Food wheat import market structure of Korea is oligopoly because the total share of US, Australian and Canadian wheat is over 95%. US and Australian wheat is competitive each other and Canadian wheat import is very sensitive to the prices of US and Australian wheat. Price-cost margin of Korean wheat market is 0.3529 on average in 1990s and the margin is increasing as the share of major suppliers grows bigger. Results of wheat import demand function, impulse-response analysis and variance decomposition on wheat import market show the influence of US wheat is strongest. So for the present it is necessary to manage US wheat import for the market stability in Korea.