Today's Date: Wednesday, July 10, 2012

For Coverage: July 10 - 11, 2012

1. GRAIN & OILSEED ISSUES

International ‘Dining Table’ Food Price Screams … Grain Price Surges [Korean, OSY]

http://news.donga.com/Economy_List/3/01/20120711/47677433/1

Summary: Disruption in climate pattern around the globe coupled by increased speculation on agricultural products under global financial crisis is driving up the price of food around the world. Severe drought in Korea in early spring through summer has increased price of fresh produce by 11 percent in June. Korea recorded third highest increase in consumer food price in May among OECD countries. Grain production in the U.S. is likely to show the lowest harvest in 24 years. Limited supply is resulting in surging price of grains in international commodity market. Korean Ministry of Agriculture has reported that it would consider utilizing various tools, including tariff rate quota program, to fight back the price pressure in the coming months.

2. MARKETING ISSUES

Number #1 Japanese Lunch Box Retailer Lands in Korea [Korean, OSY]

http://news.donga.com/Economy/New2/3/01/20120710/47674788/1

Summary: Hotto Motto, the leading lunch box retailer in Japan has opened its first outlet in Korea on July 10. Hotto Motto has 2,500 outlets in Japan and plans to open 200 outlets in Korea within 3 years.

The information in this report was compiled by the Agricultural Trade Office (ATO) at the U.S. Embassy in Seoul, South Korea. The press summaries contained herein do NOT reflect USDA, the U.S. Embassy, or other U.S. government agency official policy or view point. U.S. food exporters can learn more about market opportunities in South Korea by reviewing ATO Seoul’s Exporter Guide and other reports available at www.fas.usda.gov by clicking on “attaché reports”.

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