ICAP points to strong margins and historically low costs this year

2025 stands as one of the lowest-cost years driven by the bumper crop of grains, higher supply of co-products, and more stable prices. The cost per arroba remains competitive, ensuring margins above R$ 930 per head in the two regions. In November 2025, the Feed Cost Index at the Farm Gate (ICAP) showed distinct behaviors between the two main producing regions of the country. In the Midwest, the index closed at R$ 12.53, a 2.64% decrease from October. In the Southeast, the ICAP was R$ 12.28, registering a slight monthly increase. The dynamics reflect specific regional conditions. The Midwest continues to benefit from a broader supply of grains and co-products, as well as better internal logistics in the post-harvest period. In the Southeast, on the other hand, the slight increase is linked to the lower regional availability of corn, the rise in freight costs, and the repositioning of protein ingredient industries. Quarterly view of inputs by Region Midwest The reduction in the ICAP ...