# Feed costs keep sliding as corn and soybean meal ease, but canola, sunflower meal, fishmeal and DDGS sit near 52-week highs

> Corn (-0.2%) and soybean meal (-0.5%) edged lower, and template feed formulas are down about 1% on the week and 4-6% over four weeks. Soybean oil, palm oil and crude also eased, while the dollar slipped after the US midterm results. Alternative proteins are the pressure point: canola meal, sunflower meal, fishmeal and DDGS are all in the top of their annual ranges.

- By: Feedsoft Markets Desk (https://feedsoft.ai/authors/markets-desk)
- Published: 2026-11-04T11:30:21.405Z
- Section: Daily Brief
- Page: https://feedsoft.ai/brief/2026-11-04
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Sorghum](https://feedsoft.ai/c/SORGHUM.md), [Barley](https://feedsoft.ai/c/BARLEY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md), [Fishmeal](https://feedsoft.ai/c/FISHMEAL.md), [DDGS](https://feedsoft.ai/c/DDGS.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Feeder Cattle](https://feedsoft.ai/c/FCATTLE.md), [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Barge Freight (St. Louis)](https://feedsoft.ai/c/BARGE.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

Corn (-0.2%) and soybean meal (-0.5%) edged lower, and template feed formulas are down about 1% on the week and 4-6% over four weeks. Soybean oil, palm oil and crude also eased, while the dollar slipped after the US midterm results. Alternative proteins are the pressure point: canola meal, sunflower meal, fishmeal and DDGS are all in the top of their annual ranges.

## Feed cost

Least-cost template formulas for the week ending Nov 6 are lower across the board. The biggest weekly drops were 1.0% for broiler starter (291.1 $/t), pullet starter (275.6), layer phase 1 (251.0), turkey starter (333.6), swine nursery (298.8), sow lactation (300.6) and tilapia grow-out (370.2). Four-week declines run roughly 3-6%, led by pullet starter (-6.4%) and broiler starter (-6.1%). For the broiler grower, the weekly move was driven by soybean meal (-1.34 $/t) and corn (-1.09 $/t); soybean oil contributed almost nothing and the mix did not change. These are template formulas, not any mill's actual cost.

## Grains

Corn is 208.99 $/mt, 23% up its 52-week range and only 2.9% above a year ago. Reports point to cheaper Brazilian FOB offers, lower Mexican short-term buying of US corn and higher Ukrainian freight, with Chinese formulas shifting away from corn and soymeal; December CBOT corn is reported near 439 c/bu, down about 14% in a month. US corn export commitments are 28% of the USDA target against a 40% five-year average, a slow pace. SRW wheat is at 82% of its range, up 15.1% on the year.

## Protein meals and fats

Soybean meal at 388.57 $/mt is mid-range (49%), and the spec long is large (99th percentile, 168,714 net contracts), so liquidation risk exists. Meal export commitments are 29% of USDA versus a 37% average. Canola meal (402.99, +24.7% y/y), sunflower meal (358.43), fishmeal (2,840, as of Oct 1) and DDGS (225.70, as of Sep 1) are all at or near 52-week highs, so substitution away from them may be limited. Soybean oil is 84% of its range, supported by US biofuel tax credits favoring it over canola oil; palm oil fell 2.2%. EU deforestation rules for soy and palm apply from Dec 30.

## Livestock

Lean hogs are at their 52-week low (62.78 $/cwt, -26% y/y), and managed money is at its most bearish in the data, a sign of weak margins and possible herd reductions. Chinese hog prices fell 3.9% in a week to 8.85 yuan/kg. Feeder cattle fell 1.2% after a sharp drop on Oct 30, and live cattle are near the bottom of their range. Class III milk jumped about 12% in two sessions on a rebound from lows, though surplus supply remains a concern.

## Energy, freight and macro

Crude is easing (WTI 100.37, Brent 112.05) but is still 65-73% above a year ago; diesel is 86% higher y/y. Reports cite a weaker dollar after the Democratic midterm win and hopes tied to Iran talks. Mississippi barge traffic has resumed and barge freight fell 5.1% last week. An indefinite port strike at Argentina's Exolgan terminal is a logistics risk to watch.

## Number of the day: 0th percentile

Lean hogs vs 52-week range, with managed money net short at its record low (-51,646). Weak hog prices and margins can reduce feed demand and signal herd cuts, which matters for swine feed volumes.

## What to watch

- 2026-11-05: USDA weekly export sales; corn commitments at 28% of USDA target vs 40% average
- 2026-11-05: US Drought Monitor
- 2026-11-06: CFTC Commitments of Traders: watch whether the large soybean meal spec long keeps shrinking
- 2026-11-10: WASDE

## Stories cited

- 2026-11-04 · [Corn market update: shift in Mexican demand, Brazilian competition and rising Ukrainian freight](https://feedsoft.ai/events/79554-corn-market-update-shift-in-mexican-demand-brazilian-competition-and-rising.md)
- 2026-11-04 · [India Corn Market Outlook: Ethanol Demand, Feed Competition and Price Risks](https://feedsoft.ai/events/79558-india-corn-market-outlook-ethanol-demand-feed-competition-and-price-risks.md)
- 2026-11-04 · [Late-season weather robbed corn yields](https://feedsoft.ai/events/79534-late-season-weather-robbed-corn-yields.md)
- 2026-11-04 · [How a Missouri farmer had a fairly ideal corn season](https://feedsoft.ai/events/79533-how-a-missouri-farmer-had-a-fairly-ideal-corn-season.md)
- 2026-11-04 · [Soybean oil gains ground over canola oil in US biofuel market on tax advantages](https://feedsoft.ai/events/79538-soybean-oil-gains-ground-over-canola-oil-in-us-biofuel-market-on-tax-advantages.md)
- 2026-11-04 · [Supply chain evidence: EU rules take effect from 30 December 2026](https://feedsoft.ai/events/79562-supply-chain-evidence-eu-rules-take-effect-from-30-december-2026.md)
- 2026-11-04 · [Production Minister arrives in Chimbote to talk with artisanal fishermen](https://feedsoft.ai/events/79549-production-minister-arrives-in-chimbote-to-talk-with-artisanal-fishermen.md)
- 2026-11-04 · [Mysteel analysis: 'Sow culling, fattening hogs not reduced' - hog market continues under pressure and bottoming](https://feedsoft.ai/events/79559-mysteel-analysis-sow-culling-fattening-hogs-not-reduced-hog-market-continues.md)
- 2026-11-04 · [ALERT: SUPA Strike at Exolgan Continues Indefinitely](https://feedsoft.ai/events/79561-alert-supa-strike-at-exolgan-continues-indefinitely.md)
- 2026-11-04 · [Mississippi River Logistics Update | November 2026 | AgroPost](https://feedsoft.ai/events/79540-mississippi-river-logistics-update-november-2026-agropost.md)
- 2026-11-04 · [Rand gains as Democratic sweep of US midterms puts dollar under pressure](https://feedsoft.ai/events/79500-rand-gains-as-democratic-sweep-of-us-midterms-puts-dollar-under-pressure.md)
- 2026-11-04 · [Fake job interview leads to $6.3 billion hack, and South African private school giant eyes global expansion](https://feedsoft.ai/events/79501-fake-job-interview-leads-to-6-3-billion-hack-and-south-african-private-school.md)

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.