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DDG Weekly Update             01/27 14:14

   DTN Weekly DDG Price Turns Lower on Average

   DTN's weekly average spot price for domestic distillers dried grains is $3 
lower than one week ago.

Mary Kennedy
DTN Basis Analyst

   MINNEAPOLIS (DTN) -- The DTN average price for domestic distillers dried 
grains (DDG) from 35 locations reporting for the week ended Jan. 26 was $273 
per ton, down $3 on average from one week ago. Prices were mixed again this 
week but lower on average for the first time in well over a month. Demand has 
slowed for spot supplies even as soybean meal prices continue to push higher, 
and corn basis and futures remain strong. As plant production increased again, 
DDG supplies remain readily available in most areas.

   The Energy Information Administration (EIA) at midweek showed a third 
straight weekly gain in domestic ethanol production for the week ended Jan. 20, 
up 4,000 barrels per day (bpd) to a five-week high 1.012 million bpd, 2.2% 
below a year ago. Output in the Midwest PADD 2 rose 5,000 bpd to 963,000 bpd, 
also a five-week high while down 1.6% versus the same week in 2022.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 26 was 1.12%. The value of DDG relative to 
soybean meal was 57.22%, and the cost per unit of protein for DDG was $10.11 
compared to the cost per unit of protein for soybean meal at $10.04.

   In its weekly DDGS export update, the U.S. Grains Council said: "On the 
export market, Barge CIF NOLA prices are $1/MT lower and are averaging $333/MT 
for February through April shipment. FOB NOLA offers are down $1-2/MT this week 
at $337-338/MT while U.S. rail rates have contracted $14. Finally, softer ocean 
freight markets continue to allow offers for 40-foot containers to Southeast 
Asia to move lower. The average offer for Q2 shipment is down $1/MT at $395 
this week."

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

ALL PRICES SUBJECT TO CONFIRMATION       CURRENT       PREVIOUS    CHANGE
COMPANY  STATE                           1/26/2023     1/19/2023
Bartlett and Company, Kansas City, MO (816 714 3413)
         Missouri                  Dry   $310          $315        -$5

                                   Wet   $170          $170        $0

Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
                                   Dry   $310          $320        -$10

                                   Wet   $175          $180        -$5

CHS, Minneapolis, MN (800-769-1066)
         Illinois                  Dry   $245          $245        $0

         Indiana                   Dry   $240          $240        $0

         Iowa                      Dry   $268          $268        $0

         Michigan                  Dry   $230          $230        $0

         Minnesota                 Dry   $265          $270        -$5

         New York                  Dry   $265          $265        $0

         South Dakota              Dry   $315          $325        -$10

MGP Ingredients, Atchison, KS (800-255-0302)
                                   Dry   $275          $285        -$10

                                   Wet   $95           $90         $5

POET Nutrition, Sioux Falls, SD (888-327-8799)
         Indiana                   Dry   $275          $275        $0

         Iowa                      Dry   $297          $305        -$8

         Michigan                  Dry   $265          $265        $0

         Minnesota                 Dry   $290          $305        -$15

         Missouri                  Dry   $295          $300        -$5

         Ohio                      Dry   $275          $275        $0

         South Dakota              Dry   $305          $310        -$5

         Nebraska                  Dry   $305          $310        -$5

United BioEnergy, Wichita, KS (316-616-3521)
         Kansas                    Dry   $300          $300        $0

         Call for Available        Wet*  $0            $0          $0

         Illinois                  Dry   $250          $250        $0

         Nebraska                  Dry   $300          $300        $0

         Call for Available        Wet*  $0            $0          $0

U.S. Commodities, Minneapolis, MN (888-293-1640)
         Illinois                  Dry   $245          $240        $5

         Indiana                   Dry   $245          $245        $0

         Iowa                      Dry   $260          $260        $0

         Michigan                  Dry   $250          $250        $0

         Minnesota                 Dry   $260          $260        $0

         Nebraska                  Dry   $300          $300        $0

         New York                  Dry   $280          $280        $0

         North Dakota              Dry   $270          $270        $0

         Ohio                      Dry   $265          $265        $0

         South Dakota              Dry   $295          $300        -$5

         Wisconsin                 Dry   $230          $230        $0

Fox River Valley Ethanol, Oshkosh WI 715-709-0269
                                   Dry   $240          $240        $0

         Western Kansas            Dry   $270          $275        -$5

                                   Wet   $110          $110        $0

Western Milling, Goshen, California (559-302-1074)
         California                Dry
**Weekly Average:                                      $273        $276     -$3

(Prices listed per ton)
**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                                    1/26/2023     $6.8250      $243.7500

Soybean Meal                            1/26/2023                  $477.10

DDG Weekly Average Spot Price           1/26/2023                  $273.00

DDG Value Relative to:                                1/26/2023    1/19/2023

Corn                                                  1.12%        1.14%

Soybean Meal                                          57.22%       58.57%

Cost Per Unit of Protein:
DDG                                                   $10.11       $10.22

Soybean Meal                                          $10.04       $9.92

Notes:
Corn and soybean prices taken 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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