Attached files
file | filename |
---|---|
10-Q - Otter Tail Ag Enterprises, LLC | v174513_10q.htm |
EX-10.3 - Otter Tail Ag Enterprises, LLC | v174513_ex10-3.htm |
EX-31.1 - Otter Tail Ag Enterprises, LLC | v174513_ex31-1.htm |
EX-32.1 - Otter Tail Ag Enterprises, LLC | v174513_ex32-1.htm |
EX-10.2 - Otter Tail Ag Enterprises, LLC | v174513_ex10-2.htm |
Execution
Draft
TERM
SHEET
FOR
THE USE
OF CASH COLLATERAL AND ADEQUATE PROTECTION
BY
OTTER
TAIL AG ENTERPRISES, LLC,
AS DEBTOR
IN POSSESSION,
IN ITS
PROPOSED BANKRUPTCY CASE IN THE
UNITED
STATES BANKRUPTCY COURT, DISTRICT OF MINNESOTA
Effective
as of October 23, 2009
AGSTAR
FINANCIAL SERVICES, PCA, as the cash collateral lender (the “Cash Collateral Lender”), and
MMCDC New Markets Fund II, LLC (“NMF”) hereby provide OTTER
TAIL AG ENTERPRISES, LLC, a Minnesota limited liability company (the “Debtor”), with the following
proposal for the use of cash collateral and adequate protection during the
Debtor’s proposed Chapter 11 case pursuant to the terms of a cash collateral
stipulation which is consented to by NMF (the “Cash Collateral
Stipulation”).
Reference
is made herein to the following AgStar Loan Agreements (collectively, the “AgStar Loan
Agreements”):
|
a.
|
Master
Loan Agreement dated March 28,
2007;
|
|
b.
|
First
Supplement to the Master Loan Agreement (Construction and Term Loan) dated
as of March 28, 2007;
|
|
c.
|
Amended
and Restated Master Loan Agreement dated as of June 23,
2008;
|
|
d.
|
Amended
and Restated Second Supplement to the Master Loan Agreement (Term
Revolving Loan) dated as of June 23, 2008;
and
|
|
e.
|
Second
Amended and Restated Third Supplement to the Master Loan Agreement (the
“Revolving Line of Credit Loan”) dated as of June 23,
2008.
|
Reference
is made herein to the following NMF Notes and Loan Agreements (collectively, the
“NMF Loan
Agreements”):
|
a.
|
Senior
Loan Note dated March 30, 200;
|
|
b.
|
Subordinate
Loan Note dated March 30, 2007;
|
|
c.
|
Construction
and Term Loan Agreement dated March 30,
2007.
|
Unless
otherwise expressly defined herein, capitalized terms used herein shall have the
same meaning ascribed to them in the AgStar Loan Agreements. Terms and
conditions of the proposal are as follows:
Debtor:
|
Otter
Tail Ag Enterprises, LLC, a Minnesota limited liability company, as Debtor
in Possession in its proposed Chapter 11 case in the United States
Bankruptcy Court, District of Minnesota (the “Debtor’s Chapter 11
Case”).
|
Cash
Collateral Lender:
|
AgStar
Financial Services, PCA.
|
|
Prepetition
Lenders:
|
Collectively
the Cash Collateral Lender and NMF.
|
|
Prepetition
Loans:
|
Collectively,
all amounts due the Prepetition Lenders under the AgStar Loan Agreements
and the NMF Loan Agreements as of the Commencement
Date.
|
|
Commencement
Date:
|
The
date the Interim Order is entered and becomes
effective.
|
|
Cash
Collateral:
|
As
defined in § 363(a) of the Bankruptcy Code.
|
|
Purposes:
|
Cash
Collateral may be used by the Debtor to fund the expenses set forth in the
budget attached as Exhibit
A (the “Budget”). After making the Re-margin
Payment, to the extent there is, if any, excess cash generated above the
Cash Beginning Balance, as determined under the reports required under the
Interim Order, the Final Order, the Cash Collateral Stipulation or the
other Cash Collateral Documents, that excess cash shall be paid to the
Cash Collateral Lender to be applied to the reduction of the Revolving
Line of Credit Loan.
|
|
Upon
entry of the Interim Order approving the Cash Collateral Stipulation and
the other Cash Collateral Documents (excluding the Final Order), each of
which must be acceptable to the Cash Collateral Lender, and satisfaction
of the conditions precedent to the Debtor’s use of Cash Collateral set
forth in the Interim Order and the other Cash Collateral Documents
(excluding the Final Order), the Cash Collateral Lender shall authorize
the use of Cash Collateral for the purposes described in the Interim Order
and the other Cash Collateral Documents (excluding the Final Order) and
itemized in the Budget, subject to the terms and conditions set forth in
the Interim Order and the other Cash Collateral Documents (excluding the
Final Order).
|
||
Upon
entry of the Final Order on or before November 30, 2009, approving the
Cash Collateral Stipulation and other Cash Collateral Documents, each of
which must be acceptable to the Cash Collateral Lender, and satisfaction
of the conditions precedent to the Debtor’s use of Cash Collateral set
forth in the Final Order, the Cash Collateral Stipulation and the other
Cash Collateral Documents, the Cash Collateral Lender shall authorize the
use of Cash Collateral for the purposes described in the Final Order, the
Cash Collateral Stipulation and the other Cash Collateral Documents and
itemized in the Budget, subject to the terms and conditions set forth in
the Final Order and the other Cash Collateral
Documents.
|
||
Nothing
in the Interim Order, the Final Order, the Cash Collateral Stipulation or
the other Cash Collateral Documents shall bind the Cash Collateral Lender
to any Plan incorporating the terms set forth in the Cash Collateral
Documents, without the prior express written consent of the Cash
Collateral Lender.
|
2
Maturity
Dates:
|
The
Interim Order will mature on the earliest of (i) the entry of the Final
Order, (ii) November 30, 2009, or (iii) such earlier date as is provided
in the Interim Order or the other Cash Collateral Documents (excluding the
Final Order) (the “Interim Cash Collateral Order
Maturity Date”).
