Granite Falls Energy (GFGY) 10-Q 14 Jun 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 30, 2021	Jun. 14, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Apr. 30, 2021
Entity Registrant Name	Granite Falls Energy, LLC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,606
Current Fiscal Year End Date	--10-31
Entity Central Index Key	0001181749
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Current Assets
Cash	$ 6,133,993	$ 11,423,427
Restricted cash	3,505,268	2,156,694
Accounts receivable	6,015,361	3,386,068
Inventory	16,654,492	13,791,805
Commodity derivative instruments	325,238	56,050
Prepaid expenses and other current assets	1,691,387	901,384
Total current assets	34,325,739	31,715,428
Property and Equipment, net	52,848,924	54,965,983
Investments	10,709,390	9,799,384
Operating lease right of use asset	17,551,426	19,383,654
Other Assets	333,254	333,254
Total Assets	115,768,733	116,197,703
Current Liabilities
Checks drawn in excess of bank balances	1,040,874	692,984
Current maturities of long-term debt	2,094,468	12,954,538
Accounts payable	6,796,811	12,294,097
Commodity derivative instruments	1,358,388	816,478
Accrued expenses	1,288,633	865,883
Operating lease, current liabilities	3,601,381	3,628,259
Total current liabilities	16,180,555	31,252,239
Long-Term Debt, less current portion	18,133,212	5,876,318
Operating lease, long-term liabilities	13,950,045	15,755,395
Other Long-Term Liabilities	1,444,886	1,421,924
Commitments and Contingencies
Members' Equity
Members' equity attributable to Granite Falls Energy, LLC consists of 30,606 units authorized, issued and outstanding at April 30, 2021 and October 31, 2020	56,996,655	52,111,525
Non-controlling interest	9,063,380	9,780,302
Total members' equity	66,060,035	61,891,827
Total Liabilities and Members' Equity	$ 115,768,733	$ 116,197,703

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Apr. 30, 2021	Oct. 31, 2020
Condensed Consolidated Balance Sheets
Common Units Authorized	30,606	30,606
Common Units Issued	30,606	30,606
Common Units Outstanding	30,606	30,606

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Condensed Consolidated Statements of Operations
Revenues	$ 74,040,361	$ 33,106,922	$ 123,438,747	$ 86,463,248
Cost of Goods Sold	65,067,234	45,653,163	117,855,530	99,951,982
Gross Profit (Loss)	8,973,127	(12,546,241)	5,583,217	(13,488,734)
Operating Expenses	2,002,801	1,909,655	3,997,038	3,683,343
Operating Income (Loss)	6,970,326	(14,455,896)	1,586,179	(17,172,077)
Other Income (Expense)
Other income, net	1,611,968	207,581	1,755,425	207,527
Interest income	1,292	8,191	2,603	43,669
Interest expense	(202,452)	(113,114)	(368,907)	(217,112)
Investment income (loss)	1,078,453	(690,174)	1,192,908	(591,489)
Total other income (expense), net	2,489,261	(587,516)	2,582,029	(557,405)
Net Income (Loss)	9,459,587	(15,043,412)	4,168,208	(17,729,482)
Less: Net (Income) Loss Attributable to Non-controlling Interest	(1,323,603)	3,160,225	716,922	4,345,596
Net Income (Loss) Attributable to Granite Falls Energy, LLC	$ 8,135,984	$ (11,883,187)	$ 4,885,130	$ (13,383,886)
Weighted Average Units Outstanding - Basic and Diluted	30,606	30,606	30,606	30,606
Net Income (Loss) Per Unit - Basic and Diluted	$ 265.83	$ (388.26)	$ 159.61	$ (437.30)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Members’ Equity - USD ($)	Members' Equity attributable to Granite Falls Energy, LLC	Non-controlling Interest	Total
Balance - at Oct. 31, 2019	$ 65,468,635	$ 19,215,914	$ 84,684,549
Changes in Members' Equity
Acquisition of non-controlling interest	(78,817)	(2,146,183)	(2,225,000)
Net income (loss) attributable to non-controlling interest		(1,185,371)	(1,185,371)
Net income (loss) attributable to Granite Falls Energy, LLC	(1,500,699)		(1,500,699)
Balance - at Jan. 31, 2020	63,889,119	15,884,360	79,773,479
Balance - at Oct. 31, 2019	65,468,635	19,215,914	84,684,549
Changes in Members' Equity
Net income (loss) attributable to Granite Falls Energy, LLC			(13,383,886)
Balance - at Apr. 30, 2020	52,005,932	12,724,135	64,730,067
Balance - at Jan. 31, 2020	63,889,119	15,884,360	79,773,479
Changes in Members' Equity
Net income (loss) attributable to non-controlling interest		(3,160,225)	(3,160,225)
Net income (loss) attributable to Granite Falls Energy, LLC	(11,883,187)		(11,883,187)
Balance - at Apr. 30, 2020	52,005,932	12,724,135	64,730,067
Balance - at Oct. 31, 2020	52,111,525	9,780,302	61,891,827
Changes in Members' Equity
Net income (loss) attributable to non-controlling interest		(2,040,525)	(2,040,525)
Net income (loss) attributable to Granite Falls Energy, LLC	(3,250,854)		(3,250,854)
Balance - at Jan. 31, 2021	48,860,671	7,739,777	56,600,448
Balance - at Oct. 31, 2020	52,111,525	9,780,302	61,891,827
Changes in Members' Equity
Net income (loss) attributable to Granite Falls Energy, LLC			4,885,130
Balance - at Apr. 30, 2021	56,996,655	9,063,380	66,060,035
Balance - at Jan. 31, 2021	48,860,671	7,739,777	56,600,448
Changes in Members' Equity
Net income (loss) attributable to non-controlling interest		1,323,603	1,323,603
Net income (loss) attributable to Granite Falls Energy, LLC	8,135,984		8,135,984
Balance - at Apr. 30, 2021	$ 56,996,655	$ 9,063,380	$ 66,060,035

