U.S. DDGS exports could expand 28 percent in 2018 along with a moderate increase in prices. Favorable changes in geopolitics, including China’s reduction in value-added tax (VAT) levels for U.S. DDGS and Vietnam’s relaxation of phytosanitary restrictions, as well as expectations for strong U.S. ethanol margins and international demand drive the bulk of this analyst’s forecast. DDGS exports have been a boon for the U.S. ethanol industry in recent years, providing a valuable outlet for a key coproduct of ethanol production. The ability to sell DDGS to markets outside the U.S. has been critical for maintaining the profitability of ethanol plants’ production, especially as the industry faces the blend wall. Accordingly,...