South Korea: Grain and Feed Update - October
Korean ending stocks of rice are revised upward to 1.7 MMT and 1.8 MMT in MY 2015/16 and 2016/17, respectively. Stocks continue to grow as a result of continued decline in per capita rice consumption and another year of expected high production due to record yields. Corn imports for MY 2015/16 are revised downward to 10.1 MMT, based on stiff competition from Brazil and Argentina, and competitively-priced feed grade wheat from Argentina and the Black Sea region. Continued increased imports of feed grade wheat in MY2016/17 are expected to boost total wheat imports to 5.0 MMT, about 600 TMT above the previous marketing year.