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Cash Flows from Operating Activities
Net income (loss)	$ 4,168,208	$ (17,729,482)
Adjustments to reconcile net income (loss) to net cash used in operations:
Depreciation and amortization	3,840,675	4,690,652
Paycheck Protection Program loan forgiveness income	(1,299,593)
Change in fair value of derivative instruments	6,794,000	1,140,186
Loss (gain) on equity method investments	(1,192,908)	591,489
Return on investment	282,902
Loss on disposal of assets	21,728
Changes in operating assets and liabilities:
Commodity derivative instruments	(6,521,278)	(434,707)
Accounts receivable	(2,629,293)	7,268,102
Inventory	(2,862,687)	267,663
Prepaid expenses and other current assets	(790,003)	(558,117)
Accounts payable	(3,356,661)	(9,390,656)
Accrued expenses	422,750	1,688,599
Accrued railcar rehabilitation costs	22,962	22,962
Net Cash Used In Operating Activities	(3,099,198)	(12,443,309)
Cash Flows from Investing Activities
Payments for capital expenditures	(3,885,969)	(613,867)
Net Cash Used in Investing Activities	(3,885,969)	(613,867)
Cash Flows from Financing Activities
Checks drawn in excess of bank balance	347,890	807,756
Proceeds from Paycheck Protection Program loans	1,299,593	1,299,593
Proceeds from long-term debt	8,752,196	17,786,740
Payments on long-term debt	(7,355,372)	(12,191,374)
Acquisition of non-controlling interest		(2,000,000)
Net Cash Provided by Financing Activities	3,044,307	5,702,715
Net Decrease in Cash and Restricted Cash	(3,940,860)	(7,354,461)
Cash and Restricted Cash - Beginning of Period	13,580,121	13,574,290
Cash and Restricted Cash - End of Period	9,639,261	6,219,829
Cash paid during the period for:
Interest expense	$ 377,867	217,112
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Capital expenditures and construction in process included in accounts payable		$ 13,487

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Apr. 30, 2021	Oct. 31, 2020	Apr. 30, 2020	Oct. 31, 2019
Reconciliation of Cash and Restricted Cash
Cash - Balance Sheet	$ 6,133,993	$ 11,423,427	$ 5,868,761
Restricted Cash - Balance Sheet	3,505,268	2,156,694	351,068
Cash and Restricted Cash	$ 9,639,261	$ 13,580,121	$ 6,219,829	$ 13,574,290

