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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

2009 2014 2019 2020 2021 2022 2023 2024 % on prev. month % on 2023
January 131 190 187 174 207 279 323 221 -2,41% -31,56%
February 134 190 185 176 227 283 312 212 -4,27% -32,02%
March 129 197 182 179 226 381 294 209 -1,42% -29,06%
April 132 197 181 183 236 377 281 214 +2,32% -23,99%
May 150 196 180 179 269 382 263 231 +8,15% -12,23%
June 150 192 184 181 267 360 249 234 +1,19% -6,12%
July 140 188 182 183 262 364 246 230 -1,52% -6,52%
August 131 195 179 185 267 385 252 233 +1,00% -7,74%
September 127 168 176 174 253 364 222 228 -1,94% +2,82%
October 135 155 173 179 278 363 218
November 138 148 172 189 279 354 226
December 142 147 172 189 279 329 227
Jan - Sep 136 190 182 179 245 353 273 223
Change (1) -19,36% +39,42% -4,13% -1,69% +37,28% +43,97% -22,79% -18,40%
Jan - Dec 137 179 179 181 254 352 260
Change (1) -13,51% +31,29% +0,10% +0,60% +40,49% +38,88% -26,08%
Milan Chamber of Commerce
The monthly, cumulative and annual prices are arithmetic averages calculated on the basis of the weekly prices.
1) change from the same period of previous year , except for years 2009, 2014, 2019, where the change is from the same period 5 years ago
  min price
max price
Show/Hide the historical trend of the average monthly price
of Italian Soybean extraction meal 44%

€/ton

2009 2014 2019 2020 2021 2022 2023 2024 % on prev. month % on 2023
January 349 467 349 358 505 517 631 578 +2,42% -8,34%
February 351 471 339 361 515 545 626 563 -2,64% -10,07%
March 322 480 336 399 471 607 594 492 -12,53% -17,09%
April 359 494 338 395 458 591 565 480 -2,49% -15,09%
May 385 483 332 353 448 553 526 495 +3,13% -5,82%
June 372 456 352 334 419 549 511 460 -7,07% -9,98%
July 348 408 335 332 424 564 514 427 -7,20% -16,86%
August 353 410 328 338 416 584 526 420 -1,73% -20,20%
September 335 393 328 357 433 586 515 425 +1,27% -17,51%
October 325 393 333 404 441 611 526
November 337 416 336 443 444 581 592
December 345 414 347 446 480 600 564
Jan - Sep 352 452 338 361 455 567 558 486
Change (1) +28,64% +28,17% -25,22% +6,73% +26,10% +24,62% -1,52% -12,84%
Jan - Dec 348 440 338 378 454 574 558
Change (1) +36,16% +26,45% -23,30% +11,94% +20,07% +26,47% -2,83%
Milan Chamber of Commerce
The monthly, cumulative and annual prices are arithmetic averages calculated on the basis of the weekly prices.
1) change from the same period of previous year , except for years 2009, 2014, 2019, where the change is from the same period 5 years ago
  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 2014


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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