Corn News

Market Matters Blog 01/14 11:25

1/14/2019 - 11:26:00

Market Matters Blog           01/14 11:25
Positive Train Control: Did Railroads Meet 2018 Deadline?
DDG Prices Continue Lower
Ohio River Swallows Seven Coal Barges
DDG Prices Turn Lower
DDG Prices Continue Higher
FMCSA Says No to 10 Groups Asking for Electronic Logging Device Mandate 
Exemptions
DDG Prices Move Higher
So Long, Farewell, Upper Mississippi River 2018 Shipping Season
DTN DDG Weekly Update 
DDG Prices Continue Higher

******************************************************************************
Positive Train Control: Did Railroads Meet 2018 Deadline?

   In late 2015, Congress extended the deadline for positive train control 
(PTC) implementation by at least three years to Dec. 31, 2018, with a possible 
extension to Dec. 31, 2020, if a railroad completed certain statutory 
requirements necessary to obtain an extension, according to the Federal 
Railroad Administration (FRA).

   On Nov. 21, 2018, the FRA released the 2018 Quarter 3 Positive Train Control 
data, showing railroads' continued progress toward meeting the 2018 year-end 
deadline for fully implementing PTC systems or qualifying for an alternative 
schedule. 

   Here is a link to the third quarter data: https://www.fra.dot.gov/app/ptc

   "The progress made over the last year is a testament to what can be 
accomplished with proper focus and attention. We encourage any railroads 
seeking an alternative schedule to submit their formal requests in a timely 
fashion," said FRA Administrator Ronald L. Batory in the press release.

   According to the FRA, Quarter 3 data as of Sept. 30, 2018, showed 24 
railroads had installed 100% of the PTC system hardware required for 
implementation. Eleven other railroads had installed between 95% and 99% of the 
required hardware. "All railroads using radio spectrum-based PTC have acquired 
sufficient spectrum. In part due to efforts from FRA, Quarter 3 data shows a 
67% decrease in the number of "at-risk" railroads, down to five from 15 at the 
end of 2017. This is also a 44% decrease in at-risk railroads since Quarter 2 
of 2018," noted the FRA.

   FRA considers any railroad that had installed less than 95% of its PTC 
system hardware to be at risk of not having met either the congressionally 
mandated deadline of Dec. 31, 2018, or the statutory criteria necessary to 
qualify for an alternative schedule. Hardware installation is an initial phase 
of implementation, and only one of six statutory criteria required for an 
alternative schedule, which has a deadline of no later than Dec. 31, 2020.

   In a statement released on their website on Dec. 31, the United States 
Department of Transportation (DOT) said that, "The 41 railroads required by 
Congress to implement positive train control (PTC) systems by Dec. 31, 2018, 
have submitted documentation that they assert is sufficient to meet the 
statutory requirements for system activation or the statutory requirements to 
qualify for an alternative schedule ("extension") for up to two additional 
years to complete full implementation."

   AMTRAK CLOSE TO COMPLIANCE

   On Dec. 18, 2017, a southbound Amtrak Cascades train missed a curve and 
partly derailed onto Interstate 5 near Tacoma, Washington. The derailment and 
crash killed three passengers and injured 70 people that were either train 
passengers or were in cars on Interstate 5 below the overpass. So far, no 
official cause of the accident has been released, but according to reports, the 
train entered a curve at 78 miles per hour (mph), well above the 30 mph speed 
limit. 

   Had PTC been installed, the system may have stopped the accident from 
happening, because it is designed to automatically stop a train before certain 
accidents occur. In particular, PTC is designed to prevent train-to-train 
collisions, derailments caused by excessive train speed and/or train movements 
through misaligned track switches.

   Amtrak said on their website that all Amtrak-owned or controlled track will 
have Positive Train Control (PTC) in operation Jan. 1, 2019, except 
approximately four miles of slow-speed track in the complex Chicago and 
Philadelphia terminal areas. "We expect to have the Philadelphia area complete 
this winter and Chicago in early spring. Also, the 135-mile segment of track 
from Dearborn to Kalamazoo, Michigan, has PTC installed and in the testing 
phase, however, final vendor and regulatory approvals will occur in late 
January." 

   Amtrak has also said they are working closely with the "tenant" railroads 
and are putting them through the same safety risk assessment that they put 
themselves through. Here is a link to Amtrak's update:

   https://media.amtrak.com/positive-train-control/

   BNSF FIRST U.S. CLASS I RAILROAD TO COMPLETE IMPLEMENTATION 

   Burlington Northern Sante Fe Railway Company (BNSF) announced in December 
2017 that it had fully installed PTC and was operating under PTC on all 
mandated subdivisions well ahead of the year-end deadline. However, in mid-June 
2018, they submitted a request to the DOT for a two-year extension of the PTC 
deadline, due to the FRA current interpretation of the law that "full 
implementation status cannot be achieved until all non-BNSF trains and/or 
equipment operating on its PTC-equipped lines are also PTC compliant," 
according to the BNSF website. The FRA approved the extension request in 
September 2018.

   "We are actively working with each of the approximately 30 railroads with 
which we need to be interoperable to identify their needs and how we can be of 
help. This assistance ranges from technical, operation and regulatory advice to 
a variety of services such as back office hosting and crew training," noted the 
BNSF. 

