U.S. Farmers Share Market Outlook With South Korean Buyers

To expand on strong exports to South Korea during marketing year (MY) 2023/2024, the U.S. Grains Council (USGC) and Korea Feed Association (KFA) held the 2024/25 Grain Market Outlook and Business Environment Seminar this week in Seoul.

The conference attracted more than 200 industry stakeholders and provided the latest information on global grain markets, the superior quality and availability of U.S. corn and updates on Korea’s livestock policies, foreign currency market developments and ocean freight market changes.

“U.S. corn exports to South Korea nearly tripled to 2.4 million tons (94 million bushels) in MY 2023/2024 compared to MY 2022/2023. Competitive pricing and the exceptional quality of U.S. corn are expected to boost those numbers even higher next year with local processing companies already ordering 400,000 tons (16 million bushels) of the recent corn crop,” said Haksoo Kim, USGC director in South Korea.

“This conference was timely for the South Korean industry because it helped buyers and end-users budget and plan for 2025 based on the valuable information they received from speakers and panelists.”

Nebraska Corn Board Market Development Committee Chairman Brandon Hunnicutt and Iowa Corn Growers Association Board Member Steve Kuiper presented virtually about their corn crops and shared insights into their operations to give a firsthand look into the product buyers will receive in the coming months.