South Korea: Grain and Feed Update
The Korean government announced that it will seek to mitigate overproduction of rice through measures including reduction of area for rice cultivation to 711,000 Ha by 2018, planting of other crops in paddy land, releasing of stocks for use in animal feed, and promotional activities to increase consumption. Meanwhile, US rice tenders reached a record 38 percent of the WTO-mandated TRQ in 2015, representing 157,117 MT (milled basis) worth $142.6 million. MY 2015/16 wheat imports are revised up to 4.3 million tons, as competitively-priced feed grade wheat replaces corn. Meanwhile, MY 2015/16 corn imports remain unchanged at 10 million tons, however, U.S. corn exports are revised down to 3 million tons due to a greater supply of competitively-priced South American corn.
