This is normally when a young Korean woman is having sex with an older white man, and the woman GAPES her asshole open, (acting as a bowl) and the man spunks in her asshole, (acting as milk), and then she shits, (acting as the cereal), and then it is consumed with a large spoon.
Yo, I'm not hungry I just had a Korean Bowl of Cereal a couple of hours ago. Tasted like shit but filled me up good.