South Korea’s soybean production forecast to decline in 2026/27
In Ukraine, UkrAgro Consult reported that South Korea’s soybean production is expected to decline slightly in the marketing year 2026/27, while crushing volumes are projected to remain largely unchanged.
According to a report by the Foreign Agricultural Service (FAS) of the US Department of Agriculture, global soybean meal prices currently favor imports over the use of domestically produced soybeans.
The government has also announced it will discontinue voluntary additions to the WTO tariff-rate quota for food soybeans, which had been used to support domestic production.
Domestic soybean production is forecast at around 154,000 tons. Analysts note that stocks of locally produced oilseeds continue to accumulate due to limited marketing channels, while processors prefer imported soybeans because of their competitive price and consistent quality, according to the report.
Category: Food & Agriculture
