South Korea: Grain and Feed Annual

FAS/Seoul projects Korea’s corn imports and consumption to increase in 2022/23 to support anticipated growth in animal inventories, following an expected decrease in corn imports in 2021/22 due to the war in Ukraine. Korean wheat consumption in 2022/23 is forecast to decline 15 percent due to reduced feed wheat supply. 2022/23 domestic rice production is expected to decline 3 percent, after strong prior year production. 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.