Feed costs slide as corn and soybean meal ease; alternative proteins near highs

Feed costs are still sliding. Template feed formulas are down about 1% this week and 4-6% over four weeks, as corn and soybean meal ease.

Corn and soybean meal slipped. Corn fell 0.2% and soybean meal 0.5%. Those two moves drove the weekly drop in the broiler grower formula.

But proteins are the catch. Canola meal is up 24.7% on a year ago. Sunflower meal, fishmeal and DDGS also sit at or near 52-week highs.

Less room to swap. With those ingredients near the top of their annual ranges, substituting away from them may be limited.

Feed costs slid again this week. Template feed formulas are down about 1% on the week and 4-6% over four weeks.

Corn and soybean meal eased. Corn fell 0.2% and soybean meal 0.5%. For the broiler grower formula, those two drove the weekly move.

Canola meal is up 24.7% on the year. Canola meal is $402.99/t. Sunflower meal is $358.43, fishmeal $2,840 and DDGS $225.70. All are at or near 52-week highs.

Hogs sit at a 52-week low. Lean hogs are $62.78/cwt, down 26% on a year ago, with managed money at its most bearish in the data.

The takeaway: proteins are the pressure point. Cheaper corn and meal are pulling formulas down. Alternative proteins near annual highs mean substitution may be limited.