|
||
The
Cash Collateral Stipulation will mature on (i) February 28, 2010, or (ii)
such earlier date as is provided in the Final Order or the other Cash
Collateral Documents (the “Cash Collateral Maturity
Date”).
|
|||
Conditions
Precedent To Allowing the
|
·
|
Execution
and delivery of the Cash Collateral Stipulation satisfactory to the Cash
Collateral Lender;
|
|
Interim
Use of Cash
Collateral:
|
·
|
Execution
and delivery of such other notes, mortgages, security agreements, control
agreements, documents, and agreements as may be required by the Cash
Collateral Lender satisfactory to the Cash Collateral Lender (together
with the Cash Collateral Stipulation, the Interim Order and the Final
Order, collectively the “Cash Collateral
Documents”);
|
|
|
·
|
Entry
of the Interim Order;
|
|
|
·
|
All
other conditions precedent to allowing the interim use of Cash Collateral
as set forth in the Interim Order and the other Cash Collateral Documents
(excluding the Final Order); and
|
|
·
|
Debtor
shall pay to the Cash Collateral Lender the amount necessary to reduce the
Revolving Line of Credit to an amount no greater than 100% of the sum of
the Debtor’s Eligible Accounts Receivable and Eligible Inventory (“the
Re-Margin
Payment”).
|
||
·
|
Debtor
shall pay all interest accrued at the contract rate, rather than the
Default Rate, on the Prepetition Loans payable on or after October 1,
2009.
|
||
Conditions
Precedent To
Allowing the
|
·
|
Execution
and delivery of the Cash Collateral Stipulation satisfactory to the Cash
Collateral Lender;
|
|
Final
Use of Cash
|
·
|
Entry
of the Final Order; and
|
|
Collateral:
|
·
|
All
other conditions precedent to allowing the use of Cash Collateral set
forth in the Final Order, the Cash Collateral Stipulation and the other
Cash Collateral Documents.
|
|
Postpetition
Security Interest:
|
The
Debtor shall grant to the Cash Collateral Lender a first priority
perfected Security Interest in all of the real and personal property of
the Debtor, whether now owned or hereafter acquired (collectively, the
“Collateral”), including any
Collateral acquired by the Debtor after the commencement of the Debtor’s
Chapter 11 Case, as such property is more fully described in the AgStar
Loan Agreements, which security interest shall have the same priority,
dignity and effect as the prepetition security interests, without any
requirement for the execution, delivery,
recording or filing of any security
agreement, mortgage, deed of trust, control agreement, financing statement
or similar document, instrument or agreement covering such Collateral;
provided, however, that the
Security Interests granted to the Cash Collateral Lender under the Interim
Order, the Final Order or the other Cash Collateral Documents shall not
extend to causes of action under Chapter 5 of the Bankruptcy Code or the
proceeds thereof.
|
3
During
the term of the Cash Collateral Stipulation, Debtor shall not grant or
permit any Security Interest in the Collateral to any other Person, other
than certain permitted liens agreed to by the Cash Collateral Lender (the
“Permitted
Liens”).
|
|||
Administrative
Expense Claims:
|
The
Cash Collateral Lender shall have all administrative expense priorities
allowed under Title 11 of the United States Code (the “Bankruptcy
Code”).
|
||
Interest
Rate:
|
Interest
shall accrue on the Prepetition Loans at the Default Rate provided by the
AgStar Loan Agreements and the NMF Loan Agreements.
|
||
Interest
shall be calculated in the manner set forth in the AgStar Loan Agreements
and the NMF Loan Agreements.
|
|||
Adequate
Protection and Interest Payments:
|
The
Debtor shall provide to the Prepetition Lenders the following as and for
adequate protection during the term of the Cash Collateral
Stipulation:
|
||
·
|
Accrued
interest at the contract rate, rather than the Default Rate, on the
Prepetition Loans shall be paid by the Debtor to the Prepetition Lenders
on the first day of each month, beginning on October 1, 2009, and monthly
thereafter, through the Cash Collateral Maturity Date, to the Prepetition
Lenders; provided,
however,
that the rights of all interested parties to later assert
that the Adequate Protection Payments should be re-allocated to principal
in accordance with § 506 of the Bankruptcy Code are
preserved.
|
||
·
|
Debtor
shall maintain a minimum cash balance at all times through the Cash
Collateral Maturity Date of $2,000,000, measured as of the close of
business each Friday and included in the financial reports required
herein.
|
||
·
|
Provide
the Prepetition Lenders with the financial and operating reports set forth
herein.
|
||
·
|
The
Debtor shall pay all real estate taxes and assessments on all of the
Collateral which become due and payable after the commencement of the
Debtor’s Chapter 11 Case, including the October 15, 2009, real estate
taxes.
|
||
·
|
The
Debtor shall maintain all of the Collateral and shall provide proof of
insurance as required by the AgStar Loan Agreements and the NMF Loan
Agreements to the Prepetition
Lenders.
|
4
Reports:
|
So
long as the Debtor is utilizing Cash Collateral, the Debtor shall, unless
the Cash Collateral Lender shall otherwise consent in advance in
writing:
|
|||
·
|
Provide
the Cash Collateral Lender with all reports required to be delivered by
the Debtor under Section 5.01(c) of the Master Loan
Agreement.
|
|||
·
|
Provide
the Cash Collateral Lender with all reports filed with the United States
Trustee in the Debtor’s Chapter 11 Case;
|
|||
·
|
By
5:00 p.m. (Central Time) on Thursday of each week, provide the Cash
Collateral Lender a weekly report comparing on a line item basis budgeted
amounts, as itemized in the Budget, to actual amounts disbursed during the
preceding week; and
|
|||
·
|
By
5:00 p.m. (Central Time) on Thursday of each week, provide the Cash
Collateral Lender a weekly report itemizing all expenditures during the
preceding week for each of the following:
|
|||
·
|
Corn;
|
|||
·
|
Denaturant;
|
|||
·
|
Chemicals;
|
|||
·
|
Natural
gas;
|
|||
·
|
Electricity;
|
|||
·
|
Water;
|
|||
·
|
Transportation;
|
|||
·
|
Rail
car lease payments;
|
|||
·
|
Fixed
and variable terminal fees;
|
|||
·
|
Plant
overhead (non-labor);
|
|||
·
|
Payroll;
|
|||
·
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Excise
and sales taxes remitted;
|
|||
·
|
Insurance;
|
|||
·
|
Severance;
and
|
|||
·
|
All
other expenses.
