South Korea: Grain and Feed Annual
The Korean government is expected to continue drawing down rice stocks in MY 2017/18 to 1.3 million metric tons (MMT) from 1.7 MMT in the current marketing year, as stocks remain above U.N. Food and Agriculture Organization (FAO) recommended levels. The government aims to decrease rice production and use some of the older stocks for feed. Post forecasts rice production will decrease to 3.9 MMT in MY 2017/18, down from 4.2 MMT in the current marketing year. For corn, production in MY 2017/18 will remain minimal, at 80,000 MT. Post increased the MY 2016/17 projection for corn imports from the United States to 5.0 MMT due to strong trade numbers from increased price competitiveness, and forecasts another four MMT in U.S. imports in MY 2017/18. Wheat production will decrease slightly in MY 2017/18 to 34,000MT. Wheat imports are also forecast to increase slightly in MY 2017/18, at 4.6MMT, due to expected continued price competitiveness with corn for feed use.
