After growing 3% to 4% annually for several decades, feed output only grew 2.6% annually and a mere 0.9% in 2021, to 1.187.8 billion tonnes. Moreover, following a decade of livestock diseases cherry-topped by last year's COVID-19 lockdowns, 2021 looks mericless to feed milling's bottom line: From a COVID-19 induced low of $3.13/bu in Q2 2020, corn has risen 75% to 80%, to around $5.60/bu at the time of publication. Soybeans have similarly risen 63% above their Q2 2020 lows of $8.40/bu to the current $13.68/bu.