|
|||
·
|
By
5:00 p.m. (Central Time) on Thursday of each week, provide the Cash
Collateral Lender its certification of the ledger balance of all deposit
accounts of the Debtor as of the close of business on the immediately
preceding Friday.
|
|||
Plan
of Reorganization:
|
The Debtor shall file a plan of reorganization (the “Plan”), acceptable to the Prepetition Lenders, on or before the Cash Collateral Maturity Date. | |||
At a minimum, the Plan shall not be deemed acceptable to the Prepetition Lenders unless: | ||||
·
|
The
Plan provides for and treats the Prepetition Lenders as fully secured
creditors.
|
5
·
|
The
Plan provides that the Project will be free from any and all subordinate
mortgages, liens, and encumbrances, including any lessor’s interests,
except as may be accepted by the Prepetition Lenders.
|
|||
Equity
Commitments:
|
The
Debtor shall obtain subscription letters, acceptable to the Prepetition
Lenders, in an amount not less than $6,000,000.00 on or before January 15,
2010. The Debtor shall obtain subscription letters, acceptable to the
Prepetition Lenders, in an amount not less than $10,000,000 on or before
February 28, 2010.
|
|||
Sale
of Ethanol Facility:
|
If
no Plan acceptable to the Prepetition Lenders is filed by the Cash
Collateral Maturity Date, the Debtor shall file, within ten (10) Business
Days thereafter, a motion to sell the Debtor’s assets, including the
ethanol production facility, free and clear of interests, liens,
encumbrances and claims pursuant to Bankruptcy Code § 363(b) and (f). Such
motion must be accompanied by sales procedures acceptable to the
Prepetition Lenders, including that any such sale shall close not later
than April 1, 2010.
|
|||
Within
ten (10) Business Days of filing such motion, the Debtor shall engage a
financial advisor reasonably acceptable to the Prepetition Lenders to
manage the sale of the ethanol facility.
|
||||
Events
of Default:
|
The
occurrence of any of the following shall constitute an Event of Default
under the Cash Collateral Documents:
|
|||
·
|
Failure
to comply with the terms and conditions set forth in the Interim Order,
the Final Order, the Cash Collateral Stipulation, the other Cash
Collateral Documents, and the AgStar Loan Agreements (except those Events
of Default set forth in Section 6.01(g) of the Master Loan Agreement which
constitutes one of the AgStar Loan Agreements and except for any Event of
Default arising as a result of the filing or the pendency of the Debtor’s
Chapter 11 Case);
|
|||
·
|
If
required under the Sale of Ethanol Facility provision, failure to retain
and employ a Financial Advisor acceptable to the Prepetition Lenders to
manage the sale of the ethanol facility;
|
|||
·
|
Failure
to deliver the weekly report comparing on a line item basis budgeted
amounts, as itemized in the Budget, to actual amounts
disbursed;
|
|||
·
|
Failure
to maintain the $2,000,000 cash floor, measured as of the close of
business each Friday and included in the financial reports required
herein, subject to a cure period of five (5) business
days;
|
|||
·
|
The
Debtor’s actual weekly disbursements, on a line item basis, are more than
ten percent (10%) in excess of the budgeted amounts, as itemized in the
Budget, excluding input commodities such as corn, natural gas, electricity
and other chemicals used for the production of ethanol;
|
|||
·
|
Debtor
shall not contract to purchase input commodities such as corn, natural
gas, electricity and other chemicals used for the production of ethanol
for prices 10% or more above fair market prices without the consent of the
Prepetition Lenders. Consent shall not be unreasonably
withheld;
|
6
·
|
Failure
to deliver any other reports required under the Cash Collateral
Documents;
|
||
·
|
The
Debtor rejects any long term ethanol or DDG marketing agreement, and fails
to replace such agreement with a similar agreement acceptable to the Cash
Collateral Lender;
|
||
·
|
On
or before November 30, 2009, a Final Order acceptable to the Cash
Collateral Lender has not been entered;
|
||
·
|
The
appointment of a trustee or an examiner with expanded powers in the
Debtor’s Chapter 11 Case;
|
||
·
|
The
Debtor seeks an order dismissing the Debtor’s Chapter 11 Case without the
consent of the Cash Collateral Lender prior to the indefeasible payment in
full in cash of all obligations and indebtedness owing to the Prepetition
Lenders;
|
||
·
|
The
Debtor’s Chapter 11 Case is dismissed or converted to a case under Chapter
7 of the Bankruptcy Code; and
|
||
·
|
Such
other Events of Default as are set forth in the Interim Order, the Final
Order or the other Cash Collateral Documents.
|
||
Remedies:
|
Upon
the occurrence of an Event of Default, as defined in the Interim Order, the Final Order,
the Cash Collateral Stipulation or the other Cash Collateral
Documents:
|
||
·
|
The
Cash Collateral Lender shall be entitled to exercise all of the remedies
set forth in the Interim Order, the Final Order, Cash Collateral
Stipulation and the other Cash Collateral Documents;
|
||
·
|
Immediately
upon written notice from the Cash Collateral Lender, the Debtor shall no
longer be authorized to use Cash Collateral; and
|
||
·
|
The
Prepetition Lenders, or either of them individually, shall be authorized
to file a motion seeking relief from the automatic stay and/or any and all
other remedies permitted under the Bankruptcy Code.
|
||
Financial
Affairs:
|
The
Cash Collateral Lender shall be authorized to discuss the Debtor’s
financial affairs with any potential investor identified to the Cash
Collateral Lender in writing by the Debtor, provided, however, the Cash
Collateral Lender shall not attempt to negotiate a sale of the Plant prior
to the filing of the Debtor’s motion to sell the plant pursuant to the
Final Order.
