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DDG Weekly Update             01/28 11:35

   DTN Weekly Average DDG Price Continues to Climb

   DTN's weekly average spot price for domestic distillers dried grains was up 
$3 on average versus one week ago.

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) -- The DTN average price for domestic distillers dried grains 
(DDG) from 34 locations reporting for the week ended Jan. 27 was $215 per ton, 
up $3 per ton versus one week ago. DDG prices have been moving higher during 
the month of January, fueled by strong soybean meal prices and strong demand 
from feeders.

   Wednesday's Energy Information Administration (EIA) report showed U.S. 
ethanol production fell 18,000 barrels per day (bpd) as of Jan. 21 to 1.035 
million bpd, but remained above 1 million bpd for a 16th consecutive week. 
Output in the week profiled was 11% more than the same time in 2021.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 27 was 96.28%. The value of DDG relative to 
soybean meal was 53.13%, and the cost per unit of protein for DDG was $7.96, 
compared to the cost per unit of protein for soybean meal at $8.52.

   In their weekly DDGS update, the U.S. Grains Council said, "Persistent cold 
weather and logistical difficulties continue to support rail and barge markets. 
U.S. rail rates are up $4 to $5 metric ton (mt) this week with rates to Laredo, 
Texas, seeing the largest increase ($7/mt) for spot positions. The Barge CIF 
NOLA market is similarly higher, up $6/mt for spot and up $7/mt for March 
positions, while FOB Gulf offers are up $4 to $5/mt. Prices for DDGS containers 
to Southeast Asia continue to grind higher, rising $3 to $5/mt for February 
through April positions. International buyers continue to show steady interest 
in U.S. product with recent declines in freight values helping bolster 
inquiries and purchases. Prices for 40-foot containers into Southeast Asia are 
averaging $368/mt so far this week."

   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                         1/27/2022       1/21/2022
Bartlett and Company, Kansas City, MO (816 714 3413)
            Missouri                Dry   $240            $240          $0
                                    Wet   $125            $125          $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
                                    Dry   $245            $235          $10
                                    Wet   $130            $130          $0
CHS, Minneapolis, MN (800-769-1066)
            Illinois                Dry   $205            $205          $0
            Indiana                 Dry   $200            $200          $0
            Iowa                    Dry   $205            $205          $0
            Michigan                Dry   $190            $185          $5
            Minnesota               Dry   $200            $195          $5
            New York                Dry   $220            $210          $10
            South Dakota            Dry   $220            $208          $12
MGP Ingredients, Atchison, KS (800-255-0302)
                                    Dry   $220            $220          $0
                                    Wet   $75             $75           $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                 Dry   $205            $205          $0
            Iowa                    Dry   $235            $230          $5
            Michigan                Dry   $210            $205          $5
            Minnesota               Dry   $230            $230          $0
            Missouri                Dry   $245            $235          $10
            Ohio                    Dry   $205            $205          $0
            South Dakota            Dry   $245            $235          $10
            Nebraska                Dry   $240            $240          $0
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                  Dry   $225            $225          $0
                                    Wet   $85             $85           $0
            Illinois                Dry   $215            $200          $15
            Nebraska                Dry   $225            $225          $0
                                    Wet   $85             $85           $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
            Illinois                Dry   $200            $200          $0
            Indiana                 Dry   $195            $195          $0
            Iowa                    Dry   $200            $200          $0
            Michigan                Dry   $195            $195          $0
            Minnesota               Dry   $185            $185          $0
            Nebraska                Dry   $230            $225          $5
            New York                Dry   $210            $210          $0
            North Dakota            Dry   $230            $225          $5
            Ohio                    Dry   $195            $195          $0
            South Dakota            Dry   $205            $205          $0
            Wisconsin               Dry   $195            $195          $0
            Western Kansas          Dry   $275            $270          $5
                                    Wet   $100            $100          0
            Central Kansas          Dry   $240            $240          0
                                    Wet   $85             $85           0
Western Milling, Goshen, California (559-302-1074)
            California              Dry   $298            $293          $5
**Weekly Average:                         $215            $212          $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                                      1/27/2022      $6.2525   $223.30
Soybean Meal                              1/27/2022                $404.70
DDG Weekly Average Spot Price                                      $215.00
DDG Value Relative to:                                   1/28      1/13
Corn                                                     96.28%    100.01%
Soybean Meal                                             53.13%    49.56%
Cost Per Unit of Protein:
DDG                                                      $7.96     $7.78
Soybean Meal                                             $8.52     $8.92
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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