World Grain - March 2023 - 27

Domestic rice prices dropped substantially in 2022 following
a high level of production and flat consumption. The wholesale
price of rice in calendar year 2022 was 15% lower compared to
the previous year, the FAS said, the lowest since October 2019.
The government purchased a record-high 820,000 tonnes of the
2022 crop after public pressure from farmer groups demanding
the purchases to support market prices.
Ending stocks for 2022-23 are estimated at 1.45 million
tonnes, up 16.4% from the previous year. This is the highest
level since 2016-17 when stocks reached 2 million tonnes.
That year the government also made significant purchases to
reduce stock levels.
Corn imports
Like wheat, corn production in South Korea is also minimal,
accounting for less than 1% of total consumption. Planted area
for 2022-23 is expected to remain unchanged, with production
forecast at 79,000 tonnes.
Consumption is expected to increase slightly to 12 million
tonnes, with 9.6 million tonnes for feed purposes and 2.4 million
tonnes for food, seed and industrial purposes. Feed corn
consumption is expected to increase due to anticipated recovery
of availability from Ukraine, the FAS said.
" Compound feed production is forecast to reach 21.3 mil...there
is an increasing demand
for processing rice used in readyto-eat
products, particularly from
single-person and dual-income
households with a preference for
convenient homestyle meals.
USDA Foreign Agricultural Service
lion tonnes in 2022-23 as livestock inventories expand to meet
increased consumer demand for meat products, " the FAS said.
Imports for 2022-23 are estimated at 11.9 million tonnes, up
slightly from an estimate of 11.3 million tonnes in the previous
year. While feed corn imports are forecast to increase 7%
to 9.6 million tonnes, the war in Ukraine will have a negative
impact, the FAS said, since Ukraine has been a leading supplier
to South Korea.
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to worldgrain@sosland.com. For reprints of WG articles,
email reprints@sosland.com.
World-Grain.com / World Grain / March 2023
27

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World Grain - March 2023

Table of Contents for the Digital Edition of World Grain - March 2023

World Grain - March 2023 - Intro
World Grain - March 2023 - 1
World Grain - March 2023 - 2
World Grain - March 2023 - 3
World Grain - March 2023 - 4
World Grain - March 2023 - 5
World Grain - March 2023 - 6
World Grain - March 2023 - 7
World Grain - March 2023 - 8
World Grain - March 2023 - 9
World Grain - March 2023 - 10
World Grain - March 2023 - 11
World Grain - March 2023 - 12
World Grain - March 2023 - 13
World Grain - March 2023 - 14
World Grain - March 2023 - 15
World Grain - March 2023 - 16
World Grain - March 2023 - 17
World Grain - March 2023 - 18
World Grain - March 2023 - 19
World Grain - March 2023 - 20
World Grain - March 2023 - 21
World Grain - March 2023 - 22
World Grain - March 2023 - 23
World Grain - March 2023 - 24
World Grain - March 2023 - 25
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World Grain - March 2023 - 27
World Grain - March 2023 - 28
World Grain - March 2023 - 29
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World Grain - March 2023 - 34
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World Grain - March 2023 - 36
World Grain - March 2023 - 37
World Grain - March 2023 - 38
World Grain - March 2023 - 39
World Grain - March 2023 - 40
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World Grain - March 2023 - 42
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World Grain - March 2023 - 50
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World Grain - March 2023 - 56
World Grain - March 2023 - 57
World Grain - March 2023 - 58
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World Grain - March 2023 - 60
World Grain - March 2023 - 61
World Grain - March 2023 - 62
World Grain - March 2023 - 63
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World Grain - March 2023 - 65
World Grain - March 2023 - 66
World Grain - March 2023 - 67
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World Grain - March 2023 - 81
World Grain - March 2023 - 82
World Grain - March 2023 - 83
World Grain - March 2023 - 84
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