June 20, 2012

South Korea ups South American corn imports on cheaper prices

South Korea is increasing South American imports, being a cheaper alternative to US supplies, as the safe haven dollar strengthened amid the deepening debt crisis in Europe and the global uncertainties.

Brazil boosted its exports of corn to South Korea amid a weaker currency and higher output which led to a drop in US corn exports by 6.6% from September through April, with shipment to Korea falling 26%.

"Korean feed-makers will look to import more South American corn for the rest of this year as there's a wide price gap between US and South American origins", said  Lee Tae Woong, a deputy general manager at the Seoul-based company.