DDGS Weekly Market Report – February 1, 2024

USDA reported DDGS prices averaged $206 per short ton in the January 26 National Weekly Ethanol Report. This was essentially unchanged from last week, increasing only a few cents per short ton. This is not surprising as corn and soybean meal both traded relatively flat last week.

The DDGS/cash corn ratio ticked back up down to 1.29, relative to 1.31 the previous week. The ratio has been hovering around 1.3 since late November 2023, and is significantly higher than it has been the past two years (1.00-1.15). The DDGS/KC soybean meal ratio was 0.58, up from 0.56 last week. After falling to around 0.45 in Nov 2023, this ratio has been consistently increasing week over week.

Most February DDGS export prices increased week-over-week by $7-10/MT. The largest change was in the Taiwan price quote of $10/MT. However, not all prices increased this much. FOB Lethbridge, Alberta, KC Rail Yard, Elwood, IL, and Japan prices were consistent week-over-week. Quotes for FOB Vessel Gulf, Barge CIF New Orleans, and Laredo, TX decreased between $2-5/MT week-over-week.