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Granite Falls Energy, LLC (“GFE”) is a Minnesota limited liability company currently producing fuel-grade ethanol, distillers' grains, and crude corn oil near Granite Falls, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States and on the international market. GFE's plant has an approximate annual production capacity of 60 million gallons, but is currently permitted to produce up to 70 million gallons of undenatured ethanol on a twelve-month rolling sum basis. Additionally, GFE owns a majority interest in Heron Lake BioEnergy, LLC (“HLBE”). HLBE is a Minnesota limited liability company currently producing fuel-grade ethanol, distillers' grains, and crude corn oil near Heron Lake, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States. HLBE's plant has an approximate annual production capacity of 60 million gallons, but is permitted to produce approximately 72.3 million gallons of undenatured ethanol on a twelve-month rolling sum basis. Additionally, HLBE, through a wholly owned subsidiary, Agrinatural Gas, LLC (“Agrinatural”), operates a natural gas pipeline that provides natural gas to HLBE's ethanol production facility and other customers. All references to “we”, “us”, “our”, and the “Company” collectively refer to GFE and its wholly-owned and majority-owned subsidiaries. Basis of Presentation and Principles of Consolidation The condensed consolidated unaudited financial statements as of April 30, 2021 consolidate the operating results and financial position of GFE, and its approximately 50.7% owned subsidiary, HLBE (through GFE's 100% ownership of Project Viking, LLC). Given the Company’s control over the operations of HLBE and its majority voting interest, the Company consolidates the condensed consolidated unaudited financial statements of HLBE with GFE's condensed consolidated unaudited financial statements. The remaining 49.3% ownership of HLBE is included in the condensed consolidated unaudited financial statements as a non-controlling interest. HLBE, through its wholly owned subsidiary, HLBE Pipeline Company, LLC, owned approximately 73% of Agrinatural through December 11, 2019 when the remaining non-controlling interest was acquired. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company’s audited consolidated financial statements for the year ended October 31, 2020, contained in the Company’s annual report on Form 10-K. In the opinion of management, the condensed consolidated unaudited financial statements reflect all adjustments consisting of normal recurring accruals that we consider necessary to present fairly the Company’s results of operations, financial position and cash flows. The results reported in these condensed consolidated unaudited financial statements should not be regarded as necessarily indicative of results that may be expected for any other fiscal period or for the fiscal year. Reportable Operating Segments Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” establishes the standards for reporting information about segments in financial statements. Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Therefore, in applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at GFE’s ethanol plant and HLBE’s plant, including the production and sale of ethanol and its co-products, are aggregated into one reporting segment. Additionally, the Company also realizes relatively immaterial revenue from natural gas pipeline operations at Agrinatural, HLBE’s owned subsidiary. Before and after accounting for intercompany eliminations, these revenues from Agrinatural represent approximately 1-2% of our consolidated revenues and have little to no impact on the overall performance of the Company. Therefore, the Company does not separately review Agrinatural’s revenues, cost of sales or other operating performance information. Rather, the Company reviews Agrinatural’s natural gas pipeline financial data on a consolidated basis with the Company’s ethanol production operating segment. The Company believes that the presentation of separate operating performance information for Agrinatural’s natural gas pipeline operations would not provide meaningful information to a reader of the Company’s consolidated financial statements and would not achieve the basic principles and objectives of ASC 280. Accounting Estimates Management uses estimates and assumptions in preparing these condensed consolidated unaudited financial statements in accordance with generally accepted accounting principles in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The Company uses estimates and assumptions in accounting for the following significant matters, among others: economic lives of property and equipment, valuation of commodity derivatives, inventory, inventory purchase and sale commitments, evaluation of railcar rehabilitation costs, the assumptions used in the impairment analysis of long-lived assets, and evaluation of going concern. Actual results may differ from previously estimated amounts, and such differences may be material to our condensed consolidated unaudited financial statements. The Company periodically reviews estimates and assumptions, and the effects of revisions are reflected in the period in which the revision is made. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Our contracts primarily consist of agreements with marketing companies and other customers as described below. Our performance obligations consist of the delivery of ethanol, distillers' grains, and corn oil to our customers. Our customers primarily consist of two distinct marketing companies as described below. The consideration we receive for these products reflects an amount the Company expects to be entitled to in exchange for these products based on current observable market prices at the Chicago Mercantile Exchange, generally, and adjusted for local market differentials. Our contracts have specific delivery modes, rail or truck, and dates. Revenue is recognized when the Company delivers the products to the mode of transportation specified in the contract, at the transaction price established in the contract, net of commissions, fees, and freight. We sell each of the products via different marketing channels as described below. · Ethanol. The Company sells its ethanol via a marketing agreement with Eco-Energy, Inc. Eco-Energy sells one hundred percent of the Company's ethanol production based on agreements with end users at prices agreed upon mutually among the end user, Eco-Energy and the Company. Our performance obligations consist of our obligation to deliver ethanol to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. The marketing agreement calls for control and title to pass to Eco-Energy once a rail car is released to the railroad or a truck is released from the Company's scales. Revenue is recognized then at the price in the agreement with the end user, net of commissions, freight, and fees. · Distillers’ grains. The Company engages another third-party marketing company, RPMG, Inc., to sell one hundred percent of the distillers grains it produces at the plant. RPMG takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon between RPMG and the Company. Our performance obligations consist of our obligation to deliver corn oil to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. Revenue is recognized net of commissions, freight and fees. · Distillers’ corn oil (corn oil). The Company sells one hundred percent of its corn oil production to RPMG, Inc. The process for selling corn oil is the same as our distillers’ grains. RPMG takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon between RPMG and the Company. Our performance obligations consist of our obligation to deliver corn oil to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. Revenue is recognized net of commissions, freight and fees. Inventory Inventory is stated at the lower of cost or net realizable value. Cost for all inventories is determined using the first in first out method. Net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. Inventory consists of raw materials, work in process, finished goods, and supplies. Corn is the primary raw material along with other raw materials. Finished goods consist of ethanol, distillers' grains, and corn oil. Derivative Instruments From time to time the Company enters into derivative transactions to hedge its exposures to commodity price fluctuations. The Company is required to record these derivatives on the balance sheets at fair value. In order for a derivative to qualify as a hedge, specific criteria must be met and appropriate documentation maintained. Gains and losses from derivatives that do not qualify as hedges, or are undesignated, must be recognized immediately in earnings. If the derivative does qualify as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will be either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Changes in the fair value of undesignated derivatives are recorded in earnings. Additionally, the Company is required to evaluate its contracts to determine whether the contracts are derivatives. Certain contracts that literally meet the definition of a derivative may be exempted as “normal purchases or normal sales”. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from accounting and reporting requirements, and therefore, are not marked to market in our condensed consolidated unaudited financial statements. In order to reduce the risks caused by market fluctuations, the Company occasionally hedges its anticipated corn, natural gas, and denaturant purchases and ethanol sales by entering into options and futures contracts. These contracts are used with the intention to fix the purchase price of anticipated requirements for corn in the Company's ethanol production activities and the related sales price of ethanol. The fair value of these contracts is based on quoted prices in active exchange-traded or over-the-counter market conditions. Although the Company believes its commodity derivative positions are economic hedges, none have been formally designated as a hedge for accounting purposes and derivative positions are recorded on the balance sheet at their fair market value, with changes in fair value recognized in current period earnings or losses. The Company does not enter into financial instruments for trading or speculative purposes. The Company has adopted authoritative guidance related to “Derivatives and Hedging,” and has included the required enhanced quantitative and qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses from derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. See further discussion in Note 5. Investments The Company has investment interests in two companies in related industries. The investments are accounted for by the equity method, under which the Company’s share of the net income of the investee is recognized as income in the Company’s Condensed Consolidated Statements of Operations and added to the investment account, and distributions received from the affiliates are treated as a reduction of the investment.

