# Feed price outlook, week of November 9, 2026: Canola Meal +6.2%, DDGS +3.1% by Feb 2027 > Feedsoft's 1–6 month price forecasts for 31 feed commodities, with the median path, the 80% range and what is driving each market. Biggest expected moves: Canola Meal +6.2% and DDGS +3.1% over three months. - By: Feedsoft Markets Desk (https://feedsoft.ai/authors/markets-desk) - Published: 2026-11-09T09:31:23.611Z - Section: Markets - Page: https://feedsoft.ai/news/markets/feed-price-outlook-2026-11-13 - Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Barge Freight (St. Louis)](https://feedsoft.ai/c/BARGE.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Urea](https://feedsoft.ai/c/UREA.md), [DAP](https://feedsoft.ai/c/DAP.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Phosphate Rock](https://feedsoft.ai/c/PHOSROCK.md), [Feeder Cattle](https://feedsoft.ai/c/FCATTLE.md), [Milk (Class III)](https://feedsoft.ai/c/MILK.md), [TSP](https://feedsoft.ai/c/TSP.md), [DDGS](https://feedsoft.ai/c/DDGS.md), [Sorghum](https://feedsoft.ai/c/SORGHUM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Sunflower Meal](https://feedsoft.ai/c/SUNMEAL.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Potash (KCl)](https://feedsoft.ai/c/POTASH.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Rough Rice](https://feedsoft.ai/c/RICE.md), [Fishmeal](https://feedsoft.ai/c/FISHMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Barley](https://feedsoft.ai/c/BARLEY.md), [Chicken](https://feedsoft.ai/c/CHICKEN.md), [Oats](https://feedsoft.ai/c/OATS.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md) Feedsoft's 1–6 month price forecasts for 31 feed commodities, with the median path, the 80% range and what is driving each market. Biggest expected moves: Canola Meal +6.2% and DDGS +3.1% over three months. *Median forecast (P50) vs the latest price, with the 80% range at 3 months* | Commodity | Latest | 1 month | 3 months | 6 months | 3-month range | |---|---|---|---|---|---| | Natural Gas ($/mmbtu) | 2.85 | 2.77 (-2.8%) | 2.55 (-10.4%) | 2.6 (-8.5%) | 1.96–3.66 | | Barge Freight (St. Louis) ($/mt) | 31.75 | 30.46 (-4.1%) | 29.43 (-7.3%) | 26.32 (-17.1%) | 20.44–47.93 | | Canola Meal ($/mt) | 403 | 407 (+0.9%) | 428 (+6.2%) | 432 (+7.3%) | 398–466 | | Urea ($/mt) | 469 | 458 (-2.4%) | 442 (-5.8%) | 450 (-3.9%) | 312–587 | | DAP ($/mt) | 792 | 783 (-1.0%) | 751 (-5.2%) | 756 (-4.5%) | 622–876 | | Ocean Grain Freight ($/mt) | 53.75 | 53.4 (-0.7%) | 51.05 (-5.0%) | 52.52 (-2.3%) | 44.4–58.88 | | Phosphate Rock ($/mt) | 170 | 164 (-3.4%) | 161 (-5.0%) | 167 (-1.8%) | 150–190 | | Feeder Cattle ($/cwt) | 322 | 322 (-0.1%) | 307 (-4.9%) | 309 (-4.1%) | 278–335 | | Milk (Class III) ($/cwt) | 16.7 | 16.07 (-3.8%) | 15.92 (-4.6%) | 16.06 (-3.8%) | 13.66–18.74 | | TSP ($/mt) | 692 | 683 (-1.3%) | 668 (-3.4%) | 675 (-2.5%) | 583–794 | | DDGS ($/mt) | 226 | 233 (+3.0%) | 233 (+3.1%) | 231 (+2.3%) | 204–270 | | Sorghum ($/mt) | 186 | 188 (+1.0%) | 192 (+2.9%) | 190 (+2.1%) | 171–220 | | Corn ($/mt) | 209 | 209 (0.0%) | 213 (+2.1%) | 219 (+4.8%) | 193–246 | | Sunflower Meal ($/mt) | 358 | 348 (-3.0%) | 365 (+1.9%) | 368 (+2.6%) | 323–402 | | ULSD / Diesel ($/gal) | 4.56 | 4.45 (-2.3%) | 4.47 (-1.8%) | 4.36 (-4.3%) | 3.72–5.75 | | Lean Hogs ($/cwt) | 58.84 | 58.54 (-0.5%) | 59.7 (+1.5%) | 63.55 (+8.0%) | 50.32–73.67 | | Crude Oil (WTI) ($/bbl) | 95.97 | 94.67 (-1.4%) | 97.35 (+1.4%) | 95.47 (-0.5%) | 82.05–121 | | Wheat (SRW) ($/mt) | 261 | 261 (0.0%) | 265 (+1.4%) | 269 (+3.1%) | 240–283 | | Potash (KCl) ($/mt) | 358 | 355 (-0.6%) | 353 (-1.4%) | 358 (+0.2%) | 293–422 | | Crude Oil (Brent) ($/bbl) | 102 | 100 (-1.2%) | 103 (+1.2%) | 100 (-1.1%) | 87.67–127 | | Live Cattle ($/cwt) | 219 | 220 (+0.6%) | 217 (-1.0%) | 215 (-1.8%) | 190–231 | | Wheat (HRW) ($/mt) | 230 | 230 (0.0%) | 232 (+0.8%) | 235 (+1.8%) | 202–268 | | Rough Rice ($/mt) | 402 | 401 (-0.0%) | 405 (+0.8%) | 416 (+3.6%) | 361–450 | | Fishmeal ($/mt) | 2,840 | 2,861 (+0.7%) | 2,817 (-0.8%) | 