South Korea: Oilseeds and Products Annual

The Republic of Korea (ROK)'s soybean crushing volumes are forecast to stay below both processing capacity and the three-year average in marketing year (MY) 2026/27, reflecting weak crushing demand due to favorable global prices for soybean byproducts. The ROK government announced that starting in 2026 they will discontinue voluntary add-ons to the food soybean WTO tariff-rate quota (TRQ) to promote domestic soybeans, resulting in market loss for U.S. exports. Soybean meal will remain the dominant protein source in compound feed production, though dried distillers grains with solubles (DDGS) are gaining market share. Soybean oil imports continue to rise, offsetting declining domestic crushing to meet demand for soybean oil as the primary edible oil in the Korean market. Shares of U.S. soybean oil continue to fluctuate based on export availability and increasing competition as Korean buyers diversify to new countries of origin for sourcing crude or refined soybean oil.