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DDG Weekly Update             06/05 11:49

   DTN Weekly DDG Price Lower on Average

   DTN's weekly average spot price for domestic distillers dried grains was 
lower.

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 June 4, posted offers 
were steady to lower and averaged $138 per ton, down $3 versus the prior week.

   The cash corn price versus one week ago hasn't changed much, but DDG prices 
remain under pressure as feeders are still looking for cheaper prices as 
supplies grow. Sellers may have to comply and make spot prices more attractive 
to keep product moving. Other corn byproduct products have been moving lower as 
well, adding competition to DDG.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended June 4 was 117.45%. The value of DDG relative to 
soybean meal was 47.62%. The cost per unit of protein for DDG was $5.11, 
compared to the cost per unit of protein for soybean meal at $6.10.

   The U.S. Census Bureau reported April DDGS exports at 765,635 metric tons, 
the lowest monthly total since October, although 2020 year-to-date exports are 
still ahead of last year. Ethanol exports during April totaled 99.3 million 
gallons which were down 29% from last month and down 33% from last year.

   Wednesday's EIA ethanol report showed for the week ended May 29 that ethanol 
inventory in the U.S. was drawn down for a sixth consecutive week and at a 
21-week low and down 19% from the record high reached on April 17. Plant 
production once again outpaced the gain in blending activity for the week, up 
41,000 barrels per day (bpd) to a 765,000 bpd nine-week high. This is the fifth 
consecutive week with higher output after falling to a more than 10-year low at 
537,000 bpd. During the four-week period ended May 29, plant production average 
was 34.5% below one year ago.

   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                         6/4/2020     5/28/2020
Bartlett and Company, Kansas City, MO (816-753-6300)
            Missouri                Dry   $140         $140           $0
                                    Wet   $70          $70            $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
            Missouri                Dry   $140         $140           $0
                                    Wet   $75          $75            $0
CHS, Minneapolis, MN (800-769-1066)
            Illinois                Dry   $135         $155           -$20
            Indiana                 Dry   $135         $145           -$10
            Iowa                    Dry   $132         $130           $2
            Michigan                Dry   $145         $150           -$5
            Minnesota               Dry   $125         $130           -$5
            North Dakota            Dry   $130         $130           $0
            New York                Dry   $170         $195           -$25
            South Dakota            Dry   $120         $125           -$5
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
            Kansas APRIL            Dry   $130         $130           $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                 Dry   $145         $150           -$5
            Iowa                    Dry   $137         $142           -$5
            Michigan                Dry   $150         $155           -$5
            Minnesota               Dry   $140         $144           -$4
            Missouri                Dry   $155         $155           $0
            Ohio                    Dry   $145         $150           -$5
            South Dakota            Dry   $145         $150           -$5
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                  Dry   $130         $0
                                    Wet   $40          $0
            Illinois MARCH          Dry   $145         $0
            Nebraska                Dry   $130         $0
                                    Wet   $40          $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
            Illinois                Dry   $145         $145           $0
            Indiana                 Dry   $150         $150           $0
            Iowa                    Dry   $130         $130           $0
            Michigan                Dry   $145         $145           $0
            Minnesota               Dry   $130         $130           $0
            Nebraska                Dry   $115         $115           $0
            New York                Dry   $165         $165           $0
            North Dakota            Dry   $120         $120           $0
            Ohio                    Dry   $150         $150           $0
            South Dakota            Dry   $110         $110           $0
            Wisconsin               Dry   $140         $140           $0
Valero Energy Corp, San Antonio Texas
            Indiana                 Dry   $165         $165           $0
            Iowa                    Dry   $0           $0             $0
            Minnesota               Dry   $0           $0             $0
            Nebraska                Dry   $0           $0             $0
            Ohio                    Dry   $145         $155           -$10
            South Dakota            Dry   $0           $0             $0
            California              Dry   $0           $0             $0
Western Milling, Goshen, California (559-302-1074)
            California              Dry   $212         $205           $7
*Prices listed per ton.
            Weekly Average                $138         $141           -$3
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                                      6/4/2020       $3.2900   $117.50
Soybean Meal                              6/4/2020                 $289.80
DDG Weekly Average Spot Price                                      $138.00
DDG Value Relative to:                                   6/4       5/28
Corn                                                     117.45%   120.55%
Soybean Meal                                             47.62%    49.59%
Cost Per Unit of Protein:
DDG                                                      $5.11     $5.22
Soybean Meal                                             $6.10     $5.99
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

   Mary Kennedy can be reached at mary.kennedy@dtn.com

   Follow her on Twitter @MaryCKenn




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