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	6 Months Ended
	Apr. 30, 2021
RISKS AND UNCERTAINTIES
RISKS AND UNCERTAINTIES	2. RISKS AND UNCERTAINTIES The Company has certain risks and uncertainties that it experiences during volatile market conditions. These volatilities can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol, distillers' grains, corn oil, and natural gas to customers primarily located in the United States. Corn for the production process is supplied to our plant primarily from local agricultural producers and from purchases on the open market. Ethanol sales typically average 75% - 90% of total revenues and corn costs typically average 65% - 85% of cost of goods sold. The Company's operating and financial performance is largely driven by the prices at which they sell ethanol and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, the weather, government policies and programs, and unleaded gasoline prices and the petroleum markets as a whole. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company’s largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, the weather, government policies and programs, and a risk management program used to protect against the price volatility of these commodities. Market fluctuations in the price of and demand for these products may have further significant adverse effects on the Company’s operations, profitability and the availability and adequacy of cash flow to meet the Company’s working capital requirements. The Company’s risk management program is used to protect against the price volatility of these commodities. The Company, and the ethanol industry as a whole, experienced significant adverse conditions throughout most of 2020 and into 2021 as a result of industry-wide record low ethanol prices due to reduced demand and high industry inventory levels, which were compounded by the impact of the novel coronavirus ("COVID-19"). These factors resulted in prolonged negative operating margins, significantly lower cash flow from operations and substantial net losses. As a result, as of the three months ended January 30, 2021 and the fiscal year ended October 31, 2020, HLBE was not in compliance with its working capital and net worth covenant requirements, for which a waiver was obtained. HLBE was in compliance with its working capital and net worth covenant requirements as of April 30, 2021 and expects future compliance during the next twelve months. GFE was in compliance with its working capital covenant requirement as of April 30, 2021. We expect to have sufficient cash on hand and availability on our credit facilities and other loans to fund our operations and commitments for at least the next twelve months from the issuance date of these unaudited consolidated financial statements. However, should unfavorable operating conditions continue in the ethanol industry that prevent us from profitably operating our plant, we may need to seek additional debt or equity funding or further idle ethanol production altogether. The Company is working toward a merger with HLBE, the Company’s majority owned subsidiary. Pursuant to a Merger Agreement, the Company would acquire the minority ownership interest of HLBE for $14 million, or approximately $0.36405 per unit, and the Company would become the sole owner of HLBE. Management believes the merger would provide HLBE with additional financial resources to assist HLBE’s continued operations and would thereby protect the Company’s investment in HLBE. The Merger is subject to approval by the minority interest unitholders of HLBE. A special meeting of the members of HLBE is expected to be held in summer 2021 to vote on the proposed merger. If approved by the minority unitholders, the merger is expected to close following the special meeting.

REVENUE

REVENUE	6 Months Ended
	Apr. 30, 2021
REVENUE
REVENUE	3. REVENUE Revenue by Source All revenues from contracts with customers under ASC Topic 606 are recognized at a point in time. The following table disaggregates revenue by major source for the three and six months ended April 30, 2021 and 2020: Three Months Ended April 30, 2021 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Three Months Ended April 30, 2020 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Six Months Ended April 30, 2021 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Six Months Ended April 30, 2020 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Payment Terms The Company has contractual payment terms with each respective marketer that sells ethanol, distillers’ grains and corn oil. These terms are 10 calendar days after the transfer of control date. The Company has contractual payment terms with natural gas customers of 20 days. Shipping and Handling Costs Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of goods sold. Accordingly, amounts billed to customers for such costs are included as a component of revenue.