2,844 (+0.2%) | 2,637–2,997 | | Palm Oil ($/mt) | 1,075 | 1,075 (-0.0%) | 1,067 (-0.7%) | 1,032 (-4.0%) | 928–1,224 | | Barley ($/mt) | 214 | 215 (+0.5%) | 212 (-0.7%) | 213 (-0.4%) | 191–236 | | Chicken ($/kg) | 1.84 | 1.84 (+0.2%) | 1.85 (+0.6%) | 1.95 (+5.7%) | 1.61–2.17 | | Oats ($/mt) | 231 | 229 (-1.0%) | 229 (-0.6%) | 228 (-1.1%) | 198–275 | | Soybean Oil ($/mt) | 1,554 | 1,554 (0.0%) | 1,562 (+0.5%) | 1,581 (+1.7%) | 1,333–1,834 | | Soybean Meal ($/mt) | 391 | 391 (0.0%) | 393 (+0.5%) | 398 (+1.7%) | 357–450 | | Soybeans ($/mt) | 439 | 438 (-0.1%) | 439 (-0.0%) | 443 (+0.9%) | 394–492 | ## Natural Gas The seasonal forecast points below the latest $2.85/MMBtu, with median monthly averages down 2.8% in December, 10.4% in February and 8.5% in May; the P10–P90 spread widens from -14.8% to +19.6% in December to -40.2% to +39.7% in May. Winter supply disruptions and low European storage are upside risks, while European prices nearing overbought territory point to downside risk. ## Barge Freight (St. Louis) The seasonal-pattern forecast points to lower St. Louis barge freight, with the median falling 4.1% in December and 17.1% by May; the forecast spread is wide, including a 51.0% upside at three months. Low Rhine water levels point to upside risk for barge rates elsewhere, while the LA/Long Beach watchmen deadline signals potential port disruption. ## Canola Meal From $402.99/mt, the seasonal forecast points higher: the median rises 0.9% in December, 6.2% in February and 7.3% in May, while the P10–P90 range widens from -3.4% to +5.5% in December to -3.9% to +22.6% in May. Fishmeal supply disruptions could increase demand for alternatives, while extended tariff relief for canola meal to China is a trade-related risk to watch. ## Urea Urea’s seasonal forecast points slightly lower, with the median 2.4% below the latest $468.76/mt in December and 3.9% lower by May; the May range is wide, from 30.5% below to 55.3% above. Middle East fertiliser export disruptions and elevated European gas prices pose upside risks. ## DAP The seasonal forecast points to modest declines from the latest DAP price of $791.67/mt, with the median down 1.0% in one month and 4.5% in six months; the six-month range is wide, from -28.7% to +22.8%. Supply disruptions and phosphorus or sulfur shortages pose upside risks, while the World Bank expects fertilizer prices to ease in 2027. ## Ocean Grain Freight Seasonal patterns point to modest declines from the latest $53.75/mt: median forecasts are 0.7% lower in December, 5.0% lower in February and 2.3% lower in May. The P10–P90 range widens from -7.7% to +6.5% at one month to -23.0% to +19.9% at six months. Black Sea disruption and mines near the Strait of Hormuz are upside risks, while falling oil prices are a downside risk. ## Phosphate Rock The seasonal forecast points to phosphate rock easing from $170.00/mt, with the median down 3.4% in December and 1.8% by May. The forecast range widens from -6.5% to +2.3% in December to -25.0% to +38.8% in May. Chinese export curbs and the sulfur shortage are upside risks to phosphate supply and prices. ## Feeder Cattle Feeder cattle are forecast to be nearly flat in December and lower by February and May, with the median down 4.1% by May and a P10–P90 range of -15.8% to +9.2%. The forecast reflects a seasonal pattern, not a futures curve; spreading screwworm cases and tighter livestock import rules are potential upside risks to prices. ## Milk (Class III) Class III milk is $16.70/cwt, with the seasonal forecast pointing modestly lower at the median: -3.8% in December, -4.6% in February and -3.8% in May. The forecast spread widens from -12.8% to +3.7% in December to -17.9% to +21.0% in May. Shrinking EU herds and avian influenza in US dairy herds pose upside supply risks, while rising US milk output is a downside risk. ## TSP The seasonal forecast points slightly lower from $692.00/mt, with the median down 1.3% in December, 3.4% in February and 2.5% in May; the P10–P90 