February 14, 2006

South Korea's soybean production jumps 32 percent in 2005

South Korea's 2005 soybean production has increased to 183,338 tonnes, some 32 percent higher than in 2004, according to USDA's report on South Korean oilseeds and products released Feb 7. The increase was due to Korea's soybean area expanding 19,151 hectares to 104,421 hectares in 2005.

The increased soybean production is predicted to lead to reduced imports of soybeans. In marketing year 2004/05, soybean imports decreased 9 percent from a year earlier to 1.24 million tonnes, due to narrow crushing margins.

Falling by 25 percent in volume from a year earlier, US soybean exports to Korea have declined in market share by 13 percent from a year earlier to 67 percent. Brazil and China hold market shares of 28 percent and 6 percent respectively.

Soybean meal imports increased 12 percent to 1.44 million tonnes for the marketing year 2004/05. This was due to greater demand from the feed industry. Less than 0.7 million tonnes of locally processed soybean meal went into the production of compound feedstuff.

In the marketing year 2004/05, imports of rapeseed meal declined 5 percent from a year earlier. According to the USDA, the inclusion rate of rapeseed meal in feed in Korea has been constant at less than 2 percent.

For the full USDA report, click here.