Grain Market Outlook Conference Offers Korean Buyers Corn Quality, Supply Updates

Held annually by the U.S. Grains Council (USGC) and the Korean Feed Association (KFA), the 2022 USGC-KFA Joint International Grain Market Outlook Conference took place last week in Seoul. The event offers the Korean feed and corn processing industry the latest information on U.S. and global grain market outlooks, key market issues and U.S. corn quality and availability.

“The Council’s Korea office and the Korean Feed Association holds this annual joint seminar to provide market, foreign currency and ocean freight information to help the Korean feed and corn processing industries establish next year’s business plans,” said Haksoo Kim, USGC director in South Korea. “For Korean corn buyers, this year’s seminar was more important and more interesting than ever because of high grain prices, strong U.S. dollar and many uncertainties. The Council hopes the price competitiveness of U.S. corn will recover and Korean buyers will take this opportunity to purchase more U.S. corn.”

With 194 participants from the feed, corn processing and grain-related industries taking part in the event in person, this program served as an opportunity to expand purchasing opportunities for U.S. corn in 2023 by educating Korean buyers on the superior quality and sufficient supply potential of U.S. corn.

In addition to hearing about U.S. and global market issues, along with the grain outlook for the 2022/23 marketing year (MY), participants learned more about what’s happening on the ground in the U.S. from three USGC member-farmers. Will Cannon from Iowa; John Greer, USGC Western Hemisphere Advisory-Team member, from Nebraska; and Mark Wilson, USGC corn sector leader, from Illinois, shared insights from each of their operations.

“Participation from our producer members is essential to programs like this where we are discussing U.S. corn quality and availability. The answers to these questions vary across the corn belt from state to state, so we were very grateful to have three producers speak to the quality and yield they are expecting on their farms as well as the averages across their states so our Korean customers could be provided with a more holistic picture of U.S. corn production this year,” said Emily Byron, USGC director of global programs.

South Korea came in as the sixth-largest market for U.S. corn in the 2021/22 MY, purchasing 1.4 million metric tons, or 54 million bushels, worth $504 million. The country has been a longtime market for U.S. corn, and the Council is celebrating its office in Seoul this week as it reaches its 50-year mark. Stay tuned for anniversary coverage in an upcoming edition of Global Update.