range widens from -5.6% to +6.8% in December to -25.9% to +23.5% in May. Upside risks include Middle East export disruptions and a sulfur squeeze, while a rebound in Brazilian fertilizer demand could also support prices. ## DDGS From the latest $225.70/mt, the seasonal forecast points to modest gains of 2.3%–3.1% at the median, while the P10–P90 range widens from -4.6% to +10.8% at 1 month to -15.6% to +35.0% at 6 months. The surprise US crop estimate and lower corn prices suggest downside risk, while the planned ethanol plant shutdown could reduce DDGS supply and create upside risk. ## Sorghum The seasonal forecast puts sorghum 1.0% to 2.9% above the latest $186.23/mt at the median, with the P10–P90 range widening from -5.5% to +8.3% at one month to -13.1% to +25.9% at six months. The U.S.–China tariff truce could support demand, while higher U.S. corn ending stocks could weigh on competing feed-grain prices. ## Corn The futures curve implies a modest rise in corn from $208.60/mt: the median forecast is flat at 1 month and up 4.8% at 6 months, while the forecast spread widens from -4.9% to +6.1% to -9.5% to +31.0%. Expected cereal production declines in the EU and lower South African corn production are upside risks, while the US-China tariff truce and commodity deals add demand uncertainty. ## Sunflower Meal The seasonal forecast points to a 3.0% decline in December, followed by gains of 1.9% at three months and 2.6% at six months. The forecast range widens from -9.8% to +3.0% at one month to -11.1% to +15.7% at six months. Black Sea attacks and a potential seaport blockade pose upside risks, while Kazakhstan’s plans to increase vegetable oil and meal exports could add downside pressure. ## ULSD / Diesel The seasonal forecast points slightly lower, with monthly median prices 2.3% below the latest price in December and 4.3% below it in May; the forecast spread widens from -11.4% to +8.0% in December to -26.8% to +47.9% in May. Headlines point to downside risk from hopes of an Iran war exit, while tanker disruptions and a record European diesel premium highlight upside supply risks. ## Lean Hogs The seasonal forecast is nearly flat at one month (P50 -0.5%), then rises to +1.5% at three months and +8.0% at six months; the P10–P90 range widens from -8.3% to +10.7% at one month to -11.9% to +40.6% at six months. Weak pork demand and pressured shipments are downside risks, while falling breeding sow numbers and accelerated capacity reduction are upside risks. ## Crude Oil (WTI) WTI is $95.97/bbl; the seasonal forecast is broadly flat at the median, ranging from -1.4% at one month to +1.4% at three months, with a wider six-month range of -21.3% to +36.8%. Iran war exit hopes are a downside risk, while reported tanker losses near the Strait of Hormuz point to upside supply risk. ## Wheat (SRW) The futures curve implies a flat SRW wheat price in December, rising 3.1% by May 2027 from the latest $261.12/mt. The May forecast spans a 13.7% decline to a 15.4% increase. Black Sea export disruptions and an expected drop in EU cereal production are upside risks. ## Potash (KCl) The seasonal forecast is broadly flat at the median: -0.6% in December, -1.4% in February and +0.2% in May versus the latest $357.50/mt; there is no futures curve. The P10–P90 range widens from -8.7% to +5.6% in December to -30.7% to +34.2% in May. Strong global potash demand could support prices, while a reopening of Klaipėda for Belarus potash could increase supply and weigh on prices. ## Crude Oil (Brent) Brent’s seasonal forecast is broadly flat at the midpoint: -1.2% in December, +1.2% in February and -1.1% in May, with the forecast range widening to -22.2% to +34.5% by May. Headlines point to downside risk from Iran peace hopes and upside risk from tanker disruptions near the Strait of Hormuz. ## Live Cattle The seasonal forecast points to a modest rise in December (+0.6%), followed by declines of 1.0% in February and 1.8% in May; the P10–P90 range widens