MONTHLY UPDATESource: CBOT · CME · FAO · FIS/IFFO · Jul 2026
Global Animal Feed Price IndexMaize · Soybean Meal · Wheat · Fish Meal — CBOT & India Benchmarks
The upstream input cost chain. Feed costs determine 65–70% of broiler production cost and 50–60% of egg production cost. Track global futures and India domestic prices together.
CBOT CORN ($/bushel) · 2019–2026
$3.6
2019
$4.1
2020
$5.8
2021
$6.9
⚔️
2022
$4.8
2023
$4.2
2024
$4.5
2025
$4.8
2026
Global vs India Feed Prices — July 2026
🌽
Maize / Corn
60–70% of poultry feed ration
🌍 Global
CBOT Corn futures
$4.80/bushel
≈ $0.189/kg · ≈ ₹15.9/kg
▲ 6.7% MoM · CME / CBOT
🇮🇳 India
India (national avg)
₹22/kg
≈ $0.262/kg
💡 Maize is the #1 feed ingredient worldwide. US corn (CBOT) sets the global benchmark. India's domestic maize price often runs higher than CBOT equivalent due to demand from ethanol, starch, and feed sectors competing simultaneously.
🫘
Soybean Meal
20–30% of poultry feed ration
🌍 Global
CBOT Soybean Meal
$300/short ton
≈ $0.331/kg · ≈ ₹27.8/kg
▲ 3.4% MoM · CME / CBOT
🇮🇳 India
India (ex-factory)
₹38/kg
≈ $0.452/kg
💡 Soybean meal is the primary protein source in poultry and aquaculture feed. Brazil and Argentina produce ~55% of global soy. Any South American weather event — drought, floods — immediately moves CBOT prices and Indian feed costs within weeks.
🌾
Wheat
Wheat bran: 5–10% of feed
🌍 Global
CBOT Wheat futures
$5.90/bushel
≈ $0.217/kg · ≈ ₹18.2/kg
▲ 5.4% MoM · CME / CBOT
🇮🇳 India
India (wheat bran)
₹16/kg
≈ $0.190/kg
💡 Wheat bran is a byproduct of flour milling widely used in Indian cattle and poultry feed. India is both a major wheat producer and consumer. The Ukraine war (2022) was the most disruptive event for global wheat and Indian feed costs in decades.
🐟
Fish Meal
2–5% of aquaculture/layer feed
🌍 Global
Peru (65% protein)
$1,450/tonne
$1.45/kg · ≈ ₹121.8/kg
▲ 8.2% MoM · FIS / IFFO
🇮🇳 India
India domestic (60% protein)
₹100/kg
≈ $1.19/kg
💡 Peru dominates global fishmeal supply — El Niño events that reduce anchovy catches cause immediate global price spikes. India produces significant fishmeal domestically. Critical for shrimp and fish aquaculture — the fastest-growing protein segment.
The Feed → Meat Price Chain
🌽
Maize ₹22/kg
60% of feed
→
🫘
Soy Meal ₹38/kg
25% of feed
→
⚗️
Feed ₹28/kg
blended cost
→
🐔
Broiler ₹90/kg
cost of production
→
📊
Ghazipur ₹158/kg
live bird price
Feed cost = ~65-70% of total broiler production cost. A ₹2/kg rise in maize adds ~₹3-4/kg to final chicken price within 6-8 weeks.
What Happened — Key Events in Global Feed Markets (2019–2026)
2020–21🌽Post-COVID demand surge drives corn to 8-year highs
As economies reopened, livestock herds were rebuilt simultaneously across the world. Global corn demand spiked. CBOT corn hit $7.75/bushel by May 2021 — a level not seen since 2012. Indian maize prices followed, squeezing poultry farm margins.
Feb 2022⚔️Russia-Ukraine war — wheat +60%, corn +35% overnight
Ukraine and Russia together account for 30% of global wheat and 15% of corn exports. The war disrupted Black Sea shipments instantly. Global grain prices hit multi-decade highs. Indian broiler production cost rose ₹15-20/kg within 2 months.
2022🇧🇷La Niña drought hits Brazil soy — global feed costs peak
Back-to-back La Niña events cut Brazil's soybean crop. Combined with Ukraine war, global soybean meal hit $500/short ton — a record. Indian soy meal crossed ₹55/kg. This was the worst feed cost environment in modern Indian poultry history.
2023📉Black Sea Grain Deal enables partial normalisation
The UN-brokered grain deal allowed Ukrainian grain exports to resume partially. Combined with good South American harvests, corn and soy prices pulled back 30%+ from peaks. India's feed costs began normalising — broiler margins recovered.
2024–26⚡Biofuel mandates vs feed compete for global grain
US ethanol mandates and India's own ethanol blending program (targeting 20% by 2025) compete with feed for corn and sugarcane. India's domestic maize prices stayed elevated even as CBOT normalised — a structural shift that will persist.
