South Korea: Oilseeds and Products Annual

The Korea oilseeds and products market is mature with limited annual change, reflecting stable consumer demand and stagnant domestic production. In marketing year (MY) 2023/24, however, the market will be impacted by government policy changes on both the production and consumption sides. FAS/Seoul forecasts that MY 2023/24 Korean soybean production (for food use only) will rise due to government incentives intended to expand local soybean production. Total soybean imports in MY 2023/24 are expected to remain flat, and Korea will remain dependent on imports for crushing. In the oil meal market, total compound feed production is expected to remain flat, but the portion of soybean meal will be reduced slightly due to protein content standard revisions. The Korean government aims to continue increasing the biofuels blending mandate, with the industrial consumption of soybean and palm oil gradually rising to offset decreases in food use.