|
||
Limited
Carve-Out
|
The
Cash Collateral Lender’s Postpetition Security Interest shall be subject
to payment of the Limited Carve-Out not to exceed $75,000 (the “Limited Carve-Out”). The
Limited Carve-Out may only be used for the payment of the allowed fees and
expenses of the U.S. Trustee’s office and professionals retained pursuant
to Bankruptcy Code § 327 or 1103(a) by the Debtor or any statutory
committee appointed in this Case (collectively “Professionals”).
|
7
Prior
to the Carve-Out Date, to the extent detailed in the Budget and subject to
the entry of an appropriate order of the Bankruptcy Court, the Debtor
shall be entitled to use the Cash Collateral to pay the allowed fees and
expenses of Professionals, except to the extent such fees and expenses are
incurred in prosecuting claims against the Prepetition Lenders or any in
seeking to invalidate, challenge, dispute, avoid, subordinate, hinder,
delay or otherwise attempt to prevent the enforcement by the Prepetition
Lenders of its claims or liens or realization upon the
Collateral.
|
||
The
Limited Carve-Out shall not be reduced by the amount of allowed fees and
expenses accrued, incurred, awarded or paid to Professionals prior to the
occurrence of the Carve-Out Date.
|
||
On
the date earlier of (i) the Debtor’s receipt of written notice of an Event
of Default from the Cash Collateral Lender withdrawing the authorization
to use the Cash Collateral or (ii) within ten days of the Cash Collateral
Maturity Date if no acceptable Plan has been filed and no sales motion has
been filed (the “Carve-Out Date”), any
amounts subsequently paid to Professionals by any means will reduce the
Limited-Carve Out on a dollar-for-dollar basis.
|
||
Expenses:
|
The
claims of the Prepetition Lenders shall include the reasonable prepetition
and postpetition costs and expenses of the Prepetition Lenders, including,
without limitation, all legal fees, consultant fees, appraisal fees,
financial advisor fees, and other similar fees, and all such fees and
expenses incurred in connection with the pre-petition negotiations with
Debtor, the negotiation and preparation of the Cash Collateral Documents
and in the handling of all matters in this bankruptcy proceeding and any
subsequent Chapter 11 or Chapter 7 proceedings, including, without
limitation, the attorneys’ fees in any way arising from or in connection
with any action taken by the Prepetition Lenders to monitor, advise,
enforce or collect the Prepetition Obligations, or any other document or
agreement arising from or relating to the relationship between Debtor and
the Prepetition Lenders.
|
|
The
Debtor shall reimburse the Prepetition Lenders for all such reasonable
pre- and postpetition costs and expenses described above to the extent
allowed in the Budget.
|
If not
acted on, these terms will expire on October 23, 2009, at 5:00 p.m. (CST).
Please return a signed copy of this letter to evidence your acceptance of the
terms and conditions contained in this Term Sheet.
Sincerely,
AGSTAR
FINANCIAL SERVICES, PCA,
/s/ Ron Monson | |
By:
|
Ron
Monson
|
Its:
|
VP |
8
SIGNATURE
PAGE TO
TERM
SHEET
FOR
THE USE
OF CASH COLLATERAL AND ADEQUATE PROTECTION
BY
OTTER
TAIL AG ENTERPRISES, LLC,
AS DEBTOR
IN POSSESSION,
IN ITS
PROPOSED BANKRUPTCY CASE IN THE
UNITED
STATES BANKRUPTCY COURT, DISTRICT OF MINNESOTA
This Term
Sheet is accepted this 21st day of October 2009.
DEBTOR:
OTTER
TAIL AG ENTERPRISES, LLC,
a
Minnesota limited liability company
By
|
/s/
ANTHONY J. HICKS
|
|
Name:
|
ANTHONY
J. HICKS
|
|
Title:
|
CEO
|
9
EXHIBIT
A
BUDGET
See
attached
10
Otter
Tail Ag Enterprises, LLC
Weekly
Cash-flow Statement
ACTUALS
Week
Ending:
|
4-Sep
|
11-Sep
|
18-Sep
|
25-Sep
|
2-Oct
|
9-Oct
|
16-Oct
|
23-Oct
|
30-Oct
|
6-Nov
|
13-Nov
|
20-Nov
|
27-Nov
|
|||||||||||||||||||||||||||||||||||||||
Working
Days
|
7
|
6
|
7
|
7
|
5
|
7
|
7
|
7
|
7
|
6
|
7
|
7
|
7
|
|||||||||||||||||||||||||||||||||||||||
Opening
Balance
|
2,493,409 | 2,482,027 | 2,417,157 | 3,001,722 | 3,308,479 | 3,781,074 | 3,552,985 | 4,476,349 | 4,736,368 | 4,614,787 | 3,765,930 | 4,723,557 | 4,769,501 | |||||||||||||||||||||||||||||||||||||||
Wires/ACH
in
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
RPMG
|
