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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

2010 2015 2020 2021 2022 2023 2024 2025 % on prev. month % on 2024
January 146 150 174 207 279 323 221 239 +5,07% +7,82%
February 144 146 176 227 283 312 212 250 +4,93% +18,18%
March 146 146 179 226 381 294 209 249 -0,60% +19,16%
April 154 148 183 236 377 281 214 245 -1,59% +14,61%
May 156 143 179 269 382 263 231 243 -0,94% +4,98%
June 159 140 181 267 360 249 234 244 +0,41% +4,17%
July 170 154 183 262 364 246 230
August 193 156 185 267 385 252 233
September 203 157 174 253 364 222 228
October 205 167 179 278 363 218 223
November 210 174 189 279 354 226 221
December 228 171 189 279 329 227 227
Jan - Jun 151 145 179 239 347 288 220 245
Change (1) +20,39% -3,76% +23,04% +33,89% +44,90% -16,96% -23,61% +11,38%
Jan - Dec 175 154 181 254 352 260 223
Change (1) +36,71% -11,72% +16,96% +40,49% +38,88% -26,08% -14,31%
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 2010, 2015, 2020, 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

2010 2015 2020 2021 2022 2023 2024 2025 % on prev. month % on 2024
January 337 414 358 505 517 631 578 373 -1,06% -35,55%
February 327 418 361 515 545 626 563 381 +2,15% -32,39%
March 323 418 399 471 607 594 492 369 -2,96% -24,99%
April 327 410 395 458 591 565 480 365 -1,12% -23,94%
May 336 381 353 448 553 526 495 352 -3,66% -28,94%
June 337 376 334 419 549 511 460 346 -1,63% -24,78%
July 328 401 332 424 564 514 427
August 343 382 338 416 584 526 420
September 347 369 357 433 586 515 428
October 338 364 404 441 611 526 423
November 357 359 443 444 581 592 392
December 376 342 446 480 600 564 377
Jan - Jun 331 403 368 467 562 576 513 366
Change (1) +46,78% +21,81% -8,70% +27,04% +20,27% +2,48% -10,98% -28,65%
Jan - Dec 339 386 378 454 574 558 461
Change (1) +48,56% +13,90% -2,02% +20,07% +26,47% -2,83% -17,29%
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 2010, 2015, 2020, 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 2015


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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