South Korea: Grain and Feed Annual

FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn. Domestic wheat production will increase substantially in MY 2023/24 (albeit from a very low starting point), supported by government incentives to increase wheat self-sufficiency. In contrast, rice production in MY 2023/24 will fall due to acreage reduction incentives and low domestic prices.

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