1,491,654 | 1,258,099 | 2,007,263 | 1,474,239 | 1,455,103 | 1,394,811 | 2,292,964 | 1,825,902 | 1,718,640 | 1,515,933 | 2,490,271 | 1,768,588 | 1,768,588 | |||||||||||||||||||||||||||||||||||||||
CHS
|
130,831 | 170,919 | 190,052 | 221,411 | 176,144 | 239,073 | 244,027 | 291,283 | 197,839 | 197,839 | 230,812 | 230,812 | 230,812 | |||||||||||||||||||||||||||||||||||||||
Wet
Cake
|
10,026 | 19,067 | 20,771 | 9,898 | 17,322 | 11,520 | 10,178 | 12,826 | 27,529 | 29,495 | 34,411 | 34,411 | 34,411 | |||||||||||||||||||||||||||||||||||||||
Other
Checks in
|
1,155 | 1,684 | 366 | 75 | 321 | 1,030 | 3,265 | 468 | ||||||||||||||||||||||||||||||||||||||||||||
Sub
Total
|
4,127,075 | 3,931,796 | 4,635,609 | 4,707,346 | 4,957,369 | 5,427,508 | 6,103,420 | 6,606,829 | 6,680,375 | 6,358,053 | 6,521,424 | 6,757,368 | 6,803,312 | |||||||||||||||||||||||||||||||||||||||
Denaturant
|
32,222 | 63,105 | 32,146 | 32,047 | 48,851 | 30,704 | 65,880 | 39,100 | 41,003 | 47,836 | 47,836 | 47,836 | ||||||||||||||||||||||||||||||||||||||||
Chemicals/ingredients
|
63,820 | 179,186 | 23,694 | 33,919 | 37,079 | 22,631 | 166,187 | 109,822 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | |||||||||||||||||||||||||||||||||||||||
Electricity
|
147,664 | 100,663 | 300,289 | 92,682 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Payroll/Benefits
|
1,970 | 100,000 | 13,413 | 56,743 | 55,755 | 9,819 | 55,331 | 19,503 | 90,000 | 90,000 | ||||||||||||||||||||||||||||||||||||||||||
Natural
Gas
|
119,291 | 119,291 | 143,024 | 15,525 | 120,449 | 151,263 | 151,263 | 187,434 | 147,272 | 173,545 | 173,545 | 173,545 | 173,545 | |||||||||||||||||||||||||||||||||||||||
Corn
payments
|
1,330,000 | 940,000 | 1,270,000 | 1,130,000 | 885,000 | 1,240,000 | 1,095,000 | 1,250,000 | 1,483,790 | 1,271,820 | 1,483,790 | 1,483,790 | 1,483,790 | |||||||||||||||||||||||||||||||||||||||
Insurance/Taxes
|
25,393 | 36,283 | 1,440 | 25,393 | ||||||||||||||||||||||||||||||||||||||||||||||||
R&M/Supplies
|
84,586 | 19,114 | 43,615 | 21,542 | 1,971 | 16,108 | 45,900 | 53,817 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||||||||||||||||||||||||||
Marketing/Fillng
fees
|
48,112 | 3,500 | 41,432 | |||||||||||||||||||||||||||||||||||||||||||||||||
Professional
fees
|
2,411 | 22,787 | 8,129 | 14,000 | 1,778 | 76,387 | 89,511 | 41,000 | 94,000 | 0 | 0 | 71,000 | ||||||||||||||||||||||||||||||||||||||||
Interest/BB
paydown
|
174,455 | 653,618 | 174,455 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consultant
|
30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases/Rental
|
4,456 | 48,767 | 3,472 | 41,943 | 10,272 | 41,943 | 0 | 0 | 13,272 | |||||||||||||||||||||||||||||||||||||||||||
Miscellaneous
|
13,159 | 2,517 | 5,482 | 200 | 1,130 | 5,558 | 4,858 | 1,812 | 8,500 | 5,000 | 5,000 | 5,000 | 5,000 | |||||||||||||||||||||||||||||||||||||||
Sub
Total
|
1,645,048 | 1,514,639 | 1,633,887 | 1,398,866 | 1,176,295 | 1,874,523 | 1,627,070 | 1,870,461 | 2,065,588 | 2,592,123 | 1,797,866 | 1,987,866 | 2,098,024 | |||||||||||||||||||||||||||||||||||||||
End
Balance
|
2,482,027 | 2,417,157 | 3,001,722 | 3,308,479 | 3,781,074 | 3,552,985 | 4,476,349 | 4,736,368 | 4,614,787 | 3,765,930 | 4,723,557 | 4,769,501 | 4,705,288 | |||||||||||||||||||||||||||||||||||||||
Weekly
Cash Position
|
-11,382 | -64,870 | 584,565 | 306,757 | 472,595 | -228,089 | 923,364 | 260,019 | -121,581 | -848,857 | 957,627 | 45,944 | -64,214 | |||||||||||||||||||||||||||||||||||||||
Average
$/bu
|
$ | 3.34 | $ | 2.90 | $ | 3.08 | $ | 2.86 | $ | 3.28 | $ | 3.31 | $ | 3.53 | $ | 3.85 | $ | 3.85 | $ | 3.85 | $ | 3.85 | $ | 3.85 | $ | 3.85 | ||||||||||||||||||||||||||
Total
Bushels
|
398,442 | 324,013 | 412,537 | 394,763 | 269,748 | 374,599 | 310,105 | 385,000 | 385,000 | 330,000 | 385,000 | 385,000 | 385,000 | |||||||||||||||||||||||||||||||||||||||
Gallons
per bushel
|
2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | |||||||||||||||||||||||||||||||||||||||
Number
of Etoh gallons
|
1,111,653 | 903,996 | 1,150,978 | 1,101,389 | 752,597 | 1,045,131 | 865,192 | 1,074,150 | 1,074,150 | 920,700 | 1,074,150 | 1,074,150 | 1,074,150 | |||||||||||||||||||||||||||||||||||||||
Ethanol
price per gallon
|
$ | 1.57 | $ | 1.57 | $ | 1.57 | $ | 1.57 | $ | 1.75 | $ | 1.75 | $ | 1.75 | $ | 1.75 | $ | 1.75 | $ | 1.78 | $ | 1.78 | $ | 1.78 | $ | 1.78 | ||||||||||||||||||||||||||
Advance
Rate
|
