South Korea: Grain and Feed Update

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops. Korea will continue to rely on imports for 98 percent of milling wheat, with domestic production falling well below government self-sufficiency targets. Record exports of K-food products and a stable feed market sustain Korea’s grain consumption, as growth in the food processing sector counters demographic trends and declining rice consumption.