Global Animal Feed Price IndexMaize · Soybean Meal · Wheat · Fish Meal — CBOT & India Benchmarks

CBOT corn and soybean futures are the global benchmark — set by supply and demand in the US, Brazil, and Argentina (which together produce 80%+ of global soy). South American weather events like La Niña droughts, US ethanol mandates competing for corn, Ukraine war disrupting Black Sea grain shipments, and shipping costs all drive feed commodity prices. India's feed costs track CBOT with a 4–8 week lag via import parity pricing.

India's blended poultry feed costs approximately ₹28–32/kg as of July 2026. This is derived from maize (60–70% of ration at ₹22/kg), soybean meal (20–25% at ₹38/kg), and other additives. Feed represents 65–70% of total broiler production cost — making it the single most important input cost for India's poultry industry.

CBOT (Chicago Board of Trade, part of CME Group) is the world's oldest futures exchange where corn, soybean, and wheat contracts are traded. It sets the global reference price for grain and oilseed commodities. When CBOT corn or soy moves by $50/tonne, India's imported soy meal price moves within 2–3 weeks. Even domestic maize prices in India track CBOT directionally as traders adjust expectations.

Feed represents 65–70% of total broiler production cost in India. A ₹2/kg rise in maize adds approximately ₹3–4/kg to the final live bird price within 6–8 weeks (the typical grow-out cycle). This is why mandi rates at Ghazipur rise predictably after CBOT corn spikes, with a 6–8 week delay.