Today's Date:  Friday, August 03, 2012

1. GRAIN & OILSEED ISSUES

Strategic Partnership between Nonghyup Feed Inc and STX [Korean: CSC]

http://www.knnews.co.kr/news/articleView.php?idxno=1038737

Summary:  Nonghyup Feed Inc and STX made a strategic partnership to supply 700,000 MT of corn for a year from November 2012, worth of 200 million US$.  STX established new export elevator in Washington State in the consortium with Bunge and C.Ithoh last month.    

2. MARKETING ISSUES

Department Stores Report Weak Results of Summer Sales Promotions [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/08/01/0302000000AKR20120801189500003.HTML

Summary: Leading department store chains have reported that sales promotions targeting the summer vacation season in July generated disappointing result.  Growth of sales in all the three leading department store chains in July was below 2 percent compared to last year’s. 

3. OTHER MISCELLANEOUS ISSUES

Japan Wants Korea to Restrict Tuna Catch … Korea Refuses [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/08/01/0301000000AKR20120801190800002.HTML?template=2087

Summary: Korean Ministry of Agriculture and Fishery delivered a note to Japanese Embassy Seoul that Korea would not enforce its fishing boats to restrict tuna catch in pacific ocean.  The Ministry explained that the tuna caught by the Korean boats in the sea is by-catch of mackerel fishing, so restriction would be very difficult to manage technically.  Japanese government demanded Korea not to increase tuna catch in pacific ocean recently.  Japan caught 13,000 metric tons of tuna in 2011, 20 times larger than Korea’s catch.

Violations of Organic Certification Standard Surge [Korean, OSY]

http://www.yonhapnews.co.kr/economy/2012/08/01/0301000000AKR20120801173200002.HTML

Summary: The number of violations of organic certification standard identified by the authority was 8,720 cases last year, up about three times from the year before.  Most common violations was lack of record keeping followed by use of agri-chemicals.  The number of farmers that have achieved ‘environment-friendly’ certificate has increased rapidly from 4,678 in 2001 to 160,628 in 2011.  Local authority plans to increase monitoring and inspection on the farmers.