INVENTORY

INVENTORY	6 Months Ended
	Apr. 30, 2021
INVENTORY
INVENTORY	4. INVENTORY Inventories consist of the following: April 30, 2021 October 31, 2020 (unaudited) Raw materials $ 4,128,930 $ 4,893,502 Supplies 3,450,512 3,070,458 Work in process 1,966,128 1,480,871 Finished goods 7,108,922 4,346,974 Totals $ 16,654,492 $ 13,791,805 The Company performs a lower of cost or net realizable value analysis on inventory to determine if the net realizable values of certain inventories are less than their carrying value, which is attributable primarily to decreases in market prices of corn and ethanol. Based on the lower of cost or net realizable value analysis, as a component of cost of goods sold, the Company recorded a loss on ethanol inventories of approximately $0 and $949,000 for the three months ended April 30, 2021 and 2020, respectively, and approximately $0 and $2,151,000 for the six months ended April 30, 2021 and 2020, respectively. Based on the lower of cost or net realizable value analysis, as a component of cost of goods sold, the Company recorded a loss on corn inventories of approximately $0 and $1,087,000 for the three months ended April 30, 2021 and 2020, respectively, and approximately $0 and $1,213,000 for the six months ended April 30, 2021 and 2020, respectively.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Apr. 30, 2021
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	5. DERIVATIVE INSTRUMENTS As of April 30, 2021, the total notional amount of GFE’s outstanding corn derivative instruments was approximately 2,710,000 bushels, comprised of long corn futures positions on 180,000 bushels that were entered into to hedge forecasted ethanol sales through July 2021, and short corn futures positions on 2,530,000 bushels that were entered into to hedge forecasted corn purchases through December 2022. Additionally, there are corn options positions of 6,920,000 bushels through September 2021. There may be offsetting positions that are not shown on a net basis that could lower the notional amount of positions outstanding. As of April 30, 2021, the total notional amount of HLBE’s outstanding corn derivative instruments was approximately 2,100,000 bushels, comprised of long corn futures positions on 800,000 bushels that were entered into to hedge forecasted ethanol sales through July 2021, and short corn futures positions on 1,300,000 bushels that were entered into to hedge forecasted corn purchases through July 2022. Additionally, there are corn options positions of 5,120,000 bushels through September 2021. There may be offsetting positions that are not shown on a net basis that could lower the notional amount of positions outstanding. As of April 30, 2021, GFE had approximately $2,858,000 of cash collateral (restricted cash) related to derivatives held by a broker. As of April 30, 2021, HLBE had approximately $647,000 of cash collateral (restricted cash) related to derivatives held by a broker. The following tables provide details regarding the Company's derivative instruments at April 30, 2021, none of which were designated as hedging instruments: Consolidated Balance Sheet Location Assets Liabilities Corn contracts - GFE Commodity derivative instruments — 1,358,388 Corn contracts - HLBE Commodity derivative instruments 325,238 — Totals $ 325,238 $ 1,358,388 As of October 31, 2020, the total notional amount of GFE’s outstanding corn derivative instruments was approximately 4,275,000 bushels, comprised of long corn futures positions on 760,000 bushels that were entered into to hedge forecasted ethanol sales through March 2021, and short corn futures positions on 3,515,000 bushels that were entered into to hedge forecasted corn purchases through December 2022 and are directly related to corn forward contracts. Additionally, there are corn options positions of 1,920,000 bushels through March 2021. There may be offsetting positions that are not shown on a net basis that could lower the notional amount of positions outstanding. As of October 31, 2020, GFE had approximately $1,643,000 of cash collateral (restricted cash) related to derivatives held by a broker. As of October 31, 2020, the total notional amount of HLBE’s outstanding corn derivative instruments was approximately 2,095,000 bushels, comprised of long corn futures positions on 325,000 bushels that were entered into to hedge forecasted ethanol sales through March 2021, and short corn futures positions on 1,770,000 bushels that were entered into to hedge forecasted corn purchases through July 2022 and are directly related to corn forward contracts. Additionally, there are corn options positions of 1,380,000 bushels through March 2021. There may be offsetting positions that are not shown on a net basis that could lower the notional amount of positions outstanding. As of October 31, 2020, HLBE had approximately $514,000 in cash collateral (restricted cash) related to derivatives held by a broker. The following tables provide details regarding the Company’s derivative instruments at October 31, 2020, none of which were designated as hedging instruments: Consolidated Balance Sheet Location Assets Liabilities Corn contracts - GFE Commodity derivative instruments $ — $ 642,550 Corn contracts - HLBE Commodity derivative instruments — 173,928 Ethanol contracts - GFE Commodity derivative instruments 40,900 — Ethanol contracts - HLBE Commodity derivative instruments 15,150 — Totals $ 56,050 $ 816,478 The following tables provide details regarding the gains (losses) from Company's derivative instruments in the consolidated statements of operations, none of which are designated as hedging instruments: Consolidated Statement Three Months Ended April 30, Six Months Ended April 30, of Operations Location 2021 2020 2021 2020 Corn contracts Cost of Goods Sold $ (1,071,154) $ (563,645) $ (6,965,012) $ (723,863) Ethanol contracts Revenues 57,074 (205,930) 171,012 (416,323) Total loss $ (1,014,080) $ (769,575) $ (6,794,000) $ (1,140,186)

FAIR VALUE

FAIR VALUE	6 Months Ended
	Apr. 30, 2021
FAIR VALUE
FAIR VALUE	6. FAIR VALUE The following table sets forth, by level, the Company assets that were accounted for at fair value on a recurring basis at April 30, 2021: Fair Value Measurement Using Quoted Prices Significant Other Significant Carrying Amount in in Active Markets Observable Inputs Unobservable Inputs Financial Assets: Consolidated Balance Sheet Fair Value (Level 1) (Level 2) (Level 3) Commodity Derivative instruments - Corn $ 325,238 ​ $ 325,238 ​ $ 325,238 $ — $ — Financial Liabilities: Commodity Derivative instruments - Corn $ 1,358,388 ​ $ 1,358,388 ​ $ 1,358,388 ​ $ — $ — Accounts Payable (1) $ 69,506 ​ $ 69,506 ​ $ — ​ $ 69,506 $ — The following table provides information on those derivative assets and liabilities measured at fair value on a recurring basis at October 31, 2020: Fair Value Measurement Using Quoted Prices Significant Other Significant Carrying Amount in in Active Markets Observable Inputs Unobservable Inputs Financial Assets: Consolidated Balance Sheet Fair Value (Level 1) (Level 2) (Level 3) Commodity Derivative Instruments - Ethanol $ 56,050 $ 56,050 $ 56,050 $ — $ — Financial Liabilities: Commodity Derivative Instruments - Corn $ 816,478 $ 816,478 $ 816,478 $ — $ — Accounts Payable (1) $ 792,795 $ 792,795 $ — $ 792,795 $ — (1) Accounts payable is generally stated at historical amounts with the exception of amounts in this table related to certain delivered inventory for which the payable fluctuates based on the changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. The Company determines the fair value of commodity derivative instruments by obtaining fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the Chicago Board of Trade market and New York Mercantile Exchange. We determine the fair value Level 2 accounts payable based on nearby futures values, plus or minus nearby basis.

