South Korea soybean output and consumption to remain stagnant

March 15, 2021 - South Korea’s MY 2021/22 soybean production and consumption is projected to remain mostly unchanged from the prior year, amid stagnant domestic production and flat consumer demand, following a small decline in 2020/21, according to the GAIN report published by the USDA.

2021/22 soybean imports are also expected to hold steady, after a small in increase in 2020/21. Korea resumed the use of soybean oil in biodiesel production in 2019 and soybean oil imports are expected to rise moderately over the next few years, with expanding U.S. market share. COVID-19 has created greater demand of soybean oil to produce mayonnaise for both home consumption and home meal replacement (HMR).