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DDG Weekly Update             01/14 11:00

   DTN Weekly Average DDG Price Higher on Strong Demand

   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. 13 was $210 per ton, 
up $3 per ton on average versus one week ago.

   The lower corn board has not really affected DDG prices, as higher soymeal 
prices continue to support the market. With demand from feeders still strong 
and less supply due to slower runtimes, DDG prices remain firm.

   Wednesday's Energy Information Administration (EIA) report showed overall 
U.S. ethanol plant production dropped 42,000 barrels per day (bpd) to 1.006 
million bpd in the week reviewed and averaged 1.041 million bpd over the most 
recent four weeks.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 13 was 1.0085%. The value of DDG relative to 
soybean meal was 49.56%, and the cost per unit of protein for DDG was $7.78, 
compared to the cost per unit of protein for soybean meal at $8.92.

   In their weekly DDGS update, the U.S. Grains Council said, "On the export 
market, DDGS values are holding steady with two weeks of slower ethanol run 
rates and DDGS production helping tighten supplies. Barge CIF NOLA and FOB NOLA 
prices are each down $1-$2 per metric ton (mt) for Q1 shipment, while April 
barges are up $5/mt. U.S. rail rates are steady/up $1, on average, but offers 
for product delivered to KC rail yards are up $5-6/mt. Prices for DDGS 
containers to Southeast Asia are up modestly this week, rising $2/mt for 
February positions and up $1/mt for March and April. Brokers report a gradual 
increase in buying interest, but that markets remain quiet overall. Prices for 
40-foot containers into Southeast Asia averaged $362/mt so far this week."

   The Chinese Ministry of Commerce (MOFCOM) recently said it will maintain 
anti-dumping and anti-subsidy tariffs on imports of DDGS from the U.S., 
originally imposed in 2016, during a review of the current tariffs. Reuters 
noted that according to MOFCOM, the review should be finalized before Jan. 12, 
2023. U.S. DDGS currently exported to China have been going to duty-free zones, 
according to USGC.

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

COMPANY     STATE                         1/13/2022      1/6/2022
Bartlett and Company, Kansas City, MO (816 714 3413)
            Missouri                Dry   $225           $225         $0
                                    Wet   $120           $120         $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
                                    Dry   $235           $235         $0
                                    Wet   $130           $130         $0
CHS, Minneapolis, MN (800-769-1066)
            Illinois                Dry   $200           $200         $0
            Indiana                 Dry   $200           $195         $5
            Iowa                    Dry   $200           $192         $8
            Michigan                Dry   $185           $185         $0
            Minnesota               Dry   $190           $183         $7
            New York                Dry   $210           $195         $15
            South Dakota            Dry   $205           $205         $0
MGP Ingredients, Atchison, KS (800-255-0302)
                                    Dry   $220           $220         $0
                                    Wet   $73            $73          $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                 Dry   $205           $195         $10
            Iowa                    Dry   $230           $230         $0
            Michigan                Dry   $205           $195         $10
            Minnesota               Dry   $230           $230         $0
            Missouri                Dry   $235           $230         $5
            Ohio                    Dry   $205           $195         $10
            South Dakota            Dry   $235           $230         $5
            Nebraska                Dry   $240           $230         $10
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                  Dry   $225           $225         $0
                                    Wet   $85            $85          $0
            Illinois                Dry   $205           $205         $0
            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   $195           $190         $5
            Michigan                Dry   $190           $190         $0
            Minnesota               Dry   $185           $185         $0
            Nebraska                Dry   $225           $220         $5
            New York                Dry   $210           $210         $0
            North Dakota            Dry   $225           $225         $0
            Ohio                    Dry   $190           $190         $0
            South Dakota            Dry   $205           $200         $5
            Wisconsin               Dry   $187           $187         $0
            Western Kansas          Dry   $265           $255         $10
                                    Wet   $100           $100         0
            Central Kansas          Dry   $240           $255         -15
                                    Wet   $85            $90          -5
Western Milling, Goshen, California (559-302-1074)
            California              Dry   $297           $300         -$3
**Weekly Average:                         $210           $207         $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.


Settlement Price:                         Quote Date     Bushel    Short Ton
Corn                                      1/13/2022      $5.8750   $209.82
Soybean Meal                              1/13/2022                $423.70
DDG Weekly Average Spot Price                                      $210.00
DDG Value Relative to:                                   1/13      1/6
Corn                                                     1.01%     96.00%
Soybean Meal                                             49.56%    49.24%
Cost Per Unit of Protein:
DDG                                                      $7.78     $7.67
Soybean Meal                                             $8.92     $8.85
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

   Follow her on Twitter @MaryCKenn

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