As prices rise, the demand for meat in Korea is dropping, according to Bloomberg:
“Korea’s corn demand cannot help but fall down the road because feed demand is falling,” said Nicholas Chung, senior manager of the commodity derivatives team at Korea Development Bank. “Cheaper imported beef is coming into the market and overall meat consumption is waning as the economy slows down.”
This is one of those knock-on effects. Rising affluence in Asia drives up meat consumption, which drives up feed consumption, which significantly drives up food costs. Weakening economies mean people have less money for meat. Knocks back in the other direction.
Food prices this week stable, according to the Economist Food Price Index.