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DDG Weekly Update             02/03 16:25

   DTN Weekly DDG Price Slightly Lower on Average

   DTN's weekly average spot price for domestic distillers dried grains is $2 
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 Feb. 2 was $271 per 
ton, down $2 on average from one week ago. Prices were mixed again this week 
but lower on average. Overall, the market feels better than it did last week 
and much of that comes from the support due to the continued rise in soymeal 
prices. DDG remains a good value for feeders in comparison to soymeal and other 
feed products.

   The Energy Information Administration (EIA) at midweek showed a fourth 
consecutive increase in domestic ethanol production, up 16,000 barrels per day 
(bpd) or 1.6% to 1.028 million bpd, 1.2% below a year ago. Output in the 
Midwest PADD 2 rose 19,000 bpd or 2% to 982,000 bpd, a seven-week high while 
0.1% more than 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 Feb. 2 was 1.12%. The value of DDG relative to 
soybean meal was 55.10%, and the cost per unit of protein for DDG was $10.04 
compared to the cost per unit of protein for soybean meal at $10.35.

   In its weekly DDGS export update, the U.S. Grains Council said: "Brokers 
have also cited a "thin pipeline" as responsible for increases in DDGS values 
on the export market. Barge CIF NOLA offers are up $7-10/MT this week while FOB 
NOLA offers are up $9 for spot positions and up $1-7/MT for March/April. Offers 
for 40-foot containers to Southeast Asia are up $20/MT for February/March 
positions at $414 this week."

   USGC added, "The USDA's monthly Grain Crushings report helped explain some 
of the recent pricing strength in DDGS markets, as production fell sharply in 
December 2022. The industry produced 1.523 MMT (1.68 million short tons) in 
December, which was down 5.6 percent from November and down 19 percent 
year-over-year. Part of the production decline is explained by bitterly cold 
temperatures and icy conditions that hampered operations towards the end of the 
month. The weather also contributed to an 11.4-percent year-over-year decline 
in corn gluten feed production as well as a 6.9 percent decrease in corn gluten 
meal output."

   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         $310        $0

                                Wet   $170         $170        $0

Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
                                Dry   $300         $310        -$10

                                Wet   $165         $175        -$10

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

        Indiana                 Dry   $240         $240        $0

        Iowa                    Dry   $262         $268        -$6

        Michigan                Dry   $235         $230        $5

        Minnesota               Dry   $265         $265        $0

        New York                Dry   $270         $265        $5

        South Dakota            Dry   $285         $315        -$30

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

                                Wet   $100         $95         $5

POET Nutrition, Sioux Falls, SD (888-327-8799)
        Indiana                 Dry   $270         $275        -$5

        Iowa                    Dry   $295         $297        -$2

        Michigan                Dry   $265         $265        $0

        Minnesota               Dry   $290         $290        $0

        Missouri                Dry   $290         $295        -$5

        Ohio                    Dry   $270         $275        -$5

        South Dakota            Dry   $305         $305        $0

        Nebraska                Dry   $300         $305        -$5

United BioEnergy, Wichita, KS (316-616-3521)
        Kansas                  Dry   $295         $300        -$5

        Call for Available      Wet*  $125         $125        $0

        Illinois                Dry   $250         $250        $0

        Nebraska                Dry   $295         $300        -$5

        Call for Available      Wet*  $125         $125        $0

U.S. Commodities, Minneapolis, MN (888-293-1640)
        Illinois                Dry   $245         $245        $0

        Indiana                 Dry   $245         $245        $0

        Iowa                    Dry   $260         $260        $0

        Michigan                Dry   $250         $250        $0

        Minnesota               Dry   $255         $260        -$5

        Nebraska                Dry   $300         $300        $0

        New York                Dry   $280         $280        $0

        North Dakota            Dry   $265         $270        -$5

        Ohio                    Dry   $260         $265        -$5

        South Dakota            Dry   $285         $295        -$10

        Wisconsin               Dry   $235         $230        $5

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

        Western Kansas          Dry   $265         $270        -$5

                                Wet   $110         $110        $0

Western Milling, Goshen, California (559-302-1074)
        California              Dry
**Weekly Average:                                              $271    $273 -$2

(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                                      2/2/2023      $6.7525   $241.1607

Soybean Meal                              2/2/2023                $491.80

DDG Weekly Average Spot Price             2/2/2023                $271.00

DDG Value Relative to:                                  2/2       1/26

Corn                                                    1.12%     1.14%

Soybean Meal                                            55.10%    58.57%

Cost Per Unit of Protein:
DDG                                                     $10.04    $10.22

Soybean Meal                                            $10.35    $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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