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Market Matters Blog 09/06 11:09
DTN Weekly DDG Price Higher on Average
DTN's weekly average spot price for domestic distillers dried grains is
higher versus one week ago.
Mary Kennedy
DTN Basis Analyst
MINNEAPOLIS (DTN) -- The DTN price for domestic distillers dried grains
(DDG) from 33 locations reporting for the week ended Sept. 5 was higher on
average at $141 per ton versus one week ago. DDG prices overall were mixed but
prices were slightly higher for the week on average. Weekly plant production
was lower and the cash corn price was higher for the week. The DTN National
Average Corn Index was up 16 cents versus one week ago.
The U.S. Energy Information Administration reported overall ethanol
production in the United States averaged 1.061 million barrels per day (bpd) in
the final week of August, down 10,000 bpd week-on-week, while 49,000 bpd, or
4.6%, higher than the same week last year. Four-week average output at 1.076
million bpd was 42,000 bpd above the same four weeks last year. Midwest ethanol
production averaged 1.002 million bpd, down 10,000 bpd week-on-week and 51,000
bpd, or 5.1%, higher than the same week last year. Four-week average output at
1.017 million bpd was 40,000 bpd above the same four weeks last year.
Based on the average of prices collected by DTN, the value of DDG relative
to corn for the week ended Sept. 5 was 1.01%. The value of DDG relative to
soybean meal was 43.97 and the cost per unit of protein for DDG was $5.22
compared to the cost per unit of protein for soybean meal at $6.75. (Table is
still using September futures).
U.S. Grains Council in its weekly DDGS export market prices report showed as
of Sept. 4, October CIF NOLA barge price was at $178 metric ton (mt), up $7
versus one week ago, and FOB vessel Gulf price was unchanged at $186; rail
delivered PNW was down $15 at $211 and rail delivered to California was
unchanged at $230 mt.
Export DDGS are finding support again from higher barge freight and the low
water issues in the lower Mississippi River. Barge groundings the past week
have slowed traffic as water levels continue to fall. Water levels at Memphis
are currently at minus 6.75 feet below zero gauge.
USDA used Census Bureau data released this week to provide more details for
July exports of DDGS. U.S. exports of DDGS totaled 1,090,004 mt in July, up
from 945,592 mt in June and up 11% from a year ago. Mexico was the top
destination in July, taking 23% of U.S. exports and was followed by South Korea
and Indonesia. In the first seven months of 2024, DDGS exports were up 15% from
a year ago.
Note: All prices subject to change/confirmation.
ALL PRICES SUBJECT TO CONFIRMATION CURRENT CURRENT CHANGE
COMPANY STATE 9/5/2024 8/29/2024
Bartlett and Company, Kansas City, MO (816 714 3413)
Missouri Dry $155 $150 $5
Wet $80 $80 $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
Dry $150 $150 $0
Wet $60 $60 $0
CHS, Minneapolis, MN (800-769-1066)
Illinois Dry $142 $142 $0
Indiana Dry $120 $118 $2
Iowa Dry $130 $130 $0
Michigan Dry $120 $125 -$5
Minnesota Dry $125 $120 $5
New York Dry $135 $135 $0
South Dakota Dry $130 $120 $10
POET Nutrition, Sioux Falls, SD (888-327-8799)
Indiana Dry $155 $155 $0
Iowa Dry $150 $150 $0
Michigan Dry $150 $150 $0
Minnesota Dry $145 $145 $0
Missouri Dry $165 $165 $0
Ohio Dry $155 $155 $0
South Dakota Dry $150 $150 $0
Nebraska Dry $148 $148 $0
United BioEnergy, Wichita, KS (316-616-3521)
Kansas Dry $160 $155 $5
Wet $65 $65 $0
Illinois Dry $150 $150 $0
Nebraska Dry $160 $155 $5
Wet $65 $65 $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
Illinois Dry $135 $135 $0
Indiana Dry $130 $130 $0
Iowa Dry $120 $120 $0
Michigan Dry $135 $135 $0
Minnesota Dry $110 $110 $0
Nebraska Dry $140 $140 $0
New York Dry $160 $160 $0
North Dakota Dry $130 $130 $0
Ohio Dry $145 $145 $0
South Dakota Dry $120 $120 $0
Wisconsin Dry $130 $130 $0
Fox River Valley Ethanol, Oshkosh WI 715-709-0269
FOB Pickett Dry $137 $135 $2
Western Kansas
Kansas Dry $175 $175 $0
Wet $70 $70 $0
Western Milling
California Dry $230 $225 $5
**Weekly Average: $141 $140 $1
(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 9/5/2024 $3.9000 $139.2857
Soybean Meal 9/5/2024 $320.70
DDG Weekly Average Spot Price 9/5/2024 $141.00
DDG Value Relative to: 9/5 8/29
Corn 1.01% 1.13%
Soybean Meal 43.97% 48.84%
Cost Per Unit of Protein:
DDG $5.22 $7.19
Soybean Meal $6.75 $8.36
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 the social platform X @MaryCKenn
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