SEOUL, SOUTH KOREA — South Korea’s compound feed production is forecast to rebound to a near-record volume in the 2021-22 marketing year as swine and poultry numbers recover following inventory reductions, according to an April 8 Global Agricultural Information Network report from the US Department of Agriculture (USDA).
The USDA projects feed output at 20.9 million tonnes, up from 20.4 million tonnes this year and just shy of the record mark of 21 million tonnes in 2019-20.
“Corn will continue to be the major ingredient used in compound feed with a 45% inclusion rate (9.5 million tonnes), followed by feed wheat with 1.2 million tonnes,” the USDA said.
Corn imports are forecast to increase by 200,000 tonnes in 2021-22 to 11.7 million tonnes.
Wheat production for the coming marketing year is forecast to jump significantly due to government incentives that went into effect in February 2020. The government is providing “packaged support to the domestic wheat industries, including research and development, government purchasing programs, breeding and marketing.”
“South Korea plans to achieve 5% self-sufficiency in milling wheat consumption (equivalent to 120,000 tonnes) by 2025 under the program, rising to a 10% target (240,000 tonnes by 2030,” the USDA noted.
South Korean wheat production in 2020-21 is estimated at 16,800 tonnes, up 12% from the previous year, with output projected to soar to 25,000 tonnes in 2021-22.
Wheat imports in 2021-22 are forecast at 3.9 million tonnes, unchanged from the current marketing year.