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Source: US Department of Agriculture Foreign Agricultural Service

On November 12, 2020, Statistics Korea (KOSTAT) released a revised 2020 rice production estimate of 3.507 million metric tons (MMT), down an additional 3.4 percentage points from the initial rice production estimate surveyed in early September 2020 (3.631 MMT) and down 6.4 percent from the previous year. The drop in production reflects a decline in rice area (down 0.5 percent) coupled with lower than expected yields (down 5.9 percent). The MY 2020/21 stocks-to-use ratio is expected to fall slightly to 27.3 percent.