DEBT FACILITIES

DEBT FACILITIES	6 Months Ended
	Apr. 30, 2021
DEBT FACILITIES
DEBT FACILITIES	7. DEBT FACILITIES Debt financing consists of the following: April 30, 2021 October 31, 2020 (unaudited) GRANITE FALLS ENERGY: Revolving term loan, see terms below. $ 112,445 $ — Term note payable to Project Hawkeye, see terms below. 5,803,571 6,339,286 SBA Paycheck Protection Program loan 703,900 703,900 HERON LAKE BIOENERGY: Amended revolving term note payable to lending institution, see terms below. 10,005,520 7,891,426 Single advance term note payable to lending institution, see terms below. 2,700,000 3,000,000 Short term revolving note, see notes below 6,000 — Assessment payable as part of water treatment agreement, due in semi-annual installments of $189,393 with interest at 6.55%, enforceable by statutory lien, with the final payment due in October 2021. HLBE made deposits for one years' worth of debt service payments of approximately $364,000, which is included with other current assets that are held on deposit to be applied with the final payments of the assessment. 300,551 300,551 SBA Paycheck Protection Program Loan 595,693 595,693 Totals 20,227,680 18,830,856 Less: amounts due within one year 2,094,468 12,954,538 Net long-term debt $ 18,133,212 $ 5,876,318 Granite Falls Energy Revolving Term Loan GFE has a credit facility with a lender in the form of a revolving term loan in the amount of $11,000,000 that will expire on October 20, 2024. The credit facility also requires GFE to comply with certain financial covenants at various times calculated monthly, quarterly or annually, including a restriction of the payment of dividends and maintenance of certain financial ratios including minimum working capital, minimum net worth and a debt service coverage ratio as defined by the credit facility. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of the outstanding principal balances on the revolving term loan and/or the imposition of fees, charges or penalties The credit facility is secured by substantially all assets of GFE. There are no savings account balance collateral requirements as part of this credit facility. Interest on the revolving term accrues at a variable weekly rate equal to 3.25% above the higher of 0.00% or One Month London Interbank Offered Rate (“LIBOR”) Index Rate, which totaled 3.37% at April 30, 2021. GFE also agreed to pay an unused commitment fee on the unused available portion of the revolving term loan commitment at the rate of 0.500% per annum, payable monthly in arrears. Project Hawkeye Loan On August 2, 2017, GFE entered into a replacement credit facility with Project Hawkeye. The terms of the replacement credit facility allow GFE to borrow up to $7.5 million of variable-rate, amortizing non-recourse debt from Project Hawkeye using the GFE’s $7.5 million investment in Ringneck Energy & Feed, LLC (“Ringneck”), as collateral. The Project Hawkeye loan bears interest from date funds are first advanced on the loan through maturity, at a rate per annum equal to the sum of the One Month LIBOR Index Rate plus 3.05% per annum, with an interest rate floor of 3.55%, which equated to 3.55% at April 30, 2021 and October 31, 2020. The Project Hawkeye loan requires annual interest payments only for the first two years of the loan and monthly principal and interest payments for years three through nine based on a seven- year amortization period. The monthly amortized payments will be re-amortized following any change in interest rate. The entire outstanding principal balance of the loan, plus any accrued and unpaid interest thereon, is due and payable in full on August 2, 2026. GFE is permitted to voluntarily prepay all or any portion of the outstanding balance of this loan at any time without premium or penalty. Pursuant to a pledge agreement entered into in connection with the Project Hawkeye loan, GFE’s obligations are secured by all of its right, title, and interest in its investment in Ringneck, including the 1,500 units subscribed for by GFE. The loan is non-recourse to all of GFE’s other assets, meaning that in the event of default, the only remedy available to Project Hawkeye will be to foreclose and seize all of GFE’s right, title and interest in its investment in Ringneck. SBA Paycheck Protection Program Loan In March 2020, Congress passed the Paycheck Protection Program, authorizing loans to small businesses for use in paying employees that they continue to employ throughout the COVID-19 pandemic and for rent, utilities and interest on mortgages. Loans obtained through the Paycheck Protection Program are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. On April 17, 2020, GFE received a loan in the amount of $703,900 through the Paycheck Protection Program. This note was forgiven in full during February 2021. Forgiveness income is recorded as a component of other income on the statement of operations. In February 2021, GFE received a second Paycheck Protection Program loan in the amount of $703,900. Management expects the entire loan will be used for payroll, utilities and interest; therefore, management anticipates that the loan will be substantially forgiven. To the extent it is not forgiven, GFE would be required to repay that portion at an interest rate of 1% with principal repayment installments beginning in June 2022 with a final installment in February 2026. Heron Lake BioEnergy Revolving Term Note The 2020 Credit Facility includes an amended and restated revolving term loan with a $13 million principal commitment. The loan is secured by substantially all of the Company’s assets, including a subsidiary guarantee. The 2020 Credit Facility contains customary covenants, including restrictions on the payment of dividends and loans and advances to Agrinatural, and maintenance of certain financial ratios including minimum working capital, minimum net worth and a debt service coverage ratio as defined by the credit facility. As of the three months ended January 30, 2021 and the fiscal year ended October 31, 2020, HLBE was not in compliance with its working capital and net worth covenant requirements, for which a waiver was obtained. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of the outstanding principal balances on the revolving term loan and/or the imposition of fees, charges, or penalties. The Company was in compliance with its debt covenants on April 30, 2021. During February 2021, the 2020 Credit Facility was amended to reduce the working capital covenant to $8 million through May 31, 2021 and increasing to $10 million beginning June 30, 2021. The 2020 Credit Facility was also amended to decrease the net worth requirement from $32 million to $28 million. As part of the 2020 Credit Facility closing, the Company entered into an amended administrative agency agreement with CoBank, ACP (“CoBank”). As a result, CoBank will continue act as the agent for the lender with respect to the 2020 Credit Facility. The Company agreed to pay CoBank an annual fee of $2,500 for its services as administrative agent. Under the terms of the amended revolving term loan, the Company may borrow, repay, and reborrow up to the aggregate principal commitment amount of $13,000,000. Final payment of amounts borrowed under the amended revolving term loan is due December 1, 2022. Interest on the amended revolving term loan accrues at a variable weekly rate equal to 3.35% above the higher of 0.00% or the One-Month London Interbank Offered Rate (“LIBOR”) Index rate, which totaled 3.47% at April 30, 2021. The Company also agreed to pay an unused commitment fee on the unused available portion of the amended revolving term loan commitment at the rate of 0.500% per annum, payable monthly in arrears. Single Advance Term Note In June 2020, HLBE entered into a single advance term note with a $3,000,000 principal commitment, with the purpose to finance the construction of a new grain bin and provide principal reduction on the Revolving Term Note. The interest rate is fixed at 3.80%. Principal with interest is to be paid in 10 consecutive, semi-annual installments, with the first installment due on December 20, 2020 and the last installment due on June 20, 2025. The note is secured as provided in the 2020 Credit Facility. Short Term Revolving Promissory Note In February 2021, HLBE entered into a revolving promissory note with its lender in order to finance the operating needs of HLBE. The revolving promissory note is subject to the 2020 Credit Facility. Under the terms, HLBE may borrow, repay and reborrow up to the aggregate principal commitment amount of $5,000,000. Final payment of amounts borrowed under the revolving promissory note is June 1, 2021. Interest of the loan accrues at a variable weekly rate equal to 3.35% above the higher of 0.00% or the One-Month London Interbank Offered Rate (“LIBOR”) Index rate and is payable monthly in arrears. The rate totaled 3.47% at April 30,2021. In addition, HLBE agreed to pay an unused commitment fee on the unused available portion of the loan at the rate of 0.50% per annum payable monthly in arrears. SBA Paycheck Protection Program Loan In March 2020, Congress passed the Paycheck Protection Program, authorizing loans to small businesses for use in paying employees that they continue to employ throughout the COVID-19 pandemic and for rent, utilities and interest on mortgages. Loans obtained through the Paycheck Protection Program are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. On April 18, 2020, the Company received a loan in the amount of $595,693 through the Paycheck Protection Program. The loan was forgiven in full during March 2021. Forgiveness income is recorded as a component of other income on the statement of operations. In February 2021, the Company received a second Paycheck Protection Program loan in the amount of $595,693. Management expects the entire loan will be used for payroll, utilities and interest; therefore, management anticipates that the loan will be substantially forgiven. To the extent it is not forgiven, the Company would be required to repay that portion at an interest rate of 1% with principal repayment installments beginning in March 2022 with a final installment in February 2026. Negotiable Promissory Note with GFE In December 2020, we entered into a negotiable promissory note with GFE with a $5,000,000 principal commitment. Interest on the loan accrues at a variable weekly rate equal to the higher of 1.00% or the One-Month LIBOR Index rate, plus 3.35%, which totaled 3.47% at April 30, 2021. The note was due on demand, and accrued interest must be paid in full the first business day of each month. The note is unsecured and may be prepaid at any time without penalty. In January 2021, we borrowed the $5,000,000 on the promissory note, which was classified as a current liability. In February 2021, GFE agreed to modify the promissory note to remove the due on demand feature, instead agreeing that GFE will not require any principal repayment on the loan until March 2023. However, should there be future violations of the Credit Facility loan covenants, those violations would also be considered a default on this promissory note. This related party promissory note with GFE is eliminated upon consolidation on the condensed consolidated balance sheet. Estimated annual maturities of debt at April 30, 2021, are as follows based on the most recent debt agreements: 2022 $ 2,094,468 2023 11,957,789 2024 1,979,723 2025 2,095,265 2026 1,654,007 Thereafter 446,428 Total debt $ 20,227,680

