South Korea: Oilseeds and Products Annual
Soy is the most important component of the oilseed complex in Korea. Soybean consumption in Korea in MY 2017/18 is forecast to remain relatively unchanged from the current marketing year, at 1.39 million MT (MMT). Production and imports of soybeans are also anticipated to remain steady, corresponding with unchanging consumer demand. Soybean meal production is also forecast to remain steady around 0.8MMT, similar to the quantity achieved in MY 2016/17. Production numbers have remained constant due in a large part to the fact that the two crushing operations in Korea have continued to crush soybeans rather than other oilseeds, due to continued competitive prices for soybeans. Soybean meal consumption is also expected to remain steady in both MY 2016/17 and MY 2017/18. While Korea has been affected by animal diseases in MY2016/17, including Foot-and-Mouth Disease (FMD) and Highly Pathogenic Avian Influenza (HPAI), feed consumption is expected to be minimally impacted: swine production increased, offsetting losses in the poultry sector.