$ | 1.60 | $ | 1.60 | $ | 1.60 | $ | 1.60 | $ | 1.60 | $ | 1.65 | $ | 1.65 | $ | 1.65 | $ | 1.65 | ||||||||||||||||||||||||||||||||||
RPMG
Proj/CBOT
|
$ | 1.87 | $ | 1.87 | $ | 1.87 | $ | 1.87 | $ | 1.87 | $ | 1.90 | $ | 1.90 | $ | 1.90 | $ | 1.90 | ||||||||||||||||||||||||||||||||||
Basis
|
$ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | |||||||||||||||||||||||||
Natural
gas
|
$ | 4.27 | $ | 4.27 | $ | 4.27 | $ | 4.27 | $ | 4.49 | $ | 4.49 | $ | 4.49 | $ | 4.49 | $ | 4.49 | $ | 5.29 | $ | 5.29 | $ | 5.29 | $ | 5.29 | ||||||||||||||||||||||||||
Transportation
|
$ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | ||||||||||||||||||||||||||||||||||
NYMEX
|
$ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 4.78 | $ | 4.78 | $ | 4.78 | $ | 4.78 | ||||||||||||||||||||||||||||||||||
Natural
Gas (use)
|
32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | |||||||||||||||||||||||||||||||||||||||||||
DDGS
(tons)
|
11,553 | 1,678 | 2,331 | 1,930 | 2,396 | 2,396 | 2,053 | 2,396 | 2,396 | 2,396 | ||||||||||||||||||||||||||||||||||||||||||
DDGS
$/ton
|
$ | 70.31 | $ | 70.30 | $ | 70.93 | $ | 75.67 | $ | 82.59 | $ | 82.59 | $ | 96.35 | $ | 96.35 | $ | 96.35 | $ | 96.35 | ||||||||||||||||||||||||||||||||
% of
Corn
|
60 | % | 60 | % | 60 | % | 60 | % | 60 | % | 70 | % | 70 | % | 70 | % | 70 | % | ||||||||||||||||||||||||||||||||||
Ton of corn
|
$ | 117 | $ | 118 | $ | 126 | $ | 138 | $ | 138 | $ | 138 | $ | 138 | $ | 138 | $ | 138 | ||||||||||||||||||||||||||||||||||
WDGS
$/ton
|
$ | - | $ | - | $ | - | $ | 21.27 | $ | 23.43 | $ | 23.64 | $ | 25.22 | $ | 27.53 | $ | 27.53 | $ | 34.41 | $ | 34.41 | $ | 34.41 | $ | 34.41 | ||||||||||||||||||||||||||
% of
Corn
|
20 | % | 20 | % | 20 | % | 20 | % | 20 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||||||||||||||||||||||||||||
WDGS
(tons)
|
3,501 | 714 | 1,000 | 1,000 | 1,000 | 1,000 | 857 | 1,000 | 1,000 | 1,000 |
Week
Ending:
|
4-Dec
|
11-Dec
|
18-Dec
|
25-Dec
|
1-Jan
|
8-Jan
|
15-Jan
|
22-Jan
|
29-Jan
|
5-Feb
|
12-Feb
|
19-Feb
|
26-Feb
|
|||||||||||||||||||||||||||||
Working
Days
|
7
|
6
|
7
|
7
|
6
|
7
|
7
|
7
|
6
|
7
|
7
|
7
|
6
|
Total's
|
||||||||||||||||||||||||||||
Opening
Balance
|
4,705,288 | 4,518,753 | 4,600,130 | 5,107,648 | 4,967,324 | 4,640,969 | 4,697,463 | 5,098,112 | 5,147,805 | 4,622,885 | 4,609,515 | 4,403,343 | 4,985,616 | |||||||||||||||||||||||||||||
Wires/ACH
in
|
520,483 | $ | 520,483.22 | |||||||||||||||||||||||||||||||||||||||
RPMG
|
1,707,979 | 1,463,982 | 2,261,090 | 1,707,979 | 1,430,768 | 1,669,229 | 2,203,385 | 1,669,229 | 1,430,768 | 1,664,261 | 1,664,261 | 2,302,306 | 1,426,510 | $ | 45,063,800.82 | |||||||||||||||||||||||||||
CHS
|
230,812 | 197,839 | 230,812 | 238,118 | 204,101 | 238,118 | 238,118 | 238,118 | 204,101 | 238,118 | 238,118 | 238,118 | 204,101 | $ | 5,690,446.60 | |||||||||||||||||||||||||||
Wet
Cake
|
34,411 | 29,495 | 34,411 | 35,500 | 30,429 | 35,500 | 35,500 | 35,500 | 30,429 | 35,500 | 35,500 | 35,500 | 30,429 | $ | 709,966.35 | |||||||||||||||||||||||||||
Other
Checks in
|
$ | 8,364.69 | ||||||||||||||||||||||||||||||||||||||||
Sub
Total
|
6,678,489 | 6,210,069 | 7,126,442 | 7,089,246 | 6,632,622 | 6,583,817 | 7,174,466 | 7,040,959 | 6,813,103 | 6,560,765 | 6,547,394 | 6,979,268 | 7,167,139 | $ | 51,993,061.68 | |||||||||||||||||||||||||||
Denaturant
|
48,194 | 41,309 | 48,194 | 48,194 | 41,784 | 48,748 | 48,748 | 48,748 | 41,784 | 49,301 | 49,301 | 49,301 | 42,258 | $ | 1,134,429.98 | |||||||||||||||||||||||||||
Chemicals/
ingredients
|
72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | 72,695 | $ | 1,944,847.63 | |||||||||||||||||||||||||||
Electricity
|
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | $ | 1,541,297.60 | |||||||||||||||||||||||||||||||||
Payroll/Benefits
|
90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | $ | 1,122,533.53 | |||||||||||||||||||||||||||||||||
Natural
Gas
|
204,114 | 204,114 | 204,114 | 204,114 | 214,151 | 214,151 | 214,151 | 214,151 | 214,151 | 248,493 | 281,293 | 314,093 | 346,893 | $ | 4,926,975.94 | |||||||||||||||||||||||||||
Corn
payments
|
1,483,790 | 1,271,820 | 1,483,790 | 1,530,760 | 1,312,080 | 1,530,760 | 1,530,760 | 1,530,760 | 1,312,080 | 1,530,760 | 1,530,760 | 1,530,760 | 1,312,080 | $ | 35,237,940.00 | |||||||||||||||||||||||||||
Insurance/Taxes
|
$ | 88,508.16 | ||||||||||||||||||||||||||||||||||||||||