LEASES

LEASES	6 Months Ended
	Apr. 30, 2021
LEASES.
LEASES	8. LEASES The Company leases rail cars for its facility to transport ethanol and dried distillers’ grains to its end customers. Operating lease right of use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate, unless an implicit rate is readily determinable, as the discount rate for each lease in determining the present value of lease payments. For the six months ended April 30, 2021, the Company’s weighted average discount rate was 4.87%. Operating lease expense is recognized on a straight-line basis over the lease term. The Company determines if an arrangement is a lease or contains a lease at inception. The Company’s leases have remaining terms of approximately one to seven years. For the six months ended April 30, 2021, the weighted average remaining lease term was four years. The Company elected to use a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the Company elected to combine the railcars within each rider and account for each rider as an individual lease. The following table summarizes the remaining annual maturities of the Company’s operating lease liabilities as of April 30, 2021: 2022 $ 4,348,300 2023 4,251,000 2024 3,759,000 2025 3,163,800 2026 2,623,950 Thereafter 1,645,600 Totals 19,791,650 Less: Amount representing interest 2,240,224 Lease liabilities $ 17,551,426 For the three and six months ended April 30, 2021, GFE recorded operating lease costs for these leases of approximately $817,000 and $1,651,000, respectively, in cost of goods sold in the Company’s statement of operations, which approximates the cash paid for the periods. For the three and six months ended April 30, 2020, GFE recorded operating lease costs for these leases of approximately $638,000 and $1,279,000, respectively, in cost of goods sold in the Company’s statement of operations, which approximates the cash paid for the periods. For the three and six months ended April 30, 2021, HLBE recorded operating lease costs for these leases of approximately $644,000 and $1,255,000, respectively, in cost of goods sold in the Company’s statement of operations, which approximates the cash paid for the periods. For the three and six months ended April 30, 2020, HLBE recorded operating lease costs for these leases of approximately $490,000 and $1,021,000, respectively, in cost of goods sold in the Company’s statement of operations, which approximates the cash paid for the periods.

