Andie Majewski, Graduate Research Associate, Department of Animal Sciences, The Ohio State University
Figure 1. Actual and predicted cost of 21 feed commodities fed on Ohio dairy farms; November 20, 2025. Feedstuffs that are priced above the upper prediction price limit are overpriced (red bars). Feedstuffs that fall within the upper and lower limits of the predicted prices are breakeven feeds (grey bars). Feedstuffs that are priced below the lower prediction price limit are considered a bargain (green bars).
Economic Value of Feeds
Figure 1 displays the costs for the 21 reported commodities in Ohio. These results were produced by SESAMETM for the central Ohio region on November 20, 2025. In Figure 1, the bargain feedstuffs (green), the overpriced feedstuffs (red), and the breakeven feedstuffs (grey) are displayed, along with their average costs and predicted costs. These prices and estimates are from a single point in time. Therefore, their economic classification may change from what is reported, though they remain as a useful tool to predict the cost of feedstuff changes in a ration. In the month of November, soybean and wheat products are overpriced, while corn products are a bargain.
Figure 2 helps to summarize market trends in the Ohio region. In Ohio, the cost of many feedstuffs have increased, despite some of them being classified as a bargain. In the month of November, the price of corn products increased by an average of $4/ton and the price of soybean products increased by an average of $3.5/ton. Corn and soy products are common energy and protein sources. Therefore, these price increases can have a significant impact on the income over feed costs for dairy producers.
Figure 2. Percent change of the actual cost of 21 feedstuffs fed on Ohio dairy farms from September 24, 2025 to November 20, 2025. Feedstuffs that decreased in price since the previous issue are shown in green, while those that increased in price are colored red. The cost of corn silage has not changed since September, as it is priced on a biannual basis.
The appraisal set, shown in Table 1, predicts the prices for the commodities that did not have a current local price. These commodity prices were predicted by SESAMETM and represent the estimated value at one specific point in time and are therefore subject to change. These values may be used as a benchmark if you are considering purchasing these ingredients for your dairy farm.
Table 1. Estimated feedstuffs prices not reported for Ohio, November 20, 2025.
Feed Nutrient Prices
Since the last report in September, the cost of net energy of lactation (NEL) and physically effective fiber (e-NDF) decreased by about $0.018/ lb and $0.01/lb, respectively. The cost of metabolizable protein (MP) increased by $0.10/lb. The economic values of nutrients are shown in Table 2.
Table 2. Prices of nutrients for Ohio dairy farms, November 20, 2025, compared to September 25, 2025.
Milk and Milk Component Prices
This month, the Class III milk price and butterfat price decreased by $2.18/cwt and $0.90/lb, respectively, while the milk protein price increased by $0.92/lb. The Cow-Jones Index estimates the profitability of milk production, considering factors including the nutrient input costs displayed in Table 2, cow production metrics, and the current milk and component prices which are shown in Table 3. The prediction formula uses a 1500 lb cow, producing milk with 4.09% fat and 3.22% protein. The formula does not include factors that may affect profitability, such as the cost of replacement and cull cows in the herd. This month, the income over nutrient cost (IONC) for cows milking 85 and 70 lb/day is about $11.78/cwt and $11.31/cwt, respectively. Both estimates are expected to be profitable.
Table 3. Prices of milk and milk components, sourced from the Federal Marketing Order 33, for Ohio dairy farms, November 20, 2025, compared to September 24, 2025.
In November, the price of many corn and soybean products increased since September, though some of them are still classified as bargains. The price for milk and butterfat decreased, while milk protein price increased. These factors suggest the current benefits of investing in some corn and soybean products to support milk and milk protein yields.