South Korea: Rice Production Estimate Revised Down Slightly
On November 13, 2018, Statistics Korea (KOSTAT) released its revised 2018 rice production estimate of 3.868 million metric tons (MMT), slightly down from 3.875 MMT, the initial rice production estimate surveyed for early September 2018. This represents output that is 2.6 percent lower than last year’s crop, reflecting a decline in rice area and lower yield. Lower production, in tandem with a continued government policy encouraging the consumption of old rice for animal feed, is expected to result in a 16.3 percent stocks-to-use ratio in MY 2018/19.
