Feed costs fall about 2% as soybean meal and corn slip, Oct 30 close

Your feed bill just got cheaper. Template least-cost feed formulas fell 1-2.7% in the week to Oct 30. Over four weeks, the drop is about 3-5%.

Two ingredients did the work. Soybean meal fell 1.1% to $396.63/t. Corn slipped 0.5% to $214.32/t. Broiler grower dropped 1.8% to $288.9/t.

But the risk is still there. Brent is $117.64, up 85% from a year ago. Funds are still heavily long the soy complex. Prices can turn.

Fishmeal is at a 52-week high. At $2,916/t, fishmeal is pricey. For aqua or young-animal diets, soybean meal may be the cheaper protein.

Feed costs fell about 2% this week. Least-cost template formulas dropped 1-2.7% in the week to Oct 30, and about 3-5% over four weeks.

Meal and corn did the work. Soybean meal fell 1.1% to $396.63/t and corn 0.5% to $214.32/t. Broiler grower fell 1.8% to $288.9/t.

Swine creep still costs the most. At $484.4/t it is the priciest template formula, down only 1.5%. These are templates, not any mill's actual cost.

The risk hasn't gone away. Brent is $117.64, up 85% y/y, and funds are heavily long soy. Corn export commitments are 28% of target vs a 40% five-year average.

Takeaway: easing, not all clear. Cheaper meal and corn eased costs. Energy and fund positioning keep price risk alive. Fishmeal at $2,916/t may make soybean meal the cheaper protein.