South Korea’s soybean production is expected to decline slightly in the MY 2026/27, while crushing volumes are projected to remain largely unchanged. According to a report by the Foreign Agricultural Service (FAS) of the US Department of Agriculture, global soybean meal prices currently favor imports over the use of domestically produced soybeans.
The government has also announced it will discontinue voluntary additions to the WTO tariff-rate quota for food soybeans, which had been used to support domestic production. Combined with weaker crush demand, this decision has lowered soybean import estimates to just under 1.1 million tonnes, down 7% from the 2024/25 season.
Domestic soybean production is forecast at around 154,000 tonnes. Analysts note that stocks of locally produced oilseeds continue to accumulate due to limited marketing channels, while processors prefer imported soybeans because of their competitive price and consistent quality.
Total soybean crushing in 2026/27 is expected to remain at about 800,000 tonnes, roughly 20% below the historical average and available processing capacity. At the same time, soybean meal will remain the dominant protein source in compound feed production, although imports are projected to decline by about 3%.
Meanwhile, soybean oil imports continue to increase and are expected to remain above the three-year average, compensating for the decline in domestic crushing. Soybean oil remains the primary edible oil in the South Korean market, with buyers increasingly sensitive to prices and flexible regarding the origin and type of oil they purchase.