   The BNSF stated that they have achieved interoperability, and activated PTC 
for several passenger railroads, including Amtrak, Metra, Metrolink, Northstar 
and Sound Transit where they run on BNSF. "This is an important achievement 
since one of the primary purposes of PTC is to provide protection where rails 
run freight and passenger service. We have also accomplished interoperability 
with short line roads Montana Rail Link, Louisiana & Delta Railroad and Dakota, 
Missouri Valley and Western Railroad." Interoperability is defined as "the 
ability of computer systems or software to exchange and make use of 
information." (dictionary.com)

   The DOT in their Dec. 31, 2018, press release said that, "based upon 
railroad self-reporting, as of the third quarter of 2018, the percentage of 
track segments completed is 94% for freight railroads and 77% for passenger. 
This compares to 20% for freight and 13% for passenger as of the third quarter 
of 2016. 2018 yielded many positive results and highlighted great collaboration 
between industry and government. However, significant work remains to be done 
in order to ensure additional field testing, interoperability and full 
implementation arrive as soon as possible."

   Here is a link to the DOT statement: 

   
https://www.transportation.gov/briefing-room/statement-positive-train-control-im
plementation

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

   Follow her on Twitter @MaryCKenn

******************************************************************************
DDG Prices Continue Lower

   OMAHA (DTN) -- The domestic distillers dried grains average spot price from 
the 40 locations DTN contacted was $7 lower at $153 per ton for the week ended 
Jan. 10 versus the prior week. 

   Spot truck values are lower once again as demand has slowed. Feeders have 
reformulated rations to include more soymeal after DDG prices rose in December, 
causing sellers to lower prices in order to move product. Even with another 
week of lower plant production reported by the Energy Information 
Administration, supplies are not an issue right now.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 10 was at 113.86%. The value of DDG relative to 
soybean meal was at 48.94%. The cost per unit of protein for DDG was $5.67, 
compared to the cost per unit of protein for soybean meal at $6.58. 

   Informa Economics reported that rumors suggest China may have purchased an 
export cargo of DDGS from the U.S. in late 2018. "The price behavior doesn't 
seem to be corroborating that rumor, with cheaper prices not reflecting much 
optimism on significant purchases from China," the group stated. 

   Due to the government shutdown, there has been no shipment data released by 
the government, so there is no way to confirm if that did or did not happen. It 
would be interesting though if they did buy, given that stiff penalties still 
remain on U.S. DDGS imports in to China, along with the higher prices we saw in 
late November in to December.


ALL PRICES SUBJECT TO CONFIRMATION       CURRENT     Previous CHANGE
COMPANY STATE                           1/10/2019    1/3/2019
Bartlett and Company, Kansas City, MO (816-753-6300)
        Missouri            Dry            $165        $180    -$15
                            Modified       $85         $90     -$5
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
        Missouri Subject    Dry            $160        $170    -$10
                            Wet            $82         $90     -$8
CHS, Minneapolis, MN (800-769-1066)
        Illinois            Dry            $145        $150    -$5
        Indiana             Dry            $142        $150    -$8
        Iowa                Dry            $145        $152    -$7
        Michigan            Dry            $145        $145     $0
        Minnesota           Dry            $150        $150     $0
        North Dakota        Dry            $150        $155    -$5
        New York            Dry            $155        $155     $0
        South Dakota        Dry            $150        $160    -$10
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
        Kansas              Dry            $170        $170     $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
        Indiana             Dry            $150        $162    -$12
        Iowa                Dry            $155        $175    -$20
        Michigan            Dry            $130        $140    -$10
        Minnesota           Dry            $155        $165    -$10
        Missouri            Dry            $173        $185    -$12
        Ohio                Dry            $155        $160    -$5
        South Dakota        Dry            $160        $165    -$5
United BioEnergy, Wichita, KS (316-616-3521)
        Kansas              Dry            $145        $150    -$5
                            Wet            $60         $60      $0
        Illinois            Dry            $150        $160    -$10
        Nebraska            Dry            $145        $150    -$5
                            Wet            $60         $60      $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
        Illinois            Dry            $145        $155    -$10
        Indiana             Dry            $145        $155    -$10
        Iowa                Dry            $155        $165    -$10
        Michigan            Dry            $145        $155    -$10
        Minnesota           Dry            $145        $160    -$15
        Nebraska            Dry            $160        $170    -$10
        New York            Dry            $165        $175    -$10
        North Dakota        Dry            $170        $170     $0
        Ohio                Dry            $155        $155     $0
        South Dakota        Dry            $160        $170    -$10
        Wisconsin           Dry            $140        $145    -$5
Valero Energy Corp, San Antonio Texas (210-345-3362) (210-345-3362)
        Indiana             Dry            $150        $160    -$10
        Iowa                Dry            $150        $150     $0
        Minnesota           Dry            $165        $160     $5
        Nebraska            Dry            $160        $160     $0
        Ohio                Dry            $160        $160     $0
        South Dakota        Dry            $155        $160    -$5
        California                         $205        $225    -$20
Western Milling, Goshen, California (559-302-1074)
        California          Dry            $216        $225    -$9
*Prices listed per ton.
        Weekly Average                     $153        $160    -$7
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   1/10/2019 $3.7625   $134.38
                    Soybean Meal   1/10/2019 $312.60
   DDG Weekly Average Spot Price     $153.00
                      DDG Value Relative to:  1/10      1/3
                                        Corn 113.86%   117.97%
                                Soybean Meal  48.94%    51.17%
                   Cost Per Unit of Protein:
                                         DDG   $5.67     $5.93
                                Soybean Meal   $6.58     $6.58
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

******************************************************************************
Ohio River Swallows Seven Coal Barges

   High water has been plaguing much of the U.S. river system since the end of 
December 2018. Many safety restrictions have been in place for weeks, but an 
accident on the Ohio River has created quite a mess.

