A widespread belief in the livestock industry in Korea is that the feed price is largely affected by the prices of feed grains which are mostly supplied from abroad. It is also believed that the large dependency of feed grains on foreing sources results in weak international competitiveness. This article conducts causality tests between prices of corn and feed and between prices of feed and livestock. No statistical evidence is found to conclude that the international corn price affects domestic feed prices. Rather, the exchange rate could explain the feed price movements. In addition, the feed price does not appear to affect the livestock prices. Interpretations of the results and implications for the future work is outlined in the conclusion.