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Feed composition analysis
This page considers the cost of the protein component in dairy cow feed rations and allows to analyze the cost of protein contained in different protein-rich animal feed sources.
Goal of the page is to promote an economic analysis of the protein component in the feed so as to allow the selection of the best possible protein source, bearing of course in mind that any change of ingredients in the feed ration implies synergic reactions which must be carefully assessed.

The first chart exhibits the monthly market value of 100 kg of the Simulated Feed Ration.
The Simulated Feed Ration is a theoretical feed model exclusively based on the use of corn and soybean extraction meal 44%; this has been taken as a model since the two constituent ingredients are price drivers for all the raw materials available on the market. This feed ration can therefore be used as an indication for the cost trend of concentrated feed.
Composition of the Simulated Feed Ration is as follows:
Corn meal70%
Soybean extraction meal 44% protein30%
Raw protein as fed19%
Value in MFU1,05
The Simulated Feed Ration, fed in amounts varying between 11 and 13 kilograms, with the addition of forages of corn silage and hay (for the production of liquid milk and Grana Padano) or of only hay (for the production of Parmigiano Reggiano), allows to cover the theoretical production requirements of a multiparous cow producing 30 kg of milk with a 4% fat content. The monthly price of the products corresponds to the average monthly quotation of the Commodities Exchange of the Milan Chamber of Commerce.

The second chart shows the weight (in percentage) of the price of each of the two components on the total cost of the Simulated Feed Ration as well as the price percentage variation compared to the previous month.

The third chart compares the Simulated Feed Ration Cost and the Farm-gate Milk Price in Lombardy (Italy).

The fourth chart exhibits the "Milk:Feed Ratio", defined as the price of 100kg of Farm-gate Milk in Lombardy (Italy) / the cost of 100kg of Simulated Feed Ration The Milk:Feed Ratio represents how many kg of Simulated Feed Ration could be purchased with the gross revenue from 1kg of milk at the stated price.

The fifth chart shows the cost of protein obtained from different animal feeds. The calculation is as follows: market value of the feed / protein titre (as fed) The protein titre for each product is included in the table.
The market value considered corresponds to the monthly average of the weekly quotations of the Commodities Exchange of the Milan Chamber of Commerce. Source of the protein titre used is INEA - Istituto Nazionale di Economia Agraria.

Page compiled with the contribution of Dr. Roberto Preti, Veterinary Physician.

Chart 1.

Chart 2.
Show/Hide the historical trend of the average monthly price
of Italian Corn

€/ton Italy, Milan - Monthly average price
2012 2013 2014 2015 2016 2017 % on prev. month % on 2016
January 198 248 190 150 173 178 +0,99% +2,96%
February 206 239 190 146 174 180 +0,91% +3,53%
March 207 228 197 146 171 182 +0,90% +5,95%
April 214 231 197 148 177 182 +0,37% +3,21%
May 212 232 196 143 185 183 +0,62% -0,97%
June 202 244 192 140 204 185 +1,06% -9,30%
July 238 224 188 154 194 191 +2,83% -1,55%
August 277 211 195 156 185
September 268 198 168 157 171
October 247 195 155 167 170
November 256 195 148 174 176
December 256 192 147 171 177
Average 229 220 179 154 180 182
Change on the previous year -4,00% -18,45% -13,90% +16,32% +1,45%
Source: Milan Chamber of Commerce
  = min price
  = max price
Show/Hide the historical trend of the average monthly price
of Italian Soybean extraction meal 44%

€/ton Italy, Milan - Monthly average price
2012 2013 2014 2015 2016 2017 % on prev. month % on 2016
January 329 444 467 414 333 387 +3,15% +16,30%
February 347 440 471 418 329 388 +0,36% +18,14%
March 366 445 480 418 325 369 -4,92% +13,65%
April 396 444 494 410 340 355 -3,81% +4,61%
May 439 501 483 381 405 346 -2,61% -14,49%
June 451 488 456 376 435 334 -3,44% -23,17%
July 527 480 408 401 415 337 +0,75% -18,82%
August 562 453 410 382 373
September 531 487 393 369 355
October 489 492 393 364 357
November 485 480 416 359 374
December 481 471 414 342 375
Average 445 469 440 386 367 362
Change on the previous year +5,53% -6,16% -12,37% -4,82% -1,49%
Source: Milan Chamber of Commerce
  = min price
  = max price

Chart 3.


Show/Hide the comparison between the Simulated Feed Ration Cost and
the Farm-gate Milk Price in Lombardy (Italy) since 2007


Show/Hide the comparison between the Simulated Feed Ration Cost and
the Farm-gate Milk Price in Lombardy (Italy), Germany and France

Chart 4.

The following chart represents how many kg of Simulated Feed Ration could be purchased with the gross revenue from 1kg of milk.

Chart 5.

The values presented in the following chart show the cost of 1000 g (1kg) of protein obtained from the raw materials considered.

Example: the value of Italian soybean extraction meal 44% on January 2013 was equal to 1.02. This means that the price of 1000 g of protein provided by Italian soybean extraction meal 44% was in that month of €1,02.
Feed Protein Content
% as fed
■ Rapeseed extraction meal 34.4
■ Whole grain sunflower extraction meal 24.0
■ Decorticated sunflower extraction meal 33.6
■ Foreign soybean extraction meal 44% 43.4
■ Italian soybean extraction meal 44% 43.4
■ Foreign decorticated soybean extraction meal 49.0
■ Italian decorticated soybean extraction meal 49.0

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