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DDG Weekly Update             01/22 11:24

   DTN Weekly DDG Price Slightly Higher on Average

   DTN's weekly spot price for domestic distillers dried grains was slightly 
higher on average versus a week ago.

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) The average price for domestic distillers dried grains (DDG) 
from the 39 locations DTN contacted with spot offers for the week ended Jan. 21 
was $231 per ton, up $1 on average from one week ago.

   Domestic DDG prices settled back from recent highs, ending this week mixed. 
With some plants slowing production, supplies have become tight in those spots, 
but as corn and soybean meal cash prices have come down this week, DDG prices 
came under pressure this past week. However, so far in the 2020-21 marketing 
year, FOB Gulf soymeal prices are up 40% while FOB Gulf DDGS values have risen 
47%.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 21 was 123.37% versus the five-year average of 
109%. The value of DDG relative to soybean meal was 52.72% versus the 
three-year average of 42%. The cost per unit of protein for DDG was $8.56, 
compared to the cost per unit of protein for soybean meal at $9.23.

   In their weekly export DDGS update, the U.S. Grains Council noted that 
industry sources say the volatility in corn and soybean markets and concerns 
with container freight rates are complicating forward sales.

   "Reportedly, container lines are hesitant to lock in rates more than four 
weeks forward, which is making DDGS sales from March forward more difficult. 
Southeast Asian buyers still need to purchase a large portion of their first 
quarter to early second quarter needs but are being cautious amid rising 
commodity prices.

   "Barge CIF NOLA values are up $3 to $4 per metric ton (mt) this week while 
FOB NOLA offers have declined $4 to $6/mt for February and March shipment, 
decreasing netbacks to merchandisers looking to move product on the river. U.S. 
rail rates are down $2 to $3/mt this week while offers for 40-foot containers 
to Southeast Asia are mostly steady at $349-$350/mt," said USGC.

   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                         1/21/2021      1/14/2021
Bartlett and Company, Kansas City, MO (816 714 3413)
            Missouri                Dry   $245           $253          -$8
                                    Wet   $123           $127          -$4
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
            Missouri                Dry   $240           $250          -$10
                                    Wet   $120           $125          -$5
CHS, Minneapolis, MN (800-769-1066)
            Illinois                Dry   $230           $215          $15
            Indiana                 Dry   $230           $205          $25
            Iowa                    Dry   $225           $225          $0
            Michigan                Dry   $230           $205          $25
            Minnesota               Dry   $225           $225          $0
            North Dakota            Dry   $230           $225          $5
            New York                Dry   $285           $285          $0
            South Dakota            Dry   $225           $225          $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                 Dry   $235           $235          $0
            Iowa                    Dry   $225           $225          $0
            Michigan                Dry   $235           $235          $0
            Minnesota               Dry   $220           $220          $0
            Missouri                Dry   $260           $260          $0
            Ohio                    Dry   $230           $230          $0
            South Dakota            Dry   $235           $228          $7
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                  Dry   $240           $230          $10
                                    Wet   $75            $75           $0
            Illinois                Dry   $240           $235          $5
            Nebraska                Dry   $240           $225          $15
                                    Wet   $75            $75           $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
            Illinois                Dry   $225           $230          -$5
            Indiana                 Dry   $225           $230          -$5
            Iowa                    Dry   $215           $220          -$5
            Michigan                Dry   $220           $225          -$5
            Minnesota               Dry   $220           $225          -$5
            Nebraska                Dry   $235           $240          -$5
            New York                Dry   $285           $290          -$5
            North Dakota            Dry   $230           $235          -$5
            Ohio                    Dry   $220           $225          -$5
            South Dakota            Dry   $220           $225          -$5
            Wisconsin               Dry   $215           $220          -$5
Valero Energy Corp, San Antonio, Texas
            Indiana                 Dry   $240           $250          -$10
            Iowa                    Dry   $0             $0            $0
            Minnesota               Dry   $0             $0            $0
            Nebraska                Dry   $0             $0            $0
            Ohio                    Dry   $245           $250          -$5
            South Dakota            Dry   $0             $0            $0
            California              Dry   $0             $0            $0
Western Milling, Goshen, California (559-302-1074)
            California              Dry   $297           $300          -$3
*Prices listed per ton.
            Weekly Average                $231           $230          $1
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                                      1/21/2021      $5.2425   $187.23
Soybean Meal                              1/21/2021                $438.20
DDG Weekly Average Spot Price                                      $231.00
DDG Value Relative to:                                   1/21      1/14
Corn                                                     123.37%   120.54%
Soybean Meal                                             52.72%    49.57%
Cost Per Unit of Protein:
DDG                                                      $8.56     $8.52
Soybean Meal                                             $9.23     $9.79
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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