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DDG Weekly Update             02/26 11:00

   DTN Weekly Average DDG Price Slightly Lower

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

Mary Kennedy
DTN Basis Analyst

   OMAHA (DTN) -- The average price for domestic distillers dried grains (DDG) 
from the 39 locations DTN contacted with spot offers for the week ended Feb. 25 
was $239 per ton, down $1 on average from one week ago.

   DDG prices were mixed as truck, rail and river logistic problems have 
started to ease and warmer weather has been helping plants recover from the 
recent extreme cold that negatively affected production and thus caused tight 
DDG supplies. As expected, Wednesday's Energy Information Administration report 
showed overall ethanol plant production plummeted 253,000 barrels per day (bpd) 
in the week profiled to 658,000 bpd, the lowest level since May 8, 2020, while 
37.6% lower than the corresponding week in 2020. Four-week average output 
dropped 192,000 bpd against a year ago to 860,000 bpd.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Feb. 25 was 120.63% versus the five-year average of 
109%. The value of DDG relative to soybean meal was 56.35% versus the 
three-year average of 42%. The cost per unit of protein for DDG was $8.85, 
compared to the cost per unit of protein for soybean meal at $8.93.

   In their weekly export DDGS update, the U.S. Grains Council noted 
merchandisers and brokers report that export business has been slower this week 
with notable pressure in the CIF market. "Spot offers for barges CIF NOLA are 
down $17 per metric ton (MT) this week while FOB Gulf offers are down $14/MT 
for March and down $3-5/MT for second quarter positions. Brokers again note the 
bid/ask spread has been wide this week with wide-ranging traded prices."

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

ALL PRICES SUBJECT TO CONFIRMATION          CURRENT         CURRENT        
CHANGE
COMPANY      STATE                          2/25/2021       2/18/2021
Bartlett and Company, Kansas City, MO (816 714 3413)
             Missouri                 Dry   $263            $260           $3
                                      Wet   $132            $133           -$1
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
             W/O March 8              Dry   $250            $0             $0
                                      Wet   $125            $0             $0
CHS, Minneapolis, MN (800-769-1066)
             Illinois                 Dry   $240            $245           -$5
             Indiana                  Dry   $235            $235           $0
             Iowa                     Dry   $235            $235           $0
             Michigan                 Dry   $232            $235           -$3
             Minnesota                Dry   $230            $225           $5
             North Dakota             Dry   $225            $225           $0
             New York                 Dry   $275            $300           -$25
             South Dakota             Dry   $230            $225           $5
POET Nutrition, Sioux Falls, SD (888-327-8799)
             Indiana                  Dry   $245            $245           $0
             Iowa                     Dry   $240            $250           -$10
             Michigan                 Dry   $245            $245           $0
             Minnesota                Dry   $235            $240           -$5
             Missouri                 Dry   $270            $270           $0
             Ohio                     Dry   $240            $240           $0
             South Dakota             Dry   $250            $260           -$10
United BioEnergy, Wichita, KS (316-616-3521)
             Kansas                   Dry   $243            $243           $0
                                      Wet   $75             $75            $0
             Illinois                 Dry   $244            $244           $0
             Nebraska                 Dry   $243            $243           $0
                                      Wet   $75             $75            $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
             Illinois                 Dry   $240            $240           $0
             Indiana                  Dry   $240            $240           $0
             Iowa                     Dry   $230            $230           $0
             Michigan                 Dry   $235            $235           $0
             Minnesota                Dry   $225            $225           $0
             Nebraska                 Dry   $235            $235           $0
             New York                 Dry   $285            $285           $0
             North Dakota             Dry   $235            $235           $0
             Ohio                     Dry   $235            $235           $0
             South Dakota             Dry   $230            $230           $0
             Wisconsin                Dry   $230            $230           $0
Valero Energy Corp, San Antonio, Texas
             Indiana                  Dry   $240            $240           $0
             Iowa                     Dry   $0              $0             $0
             Minnesota                Dry   $0              $0             $0
             Nebraska                 Dry   $0              $0             $0
             Ohio                     Dry   $245            $245           $0
             South Dakota             Dry   $0              $0             $0
             California               Dry   $0              $0             $0
Western Milling, Goshen, California (559-302-1074)
             California               Dry   $315            $325           -$10
*Prices listed per ton.
             Weekly Average                 $239            $240           -$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                                    2/25/2021     $5.5475   $198.13
Soybean Meal                            2/25/2021               $424.10
DDG Weekly Average Spot Price                                   $239.00
DDG Value Relative to:                                2/25      2/18
Corn                                                  120.63%   122.13%
Soybean Meal                                          56.35%    56.35%
Cost Per Unit of Protein:
DDG                                                   $8.85     $8.89
Soybean Meal                                          $8.93     $8.97
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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