   On Dec. 25, 2018, the towing vessel Debbie Graham, which was pushing 15 
loaded coal barges carrying approximately 1,500 to 1,800 tons of coal each, 
made contact with the 2nd Street Bridge on the Ohio River, Louisville, 
Kentucky, causing 15 barges to break free. According to Lt. Cmdr. Michael Metz, 
a U.S. Coast Guard (USCG) spokesperson, six of the barges were recovered and 
nine of them ended up at the McAlpine Dam just above the Falls of Ohio. By Jan. 
2, seven of those nine barges had sunk.

   The U.S. Army Corps of Engineers (USACE) Louisville District, USCG Sector 
Ohio Valley, and the navigation industry have continued their joint response 
since the accident occurred and are working to get the remaining barges 
salvaged safely as quickly as possible. Concern has been raised that the sunken 
barges may have spilled coal into the river, creating an environmental hazard.

   Kentucky Fish and Wildlife issued a news release stating: "The Kentucky 
Department of Fish and Wildlife Resources is always concerned whenever there is 
a spill of any kind in the state's waterways. Outside of the immediate area 
where the coal has settled onto the riverbed, we do not anticipate an acute 
effect to aquatic life. Kentucky Fish and Wildlife will assist or provide 
guidance to the Kentucky Division of Water and federal agencies on any 
additional actions after the emergency phase."

   The Kentucky Environmental Protection Agency also provided a statement 
saying, "The Cabinet is closely monitoring the situation and sees no evidence 
of an environmental/drinking water issue from the incident. It is believed that 
much/most of the coal is still in the barges. When they are raised, the Cabinet 
will assess whether there is any environmental concern from the remaining coal 
in the river and what action may be taken, if necessary, to address a release." 
Louisville's intake facility is located upstream from the where the barges sank.

   Katie Newton, a spokesperson for the USACE Louisville District, told DTN on 
Jan. 6 that: "The salvage team moved their equipment Jan. 5 and is now staged 
at the upper dam site. The salvage plan is being finalized, and we expect work 
to begin in the next few days."

   According to the USCG, vessel traffic currently is only permitted in 
daylight hours between Twelve-Mile Island to McAlpine Lock and Dam, aided by an 
assist vessel.

   HIGH WATER PLAGUES MUCH OF THE RIVER SYSTEM 

   The past few weeks have been rough on the Illinois, Ohio and Lower 
Mississippi Rivers due to high water causing delays. However, conditions have 
begun to improve on the Illinois River at Marseilles Lock. As of Jan. 4, water 
levels in St. Louis fell below 25 feet, lifting the daylight-only restrictions 
in the harbor. 

   High water is still causing a reduction of tow sizes between St. Louis and 
Cairo southbound by five barges, and daylight-only hours remain in place for 
the railroad bridge between Illmo, Missouri, and Thebes, Illinois, and also the 
Vicksburg, Mississippi, bridge. High water has also reduced tow sizes between 
Cairo and the Gulf by five to 10 barges, with daylight transit only through 
Memphis. Restrictions will remain in place until the water recedes.

   Thomas Russell, Russell Marine Group, told DTN: "Well-above-average rains in 
the Ohio River Valley and South have charged the rivers in the system, 
especially the Ohio and Lower Mississippi Rivers. Tow sizes have been reduced 
from St. Louis to New Orleans with a few areas restricted to daylight-only 
movement. Some terminals on the LMR will be unable to load until water flushes 
through over the course of next couple of weeks."

   Russell noted that, in the past few weeks, "extremely bad weather," 
including a combination of high water, rain and dense fog, has "substantially 
backed up loading operations and ships waiting to load in Baton Rouge and the 
New Orleans Harbor."  

   "The Port is currently extremely congested with ships loading or waiting to 
load, putting traffic in gridlock. As of Jan. 2, there were 45 ships waiting to 
sail and 65 ships off the Southwest Pass waiting for entry into the Port," 
added Russell.

   Russell said that high water and safety protocols will be in place at the 
port until water levels subside, at least through late January. "Weather will 
have to be taken into consideration and will play a role in slowing logistics 
over the next couple of months."

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

   Follow her on Twitter @MaryCKenn

******************************************************************************
DDG Prices Turn Lower

   OMAHA (DTN) -- The domestic distillers dried grains average spot price from 
the 40 locations DTN contacted was $4 lower, at $160 per ton, for the week 
ended Jan. 3, versus two weeks ago. 

   Spot truck values are lower as we start the new year. The Eastern Corn Belt 
is still seeing price weakness because of the quality issues there. Elsewhere, 
demand has slowed the holidays, which is pressuring prices for now.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Jan. 3 was at 117.97%. The value of DDG relative to 
soybean meal was at 51.17%. The cost per unit of protein for DDG was $5.93, 
compared to the cost per unit of protein for soybean meal at $6.58. 

   In their weekly price report, U.S. Grains Council noted that, "DDGS at the 
U.S. Gulf are at $226 per metric ton for January 2019 delivery and decreasing 
into the deferred months. On average, 40-foot containers to Southeast Asian 
destinations were down $1 per metric ton (mt) this week from the last reported 
price series. U.S. rail freight is down as well."


