A comprehensive set of potential new feed grains for Australia was evaluated to help establish the options with the highest priorities for research. The cost-reducing impacts of the different options were analysed using a linear-programming model that determined the least-cost feed rations for the different livestock industries. Economic welfare analysis was then used to estimate the size and distribution of the benefits of research from the feed grains quality-improving research. The analysis revealed that there are only limited opportunities to improve the productivity and competitiveness of Australia’s livestock industries by improving the nutritional characteristics of feed grains.