December 3, 2007

US corn corners 76 percent market share in South Korea

US corn continues to dominate the market of South Korea, taking 76 percent of its market share in November, according to US Grains Council (USGC).

The USGC reports that of the 895,000 tonnes (35.2 million bushels) purchased, 677.5 tonnes (26.7 million bushels) were of US origin.

Byong Royal Min, USGC director in Korea, said the increase was due to more corn purchase during the harvest season.

Min notes that Korea imported a total of 8,670 tonnes (341 million bushels) of corn in crop year ' 06 of which 5,804 tonnes (229 million bushels) or 67 percent of the total came from the US.

The annual average import was 8,696 tonnes (342 million bushels) during the recent five years, and no increase is expected in the foreseeable future, he said.

In addition to the purchase of US corn, Min said South Korea also purchased a large volume of Chinese corn in October 2006 in anticipation of limited shipment after March 2007.