R&M/Supplies
|
15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,001 | 15,002 | 15,003 | 15,004 | $ | 556,663.48 | |||||||||||||||||||||||||||
Marketing/Fillng
fees
|
41,432 | 50,639 | 50,639 | $ | 235,752.21 | |||||||||||||||||||||||||||||||||||||
Professional
fees
|
69,000 | 0 | 0 | 20,000 | 69,000 | 0 | 0 | 0 | 69,000 | 0 | 0 | 0 | 69,000 | $ | 717,003.47 | |||||||||||||||||||||||||||
Interest/BB
paydown
|
174,455 | 174,455 | 174,455 | $ | 1,525,891.09 | |||||||||||||||||||||||||||||||||||||
Consultant
|
30,000 | 30,000 | 30,000 | $ | 120,000.00 | |||||||||||||||||||||||||||||||||||||
Leases/Rental
|
41,943 | 0 | 0 | 10,272 | 41,943 | 0 | 0 | 6,800 | 45,415 | 0 | 0 | 6,800 | 3,472 | $ | 320,767.41 | |||||||||||||||||||||||||||
Miscellaneous
|
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | $ | 128,215.99 | |||||||||||||||||||||||||||
Sub
Total
|
2,159,737 | 1,609,939 | 2,018,794 | 2,121,921 | 1,991,653 | 1,886,354 | 2,076,354 | 1,893,154 | 2,190,218 | 1,951,250 | 2,144,051 | 1,993,652 | 2,281,495 | $ | 49,600,826.48 | |||||||||||||||||||||||||||
End
Balance
|
4,518,753 | 4,600,130 | 5,107,648 | 4,967,324 | 4,640,969 | 4,697,463 | 5,098,112 | 5,147,805 | 4,622,885 | 4,609,515 | 4,403,343 | 4,985,616 | 4,885,644 | $ | 4,885,644.20 | |||||||||||||||||||||||||||
Weekly
Cash
Position
|
-186,535 | 81,377 | 507,519 | -140,324 | -326,355 | 56,494 | 400,649 | 49,694 | -524,920 | -13,370 | -206,171 | 582,273 | -99,972 | |||||||||||||||||||||||||||||
Average
$/bu
|
$ | 3.85 | $ | 3.85 | $ | 3.85 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.98 | $ | 3.70 | ||||||||||||||
Total
Bushels
|
385,000 | 330,000 | 385,000 | 385,000 | 330,000 | 385,000 | 385,000 | 385,000 | 330,000 | 385,000 | 385,000 | 385,000 | 330,000 | 9,524,207 | ||||||||||||||||||||||||||||
Gallons
per bushel
|
2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | |||||||||||||||||||||||||||||
Number
of Etoh gallons
|
1,074,150 | 920,700 | 1,074,150 | 1,074,150 | 920,700 | 1,074,150 | 1,074,150 | 1,074,150 | 920,700 | 1,074,150 | 1,074,150 | 1,074,150 | 920,700 | |||||||||||||||||||||||||||||
Ethanol
price per gallon
|
$ | 1.72 | $ | 1.72 | $ | 1.72 | $ | 1.72 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | $ | 1.68 | ||||||||||||||||
Advance
Rate
|
$ | 1.59 | $ | 1.59 | $ | 1.59 | $ | 1.59 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | $ | 1.55 | ||||||||||||||||
RPMG
Proj/CBOT
|
$ | 1.84 | $ | 1.84 | $ | 1.84 | $ | 1.84 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | $ | 1.80 | ||||||||||||||||
Basis
|
$ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | |||
Natural
gas
|
$ | 6.22 | $ | 6.22 | $ | 6.22 | $ | 6.22 | $ | 6.53 | $ | 6.53 | $ | 6.53 | $ | 6.53 | $ | 6.53 | $ | 7.58 | $ | 8.58 | $ | 9.58 | $ | 10.58 | ||||||||||||||||
Transportation
|
$ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 1.51 | $ | 2.51 | $ | 3.51 | $ | 4.51 | ||||||||||||||||
NYMEX
|
$ | 5.71 | $ | 5.71 | $ | 5.71 | $ | 5.71 | $ | 6.02 | $ | 6.02 | $ | 6.02 | $ | 6.02 | $ | 6.02 | $ | 6.07 | $ | 6.07 | $ | 6.07 | $ | 6.07 | ||||||||||||||||
Natural
Gas (use)
|
32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | |||||||||||||||||||||||||||||
DDGS
(tons)
|
2,396 | 2,053 | 2,396 | 2,396 | 2,053 | 2,396 | 2,396 | 2,396 | 2,053 | 2,396 | 2,396 | 2,396 | 2,053 | |||||||||||||||||||||||||||||
DDGS
$/ton
|
$ | 96.35 | $ | 96.35 | $ | 96.35 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | $ | 99.40 | ||||||||||||||||
% of
Corn
|
70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | 70 | % | ||||||||||||||||
Ton
of corn
|
$ | 138 | $ | 138 | $ | 138 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | $ | 142 | ||||||||||||||||
WDGS
$/ton
|
$ | 34.41 | $ | 34.41 | $ | 34.41 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | $ | 35.50 | ||||||||||||||||
% of
Corn
|
25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||||||||||
WDGS
(tons)
|
1,000 | 857 | 1,000 | 1,000 | 857 | 1,000 | 1,000 | 1,000 | 857 | 1,000 | 1,000 | 1,000 | 857 |
Otter
Tail Ag Enterprises, LLC
Monthly
Cash-flow Statement
September
|
October
|
November
|
December
|
January
|
February
|
|||||||||||||||||||||||
Working
Days
|
27
|
33
|
27
|
27
|
33
|
27
|
Total's
|
|||||||||||||||||||||
Opening
Balance
|
