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DDG Weekly Update             01/15 12:19

   DTN Weekly Average DDG Price Climbs Higher

   DTN's weekly spot price for domestic distillers dried grains was 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. 14 
was $230 per ton, up $14 from one week ago. DDG prices were sharply higher 
again this past week after the cash price of corn shot up after Wednesday's 
bullish USDA reports. Given that prices for all proteins continue to rise, DDG 
high prices are defensible to remain in inclusion rates.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 14 was 120.54%, versus the 5-year average of 
109%. The value of DDG relative to soybean meal was 49.57% versus the 3-year 
average of 42%. The cost per unit of protein for DDG was $8.52, compared to the 
cost per unit of protein for soybean meal at $9.79.

   In their weekly export DDGS update, the U.S. Grains Council noted some 
sources saying international buyers are now playing catch-up to the current 
price rally and are booking some needs, but hoping for prices to come down. 
Sellers are confident the rally will continue and are defending asking prices. 
"Barge CIF NOLA offers are $15 to $16/metric ton (mt) higher this week while 
FOB NOLA offers are up $20/mt. U.S. rail rates continue to strengthen as well, 
essentially matching the barge market's gains. Offers for 40-foot containers to 
Southeast Asia are up $16/mt on average, though some routes are trading as much 
as $21/mt higher. The average offers for containerized DDGS to Southeast Asia 
are $350/mt for February/March/April shipment."

   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                         1/14/2021      1/7/2021
Bartlett and Company, Kansas City, MO (816 714 3413)
            Missouri                Dry   $253           $235         $18
                                    Wet   $127           $118         $9
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
            Missouri                Dry   $250           $250         $0
                                    Wet   $125           $125         $0
CHS, Minneapolis, MN (800-769-1066)
            Illinois                Dry   $215           $215         $0
            Indiana                 Dry   $205           $205         $0
            Iowa                    Dry   $225           $210         $15
            Michigan                Dry   $205           $205         $0
            Minnesota               Dry   $225           $215         $10
            North Dakota            Dry   $225           $205         $20
            New York                Dry   $285           $230         $55
            South Dakota            Dry   $225           $215         $10
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                 Dry   $235           $215         $20
            Iowa                    Dry   $225           $212         $13
            Michigan                Dry   $235           $215         $20
            Minnesota               Dry   $220           $207         $13
            Missouri                Dry   $260           $250         $10
            Ohio                    Dry   $230           $210         $20
            South Dakota            Dry   $228           $212         $16
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                  Dry   $230           $225         $5
                                    Wet   $75            $75          $0
            Illinois                Dry   $235           $223         $12
            Nebraska                Dry   $225           $220         $5
                                    Wet   $75            $75          $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
            Illinois                Dry   $230           $215         $15
            Indiana                 Dry   $230           $215         $15
            Iowa                    Dry   $220           $205         $15
            Michigan                Dry   $225           $210         $15
            Minnesota               Dry   $225           $210         $15
            Nebraska                Dry   $240           $225         $15
            New York                Dry   $290           $275         $15
            North Dakota            Dry   $235           $220         $15
            Ohio                    Dry   $225           $210         $15
            South Dakota            Dry   $225           $210         $15
            Wisconsin               Dry   $220           $205         $15
Valero Energy Corp, San Antonio, Texas
            Indiana                 Dry   $250           $220         $30
            Iowa                    Dry   $0             $0           $0
            Minnesota               Dry   $0             $0           $0
            Nebraska                Dry   $0             $0           $0
            Ohio                    Dry   $250           $215         $35
            South Dakota            Dry   $0             $0           $0
            California              Dry   $0             $0           $0
Western Milling, Goshen, California (559-302-1074)
            California              Dry   $300           $290         $10
*Prices listed per ton.
            Weekly Average                $230           $216         $14
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                                      1/14/2021      $5.3425   $190.80
Soybean Meal                              1/14/2021                $464.90
DDG Weekly Average Spot Price                                      $230.00
DDG Value Relative to:                                   1/14      1/7
Corn                                                     120.54%   122.99%
Soybean Meal                                             49.57%    49.54%
Cost Per Unit of Protein:
DDG                                                      $8.52     $8.04
Soybean Meal                                             $9.79     $9.22
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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