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DDG Weekly Update             07/02 11:49

   DTN Weekly Average DDG Price Higher

   DTN's weekly average spot price for domestic distillers dried grains was 
slightly higher this week.

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) -- Of the 40 locations DTN contacted that showed offers for 
domestic distillers dried grains (DDG) for the week ended July 1, posted offers 
were mixed but slightly higher on average at $131 per ton, up $1 versus the 
prior week.

   DDG prices were mixed, but many plants posted higher prices for the first 
time in over a month. The cash price of corn surged higher after the bullish 
USDA report on March 30, with the DTN National Corn Index up 23 cents versus 
one week ago, adding strength not only to DDG prices, but to other corn 
byproduct and coproduct feed prices as well. DDGS prices for export have also 
moved higher the past week, signaling an uptick in export demand. CIF NOLA DDGS 
prices are up $8 to $12 per ton versus one week ago.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended July 1 was 105.33%. The value of DDG relative to 
soybean meal was 44.76%. The cost per unit of protein for DDG was $4.85, 
compared to the cost per unit of protein for soybean meal at $6.16.

   Wednesday's Energy Information Administration ethanol report noted that for 
the week ended June 26, ethanol plant production was up 7,000 barrels per day 
to 900,000 barrels per day versus the week prior. Ethanol inventory in the 
United States was drawn down for the 10th consecutive week, falling 870,000 
barrels (bbl) to 20.164 million bbl, the lowest level since the first week of 
January 2017.

    

   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                          7/1/2020      6/25/2020
Bartlett and Company, Kansas City, MO (816-753-6300)
             Missouri                 Dry   $140          $150            -$10
                                      Wet   $70           $75             -$5
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
             Missouri                 Dry   $140          $130            $10
                                      Wet   $75           $75             $0
CHS, Minneapolis, MN (800-769-1066)
             Illinois                 Dry   $145          $130            $15
             Indiana                  Dry   $148          $128            $20
             Iowa                     Dry   $125          $120            $5
             Michigan                 Dry   $140          $138            $2
             Minnesota                Dry   $125          $120            $5
             North Dakota             Dry   $125          $125            $0
             New York                 Dry   $150          $145            $5
             South Dakota             Dry   $115          $110            $5
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
             Kansas                   Dry   $120          $125            -$5
POET Nutrition, Sioux Falls, SD (888-327-8799)
             Indiana                  Dry   $135          $135            $0
             Iowa                     Dry   $125          $130            -$5
             Michigan                 Dry   $135          $135            $0
             Minnesota                Dry   $130          $130            $0
             Missouri                 Dry   $145          $147            -$2
             Ohio                     Dry   $135          $135            $0
             South Dakota             Dry   $127          $135            -$8
United BioEnergy, Wichita, KS (316-616-3521)
             Kansas                   Dry   $130          $130            $0
                                      Wet   $40           $40             $0
             Illinois                 Dry   $142          $141            $1
             Nebraska                 Dry   $130          $130            $0
                                      Wet   $40           $40             $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
             Illinois                 Dry   $135          $135            $0
             Indiana                  Dry   $140          $140            $0
             Iowa                     Dry   $120          $120            $0
             Michigan                 Dry   $135          $135            $0
             Minnesota                Dry   $120          $120            $0
             Nebraska                 Dry   $105          $105            $0
             New York                 Dry   $155          $155            $0
             North Dakota             Dry   $110          $110            $0
             Ohio                     Dry   $140          $140            $0
             South Dakota             Dry   $100          $100            $0
             Wisconsin                Dry   $130          $130            $0
Valero Energy Corp, San Antonio Texas
             Indiana                  Dry   $154          $150            $4
             Iowa                     Dry   $0            $0              $0
             Minnesota                Dry   $0            $0              $0
             Nebraska                 Dry   $0            $0              $0
             Ohio                     Dry   $145          $140            $5
             South Dakota             Dry   $0            $0              $0
             California               Dry   $0            $0              $0
Western Milling, Goshen, California (559-302-1074)
             California               Dry   $202          $200            $2
*Prices listed per ton.
             Weekly Average                 $131          $130            $1
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                                   7/1/2020      $3.4825   $124.38
Soybean Meal                           7/1/2020                $292.70
DDG Weekly Average Spot Price                                  $131.00
DDG Value Relative to:                               7/1       6/25
Corn                                                 105.33%   114.73%
Soybean Meal                                         44.76%    45.53%
Cost Per Unit of Protein:
DDG                                                  $4.85     $4.81
Soybean Meal                                         $6.16     $6.01
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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