ALL PRICES SUBJECT TO CONFIRMATION            CURRENT        PREVIOUS   CHANGE
COMPANY  STATE                                1/3/2019      12/20/2018
Bartlett and Company, Kansas City, MO (816-753-6300)
         Missouri              Dry              $180           $185       -$5
                               Modified         $90            $93        -$3
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
         Missouri Subject      Dry              $170           $180      -$10
                               Wet              $90            $90        $0
CHS, Minneapolis, MN (800-769-1066)
         Illinois              Dry              $150           $165      -$15
         Indiana               Dry              $150           $160      -$10
         Iowa                  Dry              $152           $160       -$8
         Michigan              Dry              $145           $155      -$10
         Minnesota             Dry              $150           $160      -$10
         North Dakota          Dry              $155           $170      -$15
         New York              Dry              $155           $165      -$10
         South Dakota          Dry              $160           $160       $0
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
         Kansas                Dry              $170           $170       $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
         Indiana               Dry              $162           $167       -$5
         Iowa                  Dry              $175           $180       -$5
         Michigan              Dry              $140           $145       -$5
         Minnesota             Dry              $165           $175      -$10
         Missouri              Dry              $185           $180       $5
         Ohio                  Dry              $160           $160       $0
         South Dakota          Dry              $165           $165       $0
United BioEnergy, Wichita, KS (316-616-3521)
         Kansas                Dry              $150           $150       $0
                               Wet              $60            $60        $0
         Illinois              Dry              $160           $160       $0
         Nebraska              Dry              $150           $150       $0
                               Wet              $60            $60        $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
         Illinois              Dry              $155           $155       $0
         Indiana               Dry              $155           $155       $0
         Iowa                  Dry              $165           $170       -$5
         Michigan              Dry              $155           $155       $0
         Minnesota             Dry              $160           $175      -$15
         Nebraska              Dry              $170           $180      -$10
         New York              Dry              $175           $180       -$5
         North Dakota          Dry              $170           $180      -$10
         Ohio                  Dry              $155           $155       $0
         South Dakota          Dry              $170           $170       $0
         Wisconsin             Dry              $145           $150       -$5
Valero Energy Corp, San Antonio Texas     (210-345-3362)   (210-345-3362)
         Indiana               Dry              $160           $160       $0
         Iowa                  Dry              $150           $150       $0
         Minnesota             Dry              $160           $160       $0
         Nebraska              Dry              $160           $160       $0
         Ohio                  Dry              $160           $160       $0
         South Dakota          Dry              $160           $160       $0
         California                             $225           $225       $0
Western Milling, Goshen, California (559-302-1074)
         California            Dry              $225           $228       -$3
*Prices listed per ton.
         Weekly Average                         $160           $164       -$4
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       1/3/2019   $3.7975      $135.63
                             Soybean Meal       1/3/2019   $312.70
            DDG Weekly Average Spot Price        $160.00
                                  DDG Value Relative to:   12/20      12/20
                                                    Corn   117.97%      122.37%
                                            Soybean Meal    51.17%       53.30%
                               Cost Per Unit of Protein:
                                                     DDG     $5.93        $6.07
                                            Soybean Meal     $6.58        $6.48
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

******************************************************************************
DDG Prices Continue Higher

   OMAHA (DTN) -- The domestic distillers dried grains average spot price from 
the 40 locations DTN contacted was $3 higher, at $164 per ton, for the week 
ended Dec. 20, versus one week ago. Prices ranged from unchanged to higher at 
the locations contacted, while California prices moved lower at the two spots 
listed in the table below.

   DTN's weekly DDG average price continued to rise for the month in part due 
to tight supplies as ethanol output the past few weeks has slowed. The EIA 
report at midweek showed ethanol production for the week ended Dec. 14 
unchanged from the previous week, but 4% lower than the same week one year ago. 
In addition, some plants have idled, adding to the tight inventory situation.

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Dec. 20 was at 122.37%. The value of DDG relative to 
soybean meal was at 53.30%. The cost per unit of protein for DDG was $6.07, 
compared to the cost per unit of protein for soybean meal at $6.48. Informa 
Economics noted in their weekly DDG price update, "DDG prices are at a key 
juncture where it is possible that livestock rations start to shift towards 
lower inclusion of DDGs in favor of soymeal."

   In their weekly DDGS update, the U.S. Grains Council (USGC) noted, "DDGS at 
the U.S. Gulf are at $223/metric ton (mt) for January 2019 delivery. On 
average, 40-foot containers to Southeast Asian destinations were up $3/mt this 
week from last week. Prices for 40-foot containers to Malaysia ($250/mt) and 
Vietnam ($258/mt) are up $4/mt from last week's figures. Prices for other 
international routes are firm to slightly higher."

   There have been reports of mycotoxin issues in parts of the Eastern Corn 
Belt and, according to merchandisers I spoke to, some areas in Michigan and 
Ohio that have higher DON levels are areas that are prone to higher DON corn. 
Plants are diligent in checking DDG samples to be sure the allowable tolerance 
is met before shipping to feeders; merchandisers said it has been manageable at 
this point.

   In their 2018/2019 Corn Harvest Quality Report, USGC reported, "All but one 
sample, or 99.5% of samples, tested below the U.S. Food and Drug Administration 
(FDA) action level for aflatoxin (20 parts per billion). One-hundred percent of 
the samples tested below the FDA advisory level for deoxynivalenol (DON), or 
vomitoxin, for chicken, cattle, hogs and other animals."


