We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry. current time
Soybean production in South Korea forecast down
According to a report by the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA), soybean production in South Korea is likely to decline slightly in the marketing year (MY) 2026-27, while the volume of soybean crushing is estimated to remain largely unchanged. Currently, global soybean meal prices are favourable imports over the use of domestically produced soybeans.
Further, the government has announced it will discontinue voluntary additions to the WTO tariff-rate quota for food soybeans, which had been used to support domestic production. Given, weaker crush demand, the decision has lowered soybean import estimates to just under 1.1 million tonne (mt), down 7 percent from the 2024-25 season.
As per estimated, soybean production at domestic level is forecast at around 154,000 tonne. 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.
Overall, soybean crushing in 2026-27 is expected to remain at about 800,000 tonne, roughly 20 percent below the historical average and available processing capacity. Simaltanuously, soybean meal will remain the dominant protein source in compound feed production, although imports are projected to decline by about 3 percent.
Meanwhile, imports of soybean oil are on the rise and are anticipated to stay above the three-year average, offsetting the reduction in domestic crushing. Soybean oil continues to be the leading edible oil in the South Korean market, with consumers becoming more price-sensitive and adaptable concerning the source and variety of oil they buy.
