June 24, 2010

South Korea's planted area for wheat more than doubled this year, exceeding the government forecast.

The government has encouraged domestic production to secure supplies after grain prices soared to records in 2008.

Planted area for the grain, used to make bread and noodles, rose to 12,548 hectares (31,007 acres) in the crop year that ended this month, from 5,067 hectares in 2009, the statistics office said. That is larger than the government's projection of 8,600 hectares.

The Asian nation imports 99.8% of its wheat, mostly from the US, and aims to meet 10% of its needs, or 200,000 tonnes a year, from domestic output by 2017.

Wheat futures in Chicago reached an all-time high of US$13.495 a bushel on February 27, 2008. The September-delivery contract traded at US$4.77 a bushel at 10:58 a.m. in Seoul.