Soybean meal firms while DDGS remains at its 52-week high on the latest monthly benchmark

Corn and soybean meal rose 0.2% and 0.6%, respectively, from the prior daily reading, while soybean oil slipped 0.1%. Feedsoft’s least-cost formulas fell over the past week, but DDGS and fishmeal benchmarks remain near the top of their ranges; both are monthly readings.

Grains

Corn is $208.39/mt, at 21% of its 52-week range. U.S. corn export commitments through October 29 were 30% of USDA’s full-year target, versus a 42% five-year average for the same week. French maize harvest is complete, while IKAR cut its Russian wheat export forecast; check delivered wheat alternatives against local corn offers.

Protein meals and co-products

Soybean meal rose to $392.46/mt; U.S. meal export commitments were 31% of the annual target, behind the 39% five-year pace. DDGS was $225.70/mt in the September monthly reading, at its 52-week high; fishmeal was $2,840/mt in October, down 2.6% from the prior month but still at 93% of its range. Refresh local DDGS and fishmeal offers before comparing substitutions with meal.

Fats and freight

Soybean oil eased 0.1% to $1,548.69/mt; palm oil fell 1.7% to $1,098.25/mt in its November 5 reading. Diesel is $4.60/gal, up 82.0% year on year, while St. Louis barge freight was $31.75/mt on November 3, up 17.1% year on year. Include freight and handling in fat and ingredient comparisons.

Livestock demand

U.S. lean hogs fell 3.0% to $60.32/cwt on November 5, at the bottom of their 52-week range; feeder cattle fell 2.1%. China hog prices are also near their annual low, while FAO warns that animal diseases are spreading across regions. Weak livestock prices and disease risk warrant monitoring for changes in feed demand.

Positioning

As of October 27, managed money held a net long of 168,714 soybean meal contracts, at the 99th historical percentile, despite cutting it by 32,164 contracts that week. The large position leaves meal vulnerable to further liquidation, although positioning alone does not establish when prices will move.

Feed cost

Among the least-cost template formulas, broiler withdrawal fell most over the week, down 1.1% to $303.10/t; sow lactation fell 1.0% to $300.00/t. Broiler grower fell 0.8% to $284.20/t, with corn contributing -$1.32/t, soybean meal -$0.81/t and soybean oil -$0.04/t. These are re-solved benchmark formulas, not a mill’s actual costs.

Number of the day: 99th percentile

Managed-money soybean meal net position. The unusually large net long as of October 27 is a potential source of selling pressure if funds continue to reduce exposure.

What to watch

• 2026-11-06 15:30 ET: CFTC Commitments of Traders: check whether funds continued cutting grain and meal positions.
• 2026-11-09 16:00 ET: USDA Crop Progress & Condition.
• 2026-11-10 12:00 ET: USDA WASDE: watch changes to grain and oilseed supply, demand and export estimates.
• 2026-11-11 10:30 ET: EIA Weekly Petroleum Status, including ethanol data relevant to DDGS supply.