2,493,409 | 3,308,479 | 4,614,787 | 4,705,288 | 4,967,324 | 4,622,885 | ||||||||||||||||||||||
Wires/ACH
in
|
0 | 0 | 0 | 520,483 | $ | 520,483.22 | ||||||||||||||||||||||
RPMG
|
6,231,255 | 8,687,420 | 7,543,380 | 7,141,030 | 8,403,379 | 7,057,338 | $ | 45,063,800.82 | ||||||||||||||||||||
CHS
|
713,213 | 1,148,366 | 890,274 | 897,580 | 1,122,557 | 918,456 | $ | 5,690,446.60 | ||||||||||||||||||||
Wet
Cake
|
59,762 | 79,375 | 132,727 | 133,816 | 167,357 | 136,929 | $ | 709,966.35 | ||||||||||||||||||||
Other
Checks in
|
3,280 | 5,085 | 0 | 0 | 0 | 0 | $ | 8,364.69 | ||||||||||||||||||||
Sub
Total
|
9,500,920 | 13,228,724 | 13,181,168 | 12,877,714 | 14,660,617 | 13,256,091 | $ | 51,993,061.68 | ||||||||||||||||||||
Denaturant
|
127,473 | 216,582 | 184,512 | 185,892 | 229,810 | 190,161 | $ | 1,134,429.98 | ||||||||||||||||||||
Chemicals/ingredients
|
300,619 | 408,414 | 290,780 | 290,780 | 363,475 | 290,780 | $ | 1,944,847.63 | ||||||||||||||||||||
Electricity
|
248,327 | 392,971 | 200,000 | 200,000 | 300,000 | 200,000 | $ | 1,541,297.60 | ||||||||||||||||||||
Payroll/Benefits
|
172,126 | 140,408 | 180,000 | 180,000 | 270,000 | 180,000 | $ | 1,122,533.53 | ||||||||||||||||||||
Natural
Gas
|
397,131 | 757,681 | 694,179 | 816,458 | 1,070,756 | 1,190,771 | $ | 4,926,975.94 | ||||||||||||||||||||
Corn
payments
|
4,670,000 | 5,953,790 | 5,723,190 | 5,770,160 | 7,216,440 | 5,904,360 | $ | 35,237,940.00 | ||||||||||||||||||||
Insurance/Taxes
|
0 | 88,508 | 0 | 0 | 0 | 0 | $ | 88,508.16 | ||||||||||||||||||||
R&M/Supplies
|
168,857 | 132,796 | 60,000 | 60,000 | 75,000 | 60,010 | $ | 556,663.48 | ||||||||||||||||||||
Marketing/Filing
fees
|
0 | 48,112 | 44,932 | 41,432 | 50,639 | 50,639 | $ | 235,752.21 | ||||||||||||||||||||
Professional
fees
|
33,327 | 222,677 | 165,000 | 89,000 | 138,000 | 69,000 | $ | 717,003.47 | ||||||||||||||||||||
Interest/BB
paydown
|
0 | 174,455 | 828,073 | 174,455 | 174,455 | 174,455 | $ | 1,525,891.09 | ||||||||||||||||||||
Consultant
|
0 | 0 | 30,000 | 30,000 | 30,000 | 30,000 | $ | 120,000.00 | ||||||||||||||||||||
Leases/Rental
|
53,223 | 55,686 | 55,215 | 52,215 | 94,158 | 10,272 | $ | 320,767.41 | ||||||||||||||||||||
Miscellaneous
|
21,358 | 21,858 | 20,000 | 20,000 | 25,000 | 20,000 | $ | 128,215.99 | ||||||||||||||||||||
Sub
Total
|
6,192,440 | 8,613,937 | 8,475,880 | 7,910,390 | 10,037,732 | 8,370,447 | $ | 49,600,826.48 | ||||||||||||||||||||
End
Balance
|
3,308,479 | 4,614,787 | 4,705,288 | 4,967,324 | 4,622,885 | 4,885,644 | $ | 4,885,644.20 | ||||||||||||||||||||
Monthly
Cash Position
|
815,070 | 1,306,308 | 90,501 | 262,036 | -344,439 | 262,759 | ||||||||||||||||||||||
Average
$/bu
|
$ | 3.05 | $ | 3.45 | $ | 3.85 | $ | 3.89 | $ | 3.98 | $ | 3.98 | $ | 3.70 | ||||||||||||||
Total
Bushels
|
1,529,755 | 1,724,452 | 1,485,000 | 1,485,000 | 1,815,000 | 1,485,000 | 9,524,207 | |||||||||||||||||||||
Gallons
per bushel
|
2.79 | 2.79 | 2.79 | 2.79 | 2.79 | 2.79 | ||||||||||||||||||||||
Number
of Etoh gallons
|
4,268,016 | 4,811,221 | 4,143,150 | 4,143,150 | 5,063,850 | 4,143,150 | ||||||||||||||||||||||
Ethanol
price per gallon
|
$ | 1.57 | $ | 1.75 | $ | 1.78 | $ | 1.72 | $ | 1.68 | $ | 1.68 | ||||||||||||||||
RPMG
Proj/CBOT
|
$ | 1.87 | $ | 1.90 | $ | 1.84 | $ | 1.80 | $ | 1.80 | ||||||||||||||||||
Basis
|
$ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.12 | ) | |||||||||||||
Natural
gas
|
$ | 4.40 | $ | 4.49 | $ | 5.29 | $ | 6.22 | $ | 6.22 | $ | 7.58 | ||||||||||||||||
Transportation
|
$ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 0.51 | $ | 1.51 | ||||||||||||||||||
NYMEX
|
$ | 3.98 | $ | 4.78 | $ | 5.71 | $ | 6.02 | $ | 6.07 | ||||||||||||||||||
Natural
Gas (use)
|
- | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | ||||||||||||||||||||||
DDGS
(tons)
|
9,518 | 10,730 | 9,240 | 9,240 | 11,293 | 9,240 | ||||||||||||||||||||||
DDGS
$/ton
|
$ | - | $ | 73.98 | $ | 96.35 | $ | 97.14 | $ | 99.40 | $ | 99.40 | ||||||||||||||||
% of
Corn
|
60 | % | 70 | % | 70 | % | 70 | % | 70 | % | ||||||||||||||||||
Ton
of corn
|
$ | 109 | $ | 123 | $ | 138 | $ | 139 | $ | 142 | $ | 142 | ||||||||||||||||
WDGS
$/ton
|
$ | - | $ | 24.66 | $ | 34.41 | $ | 34.69 | $ | 35.50 | $ | 35.50 | ||||||||||||||||
% of
Corn
|
20 | % | 25 | % | 25 | % | 25 | % | 25 | % | ||||||||||||||||||
WDGS
(tons)
|
3,857
|
4,714 | 3,857 | 3,857 | 4,714 | 3,857 |