My Dad was a corn Merchant and he made up all different kinds of Pigeon mixes. You have to be careful with pigeon conditioner as some have seeds that will take much longer to soak than others, better soaking for 36 to 48 hours if your not sure whats in the mix.
I have used pigeon food as a bait since i was a kid, it was cheap, (sorry about the pun), in fact, it was free.
If you want a good cheap bait, try Chick Peas. These can be socked and mashed down into any spot mix.
For a hook bait, sock them for 24 hours, bring to the boil, then simmer for about 10 mins max, drain and leave to dry. When dry i put mine in a plastic bag, add my flavour, blow into the bag, twist holding the air in the bag, shake to mix the flavour into the Chick Peas. Let the air out, you can then freeze or use them as they are, but make sure you get all the air out the bag.
I also put some in a jar/ small bait box when dry, add the flavour put on the lid and shake, into the tackle bag and off to the bank.
You can buy Chick peas in a tin from the super markets, Just empty the from the tin and dry, add the flavour as above, less work and still very very cheap bait. Tench, Bream and Carp love them.