ALL PRICES SUBJECT TO CONFIRMATION        CURRENT   PREVIOUS  CHANGE
                                                     12/13/
COMPANY   STATE                          12/20/2018   2018
Bartlett and Company, Kansas City, MO (816-753-6300)
          Missouri            Dry           $185      $185      $0
                              Modified      $93        $93      $0
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
          Missouri Subject    Dry           $180      $180      $0
                              Wet           $90        $87      $3
CHS, Minneapolis, MN (800-769-1066)
          Illinois            Dry           $165      $165      $0
          Indiana             Dry           $160      $160      $0
          Iowa                Dry           $160      $160      $0
          Michigan            Dry           $155      $155      $0
          Minnesota           Dry           $160      $160      $0
          North Dakota        Dry           $170      $170      $0
          New York            Dry           $165      $165      $0
          South Dakota        Dry           $160      $160      $0
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
          Kansas              Dry           $170      $165      $5
POET Nutrition, Sioux Falls, SD (888-327-8799)
          Indiana             Dry           $167      $160      $7
          Iowa OUT*           Dry*          $180      $175      $5
          Michigan            Dry           $145      $145      $0
          Minnesota           Dry           $175      $175      $0
          Missouri            Dry           $180      $180      $0
          Ohio                Dry           $160      $158      $2
          South Dakota        Dry           $165      $165      $0
United BioEnergy, Wichita, KS (316-616-3521)
          Kansas              Dry           $150      $150      $0
                              Wet           $60        $60      $0
          Illinois            Dry           $160      $160      $0
          Nebraska            Dry           $150      $150      $0
                              Wet           $60        $60      $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
          Illinois            Dry           $155      $155      $0
          Indiana             Dry           $155      $150      $5
          Iowa                Dry           $170      $160     $10
          Michigan            Dry           $155      $150      $5
          Minnesota           Dry           $175      $160     $15
          Nebraska            Dry           $180      $175      $5
          New York            Dry           $180      $160     $20
          North Dakota        Dry           $180      $165     $15
          Ohio                Dry           $155      $150      $5
          South Dakota        Dry           $170      $165      $5
          Wisconsin           Dry           $150      $145      $5
Valero Energy Corp, San Antonio Texas    (210-345-3362)
          Indiana             Dry           $160      $155      $5
          Iowa                Dry           $150      $150      $0
          Minnesota           Dry           $160      $160      $0
          Nebraska            Dry           $160      $155      $5
          Ohio                Dry           $160      $155      $5
          South Dakota        Dry           $160      $155      $5
          California                        $225      $228     -$3
Western Milling, Goshen, California (559-302-1074)
          California          Dry           $228      $232     -$4
*Prices listed per ton.
          Weekly Average                    $164      $161      $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  12/20/2018 $3.7525   $134.02
                    Soybean Meal  12/20/2018 $307.70
   DDG Weekly Average Spot Price     $164.00
                      DDG Value Relative to:  12/20    12/13
                                        Corn 122.37%   120.05%
                                Soybean Meal  53.30%    52.03%
                   Cost Per Unit of Protein:
                                         DDG   $6.07     $5.96
                                Soybean Meal   $6.48     $6.51
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

******************************************************************************
FMCSA Says No to 10 Groups Asking for Electronic Logging Device Mandate 
Exemptions

   The Federal Motor Carrier Safety Administration (FMCSA) on Dec. 7 published 
denials to 10 different electronic logging device (ELD) mandate exemption 
requests. The most notable of the groups whose requests were denied was the 
Owner Operator Independent Drivers Association (OOIDA), which requested a 
five-year exemption from the ELD mandate for "certain motor carriers considered 
to be a small transportation trucking business."

   The 10 requests for exemptions were actually denied in June and July but 
were just made public by the FMCSA when it filed its final decision in the 
Federal Register on Dec. 7. In almost every denial, the FMCSA stated the groups 
seeking exemptions had not explained how they would "achieve the equivalent 
level of safety" that would be realized by the use of an ELD.

   "FMCSA has reviewed these applications carefully and the comments received 
and has concluded that each application lacks sufficient merit to justify the 
exemptions sought," the Department of Transportation agency said in the Dec. 7 
Federal Register.

   Click the link to read the register:

   
https://www.federalregister.gov/documents/2018/12/07/2018-26597/hours-of-service
-hos-of-drivers-applications-for-exemption-from-the-electronic-logging-device-ru
le

   As a reminder, the biggest issue surrounding the use of an ELD is that it 
intertwines with the hours of service (HOS) rule. The ELD mandate requires all 
commercial drivers who prepare HOS records to connect an ELD to a vehicle's 
engine to record driving hours. Once the time expires, the ELD doesn't shut the 
truck down, but it alerts the driver that they are violating the rule if they 
continue to drive. 

   This can be problematic for drivers who are carrying live animals or 
perishable commodities and may be close to their final destination or have been 
delayed in traffic along their route. Because of the electronic monitoring, 
they are forced to park the truck or risk fines or other penalties if they 
continue to drive, because the ELD records them going past their allotted 
hours. 

   Several bills were introduced in Congress in 2018 that would revise the 
hours of service rule, and the FMCSA issued an advance notice of proposed 
rulemaking on Aug. 23, listing four specific areas in which the agency is 
considering changes. 

   Click the link to view the notice:

   
https://www.federalregister.gov/documents/2018/08/23/2018-18379/hours-of-service
-of-drivers

   The original comment period on the FMSCA's proposed rule changes was 
supposed to end on Sept. 24, but a number of organizations requested 
extensions. In order to provide all interested parties with additional time to 
submit comments, the FMCSA extended the deadline to Oct. 10, 2018. 

   Here is a link to a story I wrote on Oct. 29: "Ag Groups Make Final Plea to 
FMSCA for Changes to HOS Rule":

   
https://www.dtnpf.com/agriculture/web/ag/perspectives/blogs/market-matters-blog/
blog-post/2018/10/29/ag-groups-make-final-plea-fmsca-hos

   The bottom line is that the ELD mandate is not going away, but the issues 
affecting the hours of service rule because of the ELD may be adjusted to 
ensure safety for certain truckers and the loads they are hauling. The other 
consideration at stake is the safety of the drivers who share the roads with 
semis and whether extending hours for truckers can be a safety hazard. In the 
end, it could be a difficult balance to achieve.

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

   Follow her on Twitter @MaryCKenn

******************************************************************************
DDG Prices Move Higher

   OMAHA (DTN) -- Distillers dried grains average spot prices from the 40 
locations DTN contacted were $8 per ton higher, at $161 per ton for the week 
ended Dec. 13, versus one week ago. 

