In Ukraine, UkrAgroConsult reported that the South Korean government, which had previously encouraged farmers to replace rice with soybeans, is now considering reversing the decision and cutting back on soybean farming, even though farmers have already made significant investments in soybean production.
South Korea’s soybean stocks reached 88,000 tons at the start of the year, nearly double the level of last year, as imports fell by 40,000 tons. The move comes amid a glut of domestic soybeans, with production outpacing the development of new markets, according to the report.
Because the government bought up much of the soybeans grown in former rice fields to build up its stockpiles, it cannot sell them at lower prices without destabilizing the market. At the same time, a reduction in soybean import quotas, intended to boost domestic consumption, has led to a shortage of imported, cheaper beans.
The Korea Institute of Rural Economy reported on August 18 that the area under soybean plantings in former rice fields is estimated at 32,920 hectares this year, up 46.7% from 22,438 hectares in 2024. The sharp increase follows the government’s 2023 decision to classify soybeans as a “strategic crop,” offering farmers $1,440 per hectare if they grow soybeans instead of rice, the report added.
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Category: Food & Agriculture
