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DDG Weekly Update             09/17 11:44

   DTN Weekly DDG Price Slightly Lower on Average

   DTN's weekly average spot price for domestic distillers dried grains was 
lower versus one week ago.

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) -- The DTN average price for domestic distillers dried grains 
(DDG) from 33 locations reporting for the week ended Sept. 16 was $196 per ton, 
down $1 on average from one week ago. Prices were slightly lower this week as 
buyers have moved to the sidelines for now. In addition, DDG supplies are 
starting to creep higher with another increase in ethanol plant production last 
week.

   The export market is still volatile as Gulf export terminals continue to 
come back online post Hurricane Ida, which made landfall on Aug. 29. Besides 
Cargill Westwego, Dreyfus, Bunge and ADM midstream, we were hearing Thursday 
that Zen-Oh Grain in Convent may have started up again as well. A freight 
broker reported there were 15 grain vessels loading for export at reopened Gulf 
terminals and midstream rigs this week, versus the three loaded at the end of 
last week and that it's still a slow process.

   Wednesday's Energy Information Administration (EIA) report showed domestic 
inventory of ethanol was again drawn down, falling to a 14-week low through 
Sept. 10, though demand dropped to an over four-month low and production held 
higher. EIA reported overall production continued higher a second week, up 
14,000 barrels per day (bpd) or 1.5% to a four-week high 937,000 bpd.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Sept. 9 was 103.65%. The value of DDG relative to 
soybean meal was 57.61% and the cost per unit of protein for DDG was $7.26, 
compared to the cost per unit of protein for soybean meal at $7.16.

   In its weekly DDGS export price update, the U.S. Grains Council said: "On 
the export market, DDGS values are quoted steady or $4 to $5 metric ton (mt) 
higher this week, depending on the source. Some brokers report offers moved 
higher earlier this week, but it remains unclear if stronger trade interest 
drove the rally or supply-side dynamics. Regardless, FOB Gulf offers are steady 
this week at $265/mt while November and December positions are up $5/mt. Prices 
for 40-foot containers to Southeast Asia are mostly steady to slightly higher 
this week, with rates to Vietnam, Malaysia, and Myanmar leading the way."

   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                            9/16/2021     9/9/2021
Bartlett and Company, Kansas City, MO (816 714 3413)
           Missouri                    Dry  $210          $210        $0
                                       Wet  $105          $105        $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
                                       Dry  $205          $205        $0
                                       Wet  $102          $102        $0
CHS, Minneapolis, MN (800-769-1066)
           Illinois                    Dry  $185          $195        -$10
           Indiana                     Dry  $185          $190        -$5
           Iowa                        Dry  $190          $190        $0
           Michigan                    Dry  $190          $190        $0
           Minnesota                   Dry  $190          $190        $0
           North Dakota                Dry  $190          $190        $0
           New York                    Dry  $220          $220        $0
           South Dakota                Dry  $190          $190        $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
           Indiana                     Dry  $195          $195        $0
           Iowa                        Dry  $205          $205        $0
           Michigan                    Dry  $200          $205        -$5
           Minnesota                   Dry  $205          $205        $0
           Missouri                    Dry  $215          $215        $0
           Ohio                        Dry  $190          $190        $0
           South Dakota                Dry  $210          $216        -$6
           Nebraska                    Dry  $205          $205        $0
United BioEnergy, Wichita, KS (316-616-3521)
           Kansas                      Dry  $195          $195        $0
                                       Wet  $80           $80         $0
           Illinois                    Dry  $195          $195        $0
           Nebraska                    Dry  $195          $195        $0
                                       Wet  $80           $80         $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
           Illinois                    Dry  $195          $195        $0
           Indiana                     Dry  $195          $195        $0
           Iowa                        Dry  $192          $192        $0
           Michigan                    Dry  $195          $195        $0
           Minnesota                   Dry  $190          $190        $0
           Nebraska                    Dry  $195          $195        $0
           New York                    Dry  $210          $210        $0
           North Dakota                Dry  $203          $203        $0
           Ohio                        Dry  $190          $190        $0
           South Dakota                Dry  $200          $200        $0
           Wisconsin                   Dry  $175          $175        $0
Western Milling, Goshen, California (559-302-1074)
           California subject          Dry  $263          $263        $0
*Prices listed per ton.                     $196          $197        -$1
           Weekly Average
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                                      9/16/2021      $5.2950   $189.11
Soybean Meal                              9/16/2021                $340.20
DDG Weekly Average Spot Price                                      $196.00
DDG Value Relative to:                                   9/16      9/9
Corn                                                     103.65%   111.21%
Soybean Meal                                             57.61%    58.58%
Cost Per Unit of Protein:
DDG                                                      $7.26     $7.30
Soybean Meal                                             $7.16     $7.08
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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