   DTN weekly DDG average prices have moved up $23 per ton the last three 
weeks, in part due to tight supplies. The EIA reported Wednesday, Dec. 12, that 
ethanol production was at 1.046 million barrels per day for the week ended Dec. 
7, a three-week low and reversing down from the high rates reported last week, 
and 3.9% lower than the corresponding week a year ago. 

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Dec. 13 was at 120.05%. The value of DDG relative to 
soybean meal was at 52.03%. The cost per unit of protein for DDG was $5.96, 
compared to the cost per unit of protein for soybean meal at $6.51. The DDG 
value to cash corn is still above the two-year average, and the cost per unit 
compared to soymeal moved higher again this past week, narrowing the spread 
between the two.

   Informa Economics noted in their weekly DDG price update that, "In the past 
week, central Illinois estimated margins decreased 4 cents to negative 10 
cents. Ethanol plant margins could remain depressed until the summer driving 
season hits next spring. Merchandisers think that DDG prices could remain 
elevated on limited supplies, despite some livestock operations trying to 
cutback ration portions."


ALL PRICES SUBJECT TO CONFIRMATION             CURRENT       PREVIOUS   CHANGE
COMPANY  STATE                                12/13/2018     12/6/2018
Bartlett and Company, Kansas City, MO (816-753-6300)
         Missouri              Dry               $185          $175       $10
                               Modified          $93            $88       $5
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
         Missouri Subject      Dry               $180          $175       $5
                               Wet               $87            $85       $2
CHS, Minneapolis, MN (800-769-1066)
         Illinois              Dry               $165          $160       $5
         Indiana               Dry               $160          $155       $5
         Iowa                  Dry               $160          $155       $5
         Michigan              Dry               $155          $150       $5
         Minnesota             Dry               $160          $155       $5
         North Dakota          Dry               $170          $165       $5
         New York              Dry               $165          $165       $0
         South Dakota          Dry               $160          $155       $5
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
         Kansas                Dry               $165          $165       $0
POET Nutrition, Sioux Falls, SD (888-327-8799)
         Indiana               Dry               $160          $147       $13
         Iowa                  Dry               $175          $160       $15
         Michigan              Dry               $145          $145       $0
         Minnesota             Dry               $175          $157       $18
         Missouri              Dry               $180          $170       $10
         Ohio                  Dry               $158          $145       $13
         South Dakota          Dry               $165          $160       $5
United BioEnergy, Wichita, KS (316-616-3521)
         Kansas                Dry               $150          $144       $6
                               Wet               $60            $55       $5
         Illinois              Dry               $160          $155       $5
         Nebraska              Dry               $150          $144       $6
                               Wet               $60            $55       $5
U.S. Commodities, Minneapolis, MN (888-293-1640)
         Illinois              Dry               $155          $155       $0
         Indiana               Dry               $150          $150       $0
         Iowa                  Dry               $160          $155       $5
         Michigan              Dry               $150          $150       $0
         Minnesota             Dry               $160          $160       $0
         Nebraska              Dry               $175          $170       $5
         New York              Dry               $160          $160       $0
         North Dakota          Dry               $165          $155       $10
         Ohio                  Dry               $150          $150       $0
         South Dakota          Dry               $165          $160       $5
         Wisconsin             Dry               $145          $142       $3
Valero Energy Corp, San Antonio Texas      (210-345-3362)   (210-345-3362)
         Indiana               Dry               $155          $145       $10
         Iowa                  Dry               $150          $140       $10
         Minnesota             Dry               $160          $145       $15
         Nebraska              Dry               $155          $135       $20
         Ohio                  Dry               $155          $145       $10
         South Dakota          Dry               $155          $145       $10
         California                              $228          $220       $8
Western Milling, Goshen, California (559-302-1074)
         California            Dry               $232          $230       $2
*Prices listed per ton.
         Weekly Average                          $161          $154       $7
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                                      12/13/2018     $3.7550   $134.11
Soybean Meal                              12/13/2018     $309.40
DDG Weekly Average Spot Price             $161.00
DDG Value Relative to:                                   12/13     12/6
Corn                                                     120.05%   115.91%
Soybean Meal                                             52.03%    49.68%
Cost Per Unit of Protein:
DDG                                                      $5.96     $5.70
Soybean Meal                                             $6.51     $6.53
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

******************************************************************************
So Long, Farewell, Upper Mississippi River 2018 Shipping Season

   The Upper Mississippi River (UMR) shipping season is officially over as tows 
pushing barges, like flocks of geese, headed south for the winter. It's always 
bittersweet for those of us living near the Mississippi River in downtown St. 
Paul, Minnesota, when the last barge heads south for the winter. When I walk 
along the river this time of year, it's so quiet and calm, as if it has gone to 
sleep for the next five months.

   However, during the winter season, the U.S. Army Corps of Engineers (USACE) 
(Corps) doesn't slow down. They keep busy with repairs to various locks that 
are closed until spring. Corps officials had asked to have all navigation 
vessels move south of Lock and Dam 6, near Trempealeau, Wisconsin, no later 
than midnight on Dec. 1, which required vessels near St. Paul, Minnesota, to 
depart from there no later than Nov. 30. The last tow to depart from St. Paul, 
Minnesota, was Motor Vessel Thomas E. Erickson, on Nov. 25, according to the 
USACE, St. Paul District.

   Corps engineers began preparations for several winter repairs at numerous 
locks within the St. Paul District. According to the district website, 
engineers were scheduled to begin repairs at Lock and Dam 6 on Dec. 2. The 
locks include Lock and Dam 4, near Alma, Wisconsin; Lock and Dam 5, near 
Minnesota City, Minnesota; Lock and Dam 5A, near Fountain City, Wisconsin; and 
Lock and Dam 9, near Lynxville, Wisconsin, with repairs scheduled to begin Dec. 
10. 

