< >

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

2011 2016 2021 2022 2023 2024 2025 2026 % on prev. month % on 2025
January 244 173 207 279 323 221 239 230 -0,86% -3,77%
February 243 174 227 283 312 212 250 228 -0,87% -9,09%
March 243 171 226 381 294 209 249 234 +2,81% -5,97%
April 254 177 236 377 281 214 245
May 263 185 269 382 263 231 243
June 272 204 267 360 249 234 243
July 270 194 262 364 246 230 259
August 241 185 267 385 252 233 260
September 211 171 253 364 222 228 242
October 189 170 278 363 218 223 226
November 191 176 279 354 226 221 229
December 189 177 279 329 227 227 232
Jan - Mar 243 173 220 319 311 214 246 231
Change (1) +87,97% -29,00% +27,67% +44,92% -2,72% -30,97% +14,63% -6,17%
Jan - Dec 235 180 254 352 260 223 242
Change (1) +62,94% -23,53% +41,27% +38,88% -26,08% -14,31% +8,67%
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 2011, 2016, 2021, 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

2011 2016 2021 2022 2023 2024 2025 2026 % on prev. month % on 2025
January 387 333 505 517 631 578 373 359 -1,84% -3,58%
February 375 329 515 545 626 563 381 383 +6,64% +0,66%
March 347 325 471 607 594 492 369 442 +15,33% +19,62%
April 325 340 458 591 565 480 365
May 324 405 448 553 526 495 352
June 316 435 419 549 511 460 336
July 323 415 424 564 514 427 317
August 324 373 416 584 526 420 343
September 326 355 433 586 515 428 330
October 316 357 441 611 526 423 346
November 305 374 444 581 592 392 395
December 304 375 480 600 564 377 366
Jan - Mar 368 329 495 560 618 547 374 402
Change (1) +68,07% -10,67% +50,57% +13,30% +10,24% -11,47% -31,60% +7,33%
Jan - Dec 331 367 454 574 558 461 356
Change (1) +55,70% +10,92% +23,60% +26,47% -2,83% -17,29% -22,95%
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 2011, 2016, 2021, 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 2016


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

For any questions or comments please write to

Due to extraordinary maintenance, some site features may be temporarily unavailable. Thank you for your understanding.