# Feed Market Brief Nov 5: Ingredients Firm, Formulas Cheaper Before WASDE

Corn, soybeans and soybean meal edged up even as crude fell, while least-cost template feed formulas remain 3-6% cheaper over four weeks. China purchase headlines and Black Sea shipping are the swing factors before the Nov 10 WASDE.

Published 2026-11-05 by the Feedsoft Markets Desk. Covers: CORN, SOY, SBM, CANMEAL, FISHMEAL, DDGS, WHEAT.

Video (39s): https://feedsoft.ai/media/social/36/youtube-071b3e6db3.mp4

## Transcript

- **Crude fell. Feed ingredients didn't.** Corn rose 0.4%, soybeans 1.0% and soybean meal 0.5% today, even as crude slid after the US midterm results and hopes of an end to the Iran conflict.
- **Still cheaper than four weeks ago** Least-cost template feed formulas are 3-6% cheaper over four weeks. Corn is $210.03/mt, in the lower quarter of its 52-week range.
- **Soybean meal alternatives aren't cheap** Soybean meal is $393.43/mt, mid-range. Canola meal, fishmeal and DDGS are all near 52-week highs, so the alternatives cost real money too.
- **Next test: WASDE on Nov 10** China purchase headlines and Black Sea shipping news are the main swing factors before the USDA report. Check the full brief for the details.

Full analysis: https://feedsoft.ai/brief/2026-11-05

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