South Korea: Oilseeds and Products Annual

Although domestic soybean production is forecast to reach a 20-year high in marketing year (MY) 2025/26, Korea will remain dependent on imports for 89 percent of total supply. Crush demand, and thus soybean imports, are expected to remain stagnant, as market conditions drive crush facilities to operate at 15-20 percent below capacity in MY 2024/25 and into MY 2025/26. With low crushing, Korea is forecast to maintain stable supplies of soybean meal for the domestic feed market through imports and drawing down stocks. Imports of palm oil are forecast to return to average levels in MY 2025/26 following a reduction in MY 2024/25 due to high prices. Soybean oil will maintain its position as the most prevalent food use vegetable oil in Korea. The United States is reclaiming lost shares in the soybean oil market as exportable supplies become available to Korean buyers once again.