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DDG Weekly Update             10/23 11:03

   DTN Weekly Average DDG Sharply Higher

   DTN's weekly average spot price for domestic distillers dried grains pushed 
higher this week.

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) -- The average price for domestic distillers dried grains (DDG) 
from the 40 locations DTN contacted with spot offers for the week ended Oct. 22 
was $178 per ton, up $13 on average from the prior week. DDG prices have surged 
the past week, and some buyers note that the strength in price continues for 
the rest of this year. CIF NOLA DDGS prices are up $20 per ton this week, due 
in part to strong demand and logistic issues as the brisk harvest is also 
creating demand for barges.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Oct. 22 was 119.74%, well above the five-year 
average of 109%. The value of DDG relative to soybean meal was 46.55%. The cost 
per unit of protein for DDG was $6.59, compared to the cost per unit of protein 
for soybean meal at $8.05.

   The Energy Information Administration reported for the week ended Oct. 16 
domestic ethanol inventories fell for the third time in four weeks, down 1.5% 
as plant production fell after two weeks of higher output. Domestic ethanol 
supply dropped 287,000 barrels in the week profiled, 7.9% below the same week a 
year ago, while ethanol plant production dropped from a five-week high, falling 
2.6% and 8.3% lower than the corresponding week in 2019.

   NOTE: All prices listed below can change at any time and are subject to 
confirmation from seller.

    

ALL PRICES SUBJECT TO CONFIRMATION            CURRENT         PREVIOUS     
CHANGE
COMPANY      STATE                            10/14/2020      10//2020
Bartlett and Company, Kansas City, MO (816 714 3413)
             Missouri                    Dry  $195            $178         $17
                                         Wet  $97             $89          $8
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
             Missouri Subject            Dry  $195            $175         $20
                                         Wet  $95             $82          $13
CHS, Minneapolis, MN (800-769-1066)
             Illinois                    Dry  $185            $175         $10
             Indiana                     Dry  $170            $165         $5
             Iowa                        Dry  $170            $163         $7
             Michigan                    Dry  $170            $160         $10
             Minnesota                   Dry  $160            $155         $5
             North Dakota                Dry  $155            $145         $10
             New York                    Dry  $190            $190         $0
             South Dakota                Dry  $160            $155         $5
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
             Kansas                      Dry  $180            $170         $10
POET Nutrition, Sioux Falls, SD (888-327-8799)
             Indiana                     Dry  $190            $175         $15
             Iowa                        Dry  $181            $167         $14
             Michigan                    Dry  $180            $170         $10
             Minnesota                   Dry  $177            $165         $12
             Missouri                    Dry  $195            $180         $15
             Ohio                        Dry  $190            $175         $15
             South Dakota                Dry  $180            $165         $15
United BioEnergy, Wichita, KS (316-616-3521)
             Kansas                      Dry  $177            $168         $9
                                         Wet  $75             $65          $10
             Illinois NOVEMBER           Dry  $188            $178         $10
             Nebraska                    Dry  $177            $160         $17
                                         Wet  $75             $65          $10
U.S. Commodities, Minneapolis, MN (888-293-1640)
             Illinois                    Dry  $190            $165         $25
             Indiana                     Dry  $180            $165         $15
             Iowa                        Dry  $175            $160         $15
             Michigan                    Dry  $185            $165         $20
             Minnesota                   Dry  $175            $155         $20
             Nebraska                    Dry  $180            $165         $15
             New York                    Dry  $200            $190         $10
             North Dakota                Dry  $170            $145         $25
             Ohio                        Dry  $185            $170         $15
             South Dakota                Dry  $160            $155         $5
             Wisconsin                   Dry  $170            $150         $20
Valero Energy Corp, San Antonio Texas
Subject      Indiana                     Dry  $183            $173         $10
             Iowa                        Dry  $0              $0           $0
             Minnesota                   Dry  $0              $0           $0
             Nebraska                    Dry  $0              $0           $0
Subject      Ohio                        Dry  $172            $162         $10
             South Dakota                Dry  $0              $0           $0
             California                  Dry  $0              $0           $0
Western Milling, Goshen, California (559-302-1074)
             California                  Dry  $245            $235         $10
*Prices listed per ton.
             Weekly Average                   $178            $165         $13
The weekly average prices above reflect only those companies DTN
collects spot prices from. States include: Missouri, Iowa, Nebraska,
Kansas, Illinois, Minnesota, North Dakota, South Dakota, Michigan,
Wisconsin and Indiana. Prices for Pennsylvania, New York and
California are not included in the averages.

    

   **

VALUE OF DDG VS. CORN & SOYBEAN MEAL
Settlement Price:                      Quote Date    Bushel    Short Ton
Corn                                   10/22/2020    $4.1625   $148.66
Soybean Meal                           10/22/2020              $382.40
DDG Weekly Average Spot Price                                  $178.00
DDG Value Relative to:                               10/22     10/15
Corn                                                 119.74%   116.52%
Soybean Meal                                         46.55%    45.38%
Cost Per Unit of Protein:
DDG                                                  $6.59     $6.11
Soybean Meal                                         $8.05     $7.65
Notes:
Corn and soybean prices take from DTN Market Quotes. DDG price
represents the average spot price from Midwest companies
collected on Thursday afternoons. Soybean meal cost per unit
of protein is cost per ton divided by 47.5. DDG cost per unit
of protein is cost per ton divided by 27.

   Mary Kennedy can be reached at mary.kennedy@dtn.com

   Follow her on Twitter @MaryCKenn




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