South Korea: Grain and Feed Update

This report provides updates to the Korea Rice Production 2022 report issued by FAS/Seoul on June 28, 2022, based on new data released by the Korean Ministry of Agriculture, Food, and Rural Affairs (MAFRA) in December 2022. FAS/Seoul’s 2022 rice production estimate is increased to 3.76 million metric tons, with rising stocks driving down the domestic market price. To manage high supply and low farmgate prices, the Korean government increased the volume of 2022 rice crop purchases to a record high and continues to offer acreage reduction incentives for farmers. Imports in both marketing years 2021/22 and 2022/23 are revised down because of limited U.S. rice supply in California.