Global Feed Market Report: March 2026 – Stability Amidst Divergent Trends

Key Raw Material Analysis

1. Corn: Firm Support and Seasonal Strength

• National Average: The average price stands at 2.45 CNY/kg, holding flat week-on-week but representing a 5.2% increase compared to the same period last year.
• Regional Dynamics:
  • Production Hubs (Northeast): Prices in the three northeastern provinces remain at 2.28 CNY/kg. As temperatures rise, storage difficulties for grassroots farmers are increasing selling activity, yet strong procurement by reserves (such as Sinograin) is providing a solid price floor.
  • Consumption Hubs (South): In major consumption areas like Guangdong, prices are higher at 2.51 CNY/kg, reflecting logistics costs and steady demand from deep-processing enterprises resuming operations post-holiday.
• Outlook: Market analysts predict that throughout March, corn spot prices will likely remain stable with a slight bias towards strength. The tightening supply at the grassroots level, combined with restocking needs from processing plants, suggests a high probability of a month-on-month price increase.

2. Soybean Meal: Year-Over-Year Decline

• National Average: The average price is 3.32 CNY/kg, unchanged from the previous week but down 11.7% year-over-year.
• Market Drivers: The decline is attributed to improved oil mill operating rates and ample supply before the massive arrival of South American soybeans. For instance, in Jiangxi province, major oil mills reported transaction prices around 3,140–3,180 CNY/ton in early March, with some daily adjustments downward as inventory levels stabilize.
• Outlook: With oil mills returning to normal capacity and downstream feed enterprises primarily executing existing contracts rather than aggressively restocking, significant upside momentum for soybean meal prices appears limited in the short term.

Compound Feed and Livestock Impact

• Pig Feed: The average price for fattening pig compound feed rose slightly by 0.3% week-on-week to 3.38 CNY/kg. Despite the marginal increase, it remains 1.2% lower than last year, largely thanks to cheaper protein inputs.
• Poultry Feed: Prices for broiler and layer feed have remained generally flat, mirroring the stability in raw material costs.

Market Outlook and Strategic Recommendations

1. Corn Volatility: Stakeholders should monitor grassroots selling speeds. If warm weather accelerates farmer sales, it could temporarily ease prices, but strong reserve buying will likely prevent any sharp drops.
2. Soybean Meal Ceiling: The window for low-cost protein may narrow as South American harvest logistics unfold. While a surge is not immediately expected, the downside risk is limited.
3. Cost Management: For livestock producers, the focus must shift from purely raw material procurement to holistic cost control. Optimizing feed conversion ratios and managing the new environmental compliance expenditures will be critical for maintaining margins, especially given the concurrent dip in live pig and poultry product prices observed in the first week of March.