South Korea: Oilseeds and Products Annual
With a slight increase in projected acreage due to the government-run rice area reduction program, soybean production is expected to rise slightly to 92,000 metric tons (MT) in Marketing Year (MY) 2019/2020. Soybean imports are expected to remain constant at 1.27 million MT (MMT). Soybean meal production is also expected to remain steady at 792,000 MT, with nearly all soybean meal used in compound feed production. Soybean meal imports are expected to remain constant at 1.9 MMT. Soybean meal consumption is forecast to slightly increase to 2.65 MMT, as swine and poultry inventories continue to grow. Soybean oil imports from the United States are expected to remain constant at 200 TMT out of total imports of 280 TMT.