from -5.2% to +4.4% in December to -16.6% to +6.7% in May. Spreading New Mexico screwworm cases are an upside risk, while uncertainty over Chinese purchases of US farm goods is a potential downside risk. ## Wheat (HRW) The market-implied median is flat at one month and rises modestly to +1.8% at six months, reflecting a gently upward-sloping futures curve; the P10–P90 range widens from -7.1% to +8.7% at one month to -14.3% to +29.5% at six months. Black Sea disruption is an upside risk, while India’s removal of its wheat export ban is a downside risk. ## Rough Rice Rough rice is forecast to remain broadly flat in one month and rise 3.6% by six months, based on seasonal patterns rather than a futures curve. The forecast spread widens from -5.4% to +4.5% in one month to -12.9% to +23.1% in six months. Upside risks include Indian export restrictions and tighter supplies from crop damage and harvest delays. ## Fishmeal The seasonal forecast is broadly flat at the median: +0.7% in December, -0.8% in February and +0.2% in May versus the latest $2,840/mt. The P10–P90 spread widens from -1.6% to +3.9% in December to -9.3% to +10.7% in May. Upside risks include Peru’s cancelled anchovy season and El Niño-related supply pressure. ## Palm Oil The seasonal forecast is broadly flat at one month, then falls to 4.0% below the latest price at six months, with the P10–P90 range widening from -6.3% to +9.8% to -21.6% to +20.0%. China-US tariffs could weigh on palm oil, while Indonesia’s export changes could tighten supply. ## Barley The seasonal forecast is broadly flat, with the median moving from +0.5% at one month to -0.4% at six months versus the latest $213.71/mt; the forecast range widens from -4.0% to +6.0% at one month to -20.1% to +13.1% at six months. Black Sea export disruptions and the expected drop in EU cereal production are upside price risks. ## Chicken The seasonal-pattern forecast is broadly flat at 1–3 months (+0.2% to +0.6% at the median), then rises 5.7% at 6 months; the P10–P90 range widens from -6.2% to +7.0% at 1 month to -14.0% to +30.9% at 6 months. Bird flu outbreaks and chicken culls pose an upside supply risk, while lower global food prices point to a possible downside risk. ## Oats The seasonal forecast points to a slightly lower oat price, with the median 0.6% to 1.1% below the latest $230.80/mt over the forecast periods. The forecast range widens from -10.1% to +9.1% at one month to -21.0% to +22.8% at six months. Weather-related crop and trade disruption is an upside risk, while cheaper corn points to potential downside pressure. ## Soybean Oil Soybean oil is $1,553.98/mt; the futures curve implies a broadly flat to modestly rising median forecast, from 0.0% in December to +1.7% in May, with the May range widening to -14.5% to +54.8%. Argentina’s soybean export duty cut is a potential downside risk, while the US EPA’s biofuel blending decision could affect demand in either direction. ## Soybean Meal Soybean meal is $391.10/mt, with the futures curve implying a broadly flat-to-slightly rising monthly average: the median forecast moves from 0.0% at 1 month to +1.7% at 6 months. The forecast spread widens from -5.5% to +7.5% at 1 month to -12.6% to +20.1% at 6 months. The US-China commodity deals could support demand, while Argentina’s soybean export duty cut could increase export supply. ## Soybeans The market-implied soybean forecast is broadly flat near $439/mt through February, then rises 0.9% by May; the P10–P90 spread widens from -5.6% to +5.4% in December to -11.8% to +26.0% in May. The US–China commodity deals could support demand, while Argentina’s soybean export-duty cut could increase export supply and pressure prices. Forecasts blend futures curves, where they exist, with seasonal patterns. The range runs from the 10th to the 90th percentile of the forecast distribution. The method and public track record are on the Feedsoft forecasts page. --- Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.