   The St. Paul District is where the "Mighty Mississippi River" starts its 
long journey through the middle of the United States to the Gulf of Mexico. The 
district borders follow the edges of four river basins -- the Mississippi 
River, the Red River of the North, the Souris River and the Rainy River -- and 
covers an area of approximately 139,000 square miles. This area includes most 
of Minnesota, the western half of Wisconsin, the northeastern half of North 
Dakota and small portions of northeastern South Dakota and northeastern Iowa. 
The district also shares approximately 500 miles of border with three Canadian 
provinces.

   The St. Paul District is responsible for supporting inland navigation by 
operating 13 locks and dams and by maintaining the nine-foot navigation channel.

   For now, the river will hibernate until spring when the first tow makes its 
way through Lake Pepin to signal the beginning of a new shipping season for the 
UMR. Lake Pepin is a naturally occurring lake and the widest naturally 
occurring part of the Mississippi River. It is located approximately 60 miles 
(97 km) downstream from St. Paul, Minnesota. It is a widening of the river on 
the border between Minnesota and Wisconsin. 

   On Wednesday, April 11, 2018, after cutting through ice on Lake Pepin, the 
first tow of the season, Motor Vessel Michael Poindexter, pushing 12 barges, 
locked through Lock and Dam 2, near Hastings, Minnesota, on its way to St. 
Paul. Her journey there signaled the start of the 2018 navigation season in the 
St. Paul District. 

   The last tow this year to depart the St. Paul District through Lock and Dam 
10, the district's southernmost lock near Guttenberg, Iowa, was Motor Vessel 
Titletown U.S.A. She locked through Lock 10, heading southbound Dec. 1, 
officially closing the 2018 navigation season.

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

   Follow her on Twitter @MaryCKenn

******************************************************************************
DTN DDG Weekly Update 

   OMAHA (DTN) -- Distillers dried grains average spot prices from the 40 
locations DTN contacted were $8 per ton higher, at $154 per ton for the week 
ended Dec. 6, versus one week ago. Prices have moved higher four weeks in a 
row, in part due to an increase in cold weather demand and tighter supplies 
that continue to pull DDG prices higher. 

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Dec. 6 was at 115.91%. The value of DDG relative to 
soybean meal was at 49.68%. The cost per unit of protein for DDG was $5.70, 
compared to the cost per unit of protein for soybean meal at $6.53. The DDG 
value to cash corn is currently above the two-year average and the cost per 
unit compared to soymeal moved higher this past week.

   In their weekly price update, U.S. Grains Council said that, "This week, 
merchandisers reported sales to Indonesia and Vietnam as those markets continue 
to stand out as solid destinations for U.S. DDGS. DDGS at the U.S. Gulf are at 
$215 per metric ton (MT) for December delivery and increasing into deferred 
months. On average, 40-foot containers to southeast Asian destinations were up 
$6/MT this week from last week."

   The U.S. Census Bureau said Thursday that U.S. exports of DDGS totaled 
1,018,097 mt in October, a little less than September, but up 1% from a year 
ago. U.S. DDGS continue to find broad interest with Mexico, Vietnam, Indonesia 
and Thailand listed as the top four destinations in October. The first 10 
months of 2018 showed exports of U.S. DDGS up 9% from a year ago.


ALL PRICES SUBJECT TO CONFIRMATION                 CURRENT          PREVIOUS         CHANGE
COMPANY     STATE                                  12/6/2018        11/29/2018
Bartlett and Company, Kansas City, MO (816-753-6300)
            Missouri                 Dry           $175             $160             $15
                                     Modified      $88              $82              $6
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
            Missouri Subject         Dry           $175             $165             $10
                                     Wet           $85              $80              $5
CHS, Minneapolis, MN (800-769-1066)
            Illinois                 Dry           $160             $150             $10
            Indiana                  Dry           $155             $145             $10
            Iowa                     Dry           $155             $145             $10
            Michigan                 Dry           $150             $140             $10
            Minnesota                Dry           $155             $145             $10
            North Dakota             Dry           $165             $155             $10
            New York                 Dry           $165             $155             $10
            South Dakota             Dry           $155             $145             $10
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
            Kansas                   Dry           $165             $155             $10
POET Nutrition, Sioux Falls, SD (888-327-8799)
            Indiana                  Dry           $147             $143             $4
            Iowa                     Dry           $160             $152             $8
            Michigan                 Dry           $145             $140             $5
            Minnesota                Dry           $157             $147             $10
            Missouri                 Dry           $170             $167             $3
            Ohio                     Dry           $145             $142             $3
            South Dakota             Dry           $160             $150             $10
United BioEnergy, Wichita, KS (316-616-3521)
            Kansas                   Dry           $144             $144             $0
                                     Wet           $55              $55              $0
            Illinois                 Dry           $155             $150             $5
            Nebraska                 Dry           $144             $144             $0
                                     Wet           $55              $55              $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
            Illinois                 Dry           $155             $135             $20
            Indiana                  Dry           $150             $145             $5
            Iowa                     Dry           $155             $145             $10
            Michigan                 Dry           $150             $140             $10
            Minnesota                Dry           $160             $145             $15
            Nebraska                 Dry           $170             $160             $10
            New York                 Dry           $160             $150             $10
            North Dakota             Dry           $155             $150             $5
            Ohio                     Dry           $150             $145             $5
            South Dakota             Dry           $160             $145             $15
            Wisconsin                Dry           $142             $136             $6
Valero Energy Corp, San Antonio Texas              (210-345-3362)   (210-345-3362)
            Indiana                  Dry           $145             $139             $6
            Iowa                     Dry           $140             $135             $5
            Minnesota                Dry           $145             $145             $0
            Nebraska                 Dry           $135             $135             $0
            Ohio                     Dry           $145             $140             $5
            South Dakota             Dry           $145             $140             $5
            California                             $220             $212             $8
Western Milling, Goshen, California (559-302-1074)
            California               Dry           $230             $223             $7
*Prices listed per ton.
            Weekly Average                         $154             $146             $8
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                                      12/6/2018      $3.7200     $132.86
Soybean Meal                              12/6/2018      $310.00
DDG Weekly Average Spot Price             $154.00
DDG Value Relative to:                                   12/6        11/29
Corn                                                     115.91%     113.48%
Soybean Meal                                             49.68%      47.57%
Cost Per Unit of Protein:
DDG                                                      $5.70       $5.41
Soybean Meal                                             $6.53       $6.46
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

