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

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.