,000 MT with the U.S. expected to retain 70 to 80 percent market share. Soybean meal imports for MY 2016/17 are expected to stay at 1.75 MMT due to static livestock inventories. Meanwhile, soybean oil consumption is expected to remain at 470,000 MT because of stagnant demand in the bio-diesel sector, with rising demand for more cost effective palm oil at 480,000 MT.
