Core Tip: In November 2025, the national industrial feed production was 28.73 million tons, a decrease of 1.2% month-on-month and an increase of 2.7% year-on-year. Among these, compound feed, concentrated feed, and premix feed increased by 2.6%, 4.5%, and 0.1% year-on-year, respectively. The ex-factory prices of major feed products decreased year-on-year, with the ex-factory prices of compound feed, concentrated feed, and premix feed mainly decreasing month-on-month. The proportion of corn used in compound feed produced by feed enterprises was 43.8%, and the proportion of soybean meal used in compound feed and concentrated feed was 14.0%.