******************************************************************************
DDG Prices Continue Higher

   OMAHA (DTN) -- Distillers dried grains average spot prices from the 40 
locations DTN contacted were $8 per ton higher, at $146 per ton for the week 
ended Nov. 29, versus two weeks ago. Prices have moved higher three weeks in a 
row, and merchandisers noted that slowdowns and plant closures has really 
tightened supplies. 

   Informa Economics noted that, one of the main reasons for the quick jump 
higher in DDG prices is struggling ethanol plant margins. "A 13-year low in 
ethanol prices is putting the squeeze on financial health and throttling 
production potential for the winter."

   The EIA reported Wednesday that ethanol plant production increased modestly 
by 6,000 barrels per day (bpd) to 1,048 million bpd during the week ended Nov. 
23, 1.7% lower than the corresponding week a year ago. 

   Based on the average of prices collected by DTN, the value of DDG relative 
to corn for the week ended Nov. 29 was at 113.48%. The value of DDG relative to 
soybean meal was at 47.57%. The cost per unit of protein for DDG was $5.41, 
compared to the cost per unit of protein for soybean meal at $6.46. On a 
relative value, DDG prices are mostly in line with soymeal, but are slightly 
higher than normal basis corn values. 

   "Higher prices could start to create more pushback in rations down the line, 
but for now most traders are leaning bullish," noted Informa.


ALL PRICES SUBJECT TO CONFIRMATION                  CURRENT         PREVIOUS      CHANGE
COMPANY    STATE                                   11/29/2018      11/15/2018
Bartlett and Company, Kansas City, MO (816-753-6300)
           Missouri                 Dry               $160            $153          $7
                                    Modified          $82              $80          $2
Show Me Ethanol LLC, Carrollton, MO (660-542-6493)
           Missouri Subject         Dry               $165            $150          $15
                                    Wet               $80              $75          $5
CHS, Minneapolis, MN (800-769-1066)
           Illinois                 Dry               $150            $145          $5
           Indiana                  Dry               $145            $135          $10
           Iowa                     Dry               $145            $135          $10
           Michigan                 Dry               $140            $140          $0
           Minnesota                Dry               $145            $130          $15
           North Dakota             Dry               $155            $135          $20
           New York                 Dry               $155            $145          $10
           South Dakota             Dry               $145            $130          $15
MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253)
           Kansas                   Dry               $155            $145          $10
POET Nutrition, Sioux Falls, SD (888-327-8799)
           Indiana                  Dry               $143            $138          $5
           Iowa                     Dry               $152            $148          $4
           Michigan                 Dry               $140            $137          $3
           Minnesota                Dry               $147            $138          $9
           Missouri                 Dry               $167            $158          $9
           Ohio                     Dry               $142            $138          $4
           South Dakota             Dry               $150            $140          $10
United BioEnergy, Wichita, KS (316-616-3521)
           Kansas                   Dry               $144            $144          $0
                                    Wet               $55              $55          $0
           Illinois                 Dry               $150            $148          $2
           Nebraska                 Dry               $144            $144          $0
                                    Wet               $55              $55          $0
U.S. Commodities, Minneapolis, MN (888-293-1640)
           Illinois                 Dry               $135            $135          $0
           Indiana                  Dry               $145            $135          $10
           Iowa                     Dry               $145            $135          $10
           Michigan                 Dry               $140            $135          $5
           Minnesota                Dry               $145            $130          $15
           Nebraska                 Dry               $160            $145          $15
           New York                 Dry               $150            $150          $0
           North Dakota             Dry               $150            $140          $10
           Ohio                     Dry               $145            $135          $10
           South Dakota             Dry               $145            $135          $10
           Wisconsin                Dry               $136            $130          $6
Valero Energy Corp, San Antonio Texas           (210-345-3362)   (210-345-3362)
           Indiana                  Dry               $139            $140          -$1
           Iowa                     Dry               $135            $130          $5
           Minnesota                Dry               $145            $130          $15
           Nebraska                 Dry               $135            $125          $10
           Ohio                     Dry               $140            $140          $0
           South Dakota             Dry               $140            $125          $15
           California                                 $212            $192          $20
Western Milling, Goshen, California (559-302-1074)
           California               Dry               $223            $206          $17
*Prices listed per ton.
           Weekly Average                             $146            $138          $8
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    11/29/2018     $3.6025     $128.66
                            Soybean Meal    11/29/2018     $306.90
           DDG Weekly Average Spot Price       $146.00
                                DDG Value Relative to:    11/29       11/16
                                                  Corn     113.48%     105.14%
                                          Soybean Meal      47.57%      45.19%
                             Cost Per Unit of Protein:
                                                   DDG       $5.41       $5.11
                                          Soybean Meal       $6.46       $6.43

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

   Follow her on Twitter @MaryCKenn

******************************************************************************