South Korea: Oilseeds and Products Annual

  |   Attaché Report (GAIN)

FAS Seoul forecasts that Korean soybean production for MY 2020/21 will increase by 3 percent. Due to constant demand for imported soybeans, MY 2020/21 soybean imports are forecast to match the current marketing year estimate of 1.27 MMT. Imports of soybeans for crushing in MY 2020/21 are forecast to remain unchanged from the current marketing year’s estimate of one MMT as crushers continue to prefer processing soybeans over rapeseed. Soybean meal imports during MY 2020/21 are forecast at 1.9 MMT, similar level to the current marketing year, as Korean livestock inventories are expected to be stagnant. In MY 2019/20, soybean oil imports are expected to remain at 330,000 MT (with an estimated 80-90 percent U.S. market share), stagnant from the previous year.

South Korea: Oilseeds and Products Annual

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