South Korea: Grain and Feed Annual

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2021/22, recovering from a projected 3 percent decline in imports during the current marketing year. 2021/22 domestic rice production is expected to jump 8 percent, driven by rising prices following low production in the prior year. Korea’s rice imports are consistently close to the 408,700 metric ton (MT) tariff rate quota (TRQ), due to exorbitantly high out of quota tariffs. Korean wheat consumption in 2021/22 should remain unchanged from the current year.