SE Asia & UAE — Feed Markets & Competitors
Regional feed cost benchmarks and how they affect India's livestock competitiveness
🇦🇪
UAE
No domestic feed
100% imported
Feed costs passed through
UAE has no domestic grain production. All feed ingredients — corn, soy, wheat bran — are imported. High logistics cost means UAE poultry and dairy production is among the most expensive globally. This keeps demand for imported Indian meat/eggs high.
🇹🇭
Thailand
Broiler compound feed
THB 14/kg
Similar cost structure
CP Group (Charoen Pokphand) is Asia's largest animal feed company — producing 20M+ tonnes/year. Thailand's feed cost is similar to India's. CP vertical integration (feed → farm → processing → retail) is the model India's Suguna is replicating.
🇻🇳
Vietnam
Compound feed
VND 12,000/kg
Higher cost than India
Vietnam imports 70%+ of its soy and corn from South America and the US — making it highly exposed to CBOT volatility. Vietnam's shrimp and pangasius aquaculture depends on imported soy-based feed. India's domestic maize gives a cost advantage over Vietnam in aquaculture feed.
🇮🇩
Indonesia
Broiler feed
IDR 9,500/kg
Similar, local corn helps
Indonesia produces significant corn domestically (Sulawesi, NTT), keeping broiler feed costs manageable. But soy is mostly imported. Feed cost is the #1 pressure on Indonesian poultry margins — a familiar story for Indian producers.
🇲🇾
Malaysia
Compound feed
MYR 2.10/kg
India cheaper
Malaysia imports nearly all its corn and soy — making it fully exposed to global price swings. Malaysian broiler feed is ~20% more expensive than equivalent Indian feed. This structural disadvantage is why Malaysia imports processed chicken from Brazil and India.
🇸🇦
Saudi Arabia
Subsidized feed
SAR 1.80/kg
Not directly comparable
Saudi Arabia subsidizes poultry and dairy feed heavily to support domestic food security. Feed grain is sold below market rates to local farms. Despite this, Saudi Arabia imports significant volumes of broiler cuts and buffalo meat from India — domestic production cannot keep up with demand.
Raw Corn to ButcherBox — The 43× Journey · Jul 2026
CBOT corn at ₹15.9/kg becomes ₹1,260/kg packaged chicken on ButcherBox — a 43× value multiplier from raw commodity to premium consumer product.
1× vs corn
🌽
Global
Raw Corn
CBOT Futures
$4.80/bu
≈ ₹15.9/kg
→
1.4× vs corn
🌾
India
India Maize
Domestic Market
₹22/kg
≈ ₹22/kg
→
1.8× vs corn
⚗️
India
Compound Feed
Blended Ration
₹29/kg
≈ ₹29/kg
→
5.7× vs corn
🐔
India
Broiler Cost
Production Cost
₹90/kg
≈ ₹90/kg
→
9.9× vs corn
📊
India
Live Bird
Ghazipur Mandi
₹158/kg
≈ ₹158/kg
→
14× vs corn
🛒
India
India Retail
Big Bazaar
₹220/kg
≈ ₹220/kg
→
31× vs corn
✨
India
India D2C
Licious
₹499/kg
≈ ₹499/kg
→
43× vs corn
🥩
Export
US Premium D2C
ButcherBox
$15/kg
≈ ₹1260/kg
🔍 The 43× Journey: CBOT corn at ₹15.9/kg → compound feed ₹29/kg → broiler production cost ₹90/kg → live mandi ₹158/kg → Licious D2C ₹499/kg → ButcherBox US ₹1,260/kg. Feed is the foundational commodity — a ₹2/kg rise in maize cascades through the entire chain within 6–8 weeks.
AnimStok Intelligence
Who Moves the Feed Market
Major protein producers who drive global feed demand and input cost benchmarks
🇺🇸 Tyson Foods
🥩 Meat #1 USFeed costs = 65–70% of Tyson chicken cost of goods sold
Revenue, segments, latest highlights →
🇧🇷 JBS S.A.
🥩 Meat #1 GlobalWorld's largest protein company; corn & soy procurement impacts CBOT
Revenue, segments, latest highlights →
🇮🇳 Venky's India
🐔 India PoultryIndia's vertically integrated poultry leader; tracks CBOT with 6-week lag
Revenue, segments, latest highlights →
🇳🇴 Mowi ASA
🐟 AquacultureFeed is 50% of salmon farming cost — fishmeal & soy-based aquafeed
Revenue, segments, latest highlights →
Coverage Roadmap
Cargill · Archer Daniels Midland · Charoen Pokphand · BRF · Nutreco · Alltech
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Related Global Price Indexes
🇮🇳 Also Check India Feed & Mandi Prices
Daily India maize, soy and wheat bran prices from AnimStok\'s national feed index