MEMBERS' EQUITY

MEMBERS' EQUITY	6 Months Ended
	Apr. 30, 2021
MEMBERS' EQUITY
MEMBERS' EQUITY	9. MEMBERS' EQUITY Granite Falls Energy GFE has one class of membership units. The units have no par value and have identical rights, obligations and privileges. Income and losses are allocated to all members based upon their respective percentage of units held. As of April 30, 2021 and October 31, 2020, GFE had 30,606 membership units authorized, issued, and outstanding.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Apr. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Corn Purchases - Members GFE purchased corn from board members of approximately $1,646,000 and $526,000 for the three months ended April 30, 2021 and 2020, respectively, and approximately $2,623,000 and $840,000 for the six months ended April 30, 2021 and 2020, respectively. HLBE purchased corn from board members of approximately $4,934,000 and $750,000 for the three months ended April 30, 2021 and 2020, respectively, and approximately $8,676,000 and $5,815,000 for the six months ended April 30, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Apr. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Corn Forward Contracts At April 30, 2021, GFE had cash and basis contracts for forward corn purchase commitments for approximately 5,186,000 bushels for deliveries through December 2022. At April 30, 2021, HLBE had cash and basis contracts for forward corn purchase commitments for approximately 4,689,000 bushels for deliveries through March 2022. Given the uncertainty of future ethanol and corn prices, the Company could incur a loss on the outstanding corn purchase contracts in future periods. Management has evaluated these forward contracts and its inventories using the lower of cost or net realizable value evaluation, similar to the method used on its inventory, and has determined that an impairment of loss of approximately $47,000 existed at October 31, 2020, for the HLBE forward corn purchase commitments. No impairment loss existed for GFE forward corn purchase commitments as of April 30, 2021. Ethanol Forward Contracts At April 30, 2021, GFE had fixed and basis contracts to sell approximately $16,935,000 of ethanol for various delivery periods through June 2021, which approximates 76% of its anticipated ethanol sales for this that period. At April 30, 2021, HLBE had fixed and basis contracts to sell approximately $21,460,000 of ethanol for various delivery periods through June 2021, which approximates 90% of its anticipated ethanol sales for that period. Distillers' Grain Forward Contracts At April 30, 2021, GFE had forward contracts to sell approximately $,1,163,000 of distillers’ grains for various delivery periods through May 2021, which approximates 35% of its anticipated distillers’ grain sales for this that period. Corn Oil Forward Contracts At April 30, 2021, GFE had forward contracts to sell approximately $746,000 of corn oil for delivery through May 2021, which approximates 100% of its anticipated corn oil sales for that period. At April 30, 2021, HLBE had forward contracts to sell approximately $597,000 of corn oil for delivery through May 2021, which approximates 40% of its anticipated corn oil sales for that period. Rail Car Rehabilitation Costs GFE leases 75 hopper rail cars under a multi-year agreement which ends in November 2025. Under the agreement, GFE is required to pay to rehabilitate each car for “damage” that is considered to be other than normal wear and tear upon turn in of the car(s) at the termination of the lease. GFE believes that it is probable that GFE may be assessed for damages incurred. Company management has estimated total costs to rehabilitate the cars at April 30, 2021 and October 31, 2020 to be approximately $825,000. GFE accrues the estimated cost of railcar damages over the term of the lease as the cost of damages are incurred. HLBE leases 50 hopper rail cars under a multi-year agreement which ends in May 2027. Under the agreement, HLBE is required to pay to rehabilitate each car for “damage” that is considered to be other than normal wear and tear upon turn in of the car(s) at the termination of the lease. HLBE believes that it is probable that we may be assessed for damages incurred. Company management has estimated total costs to rehabilitate the cars at April 30, 2021 and October 31, 2020 to be approximately $620,000 and $597,000, respectively. HLBE accrues the estimated cost of railcar damages over the term of the lease as the cost of damages are incurred. During the three month periods ended April 30, 2021 and 2020, the Company has recorded an expense for the recognition of damages and actual repairs in cost of goods of approximately $43,000 and $12,000, respectively. During the six month periods ended April 30, 2021 and 2020, the Company has recorded an expense for the recognition of damages and actual repairs in cost of goods of approximately $55,000 and $23,000, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business	Nature of Business Granite Falls Energy, LLC (“GFE”) is a Minnesota limited liability company currently producing fuel-grade ethanol, distillers' grains, and crude corn oil near Granite Falls, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States and on the international market. GFE's plant has an approximate annual production capacity of 60 million gallons, but is currently permitted to produce up to 70 million gallons of undenatured ethanol on a twelve-month rolling sum basis. Additionally, GFE owns a majority interest in Heron Lake BioEnergy, LLC (“HLBE”). HLBE is a Minnesota limited liability company currently producing fuel-grade ethanol, distillers' grains, and crude corn oil near Heron Lake, Minnesota and sells these products, pursuant to marketing agreements, throughout the continental United States. HLBE's plant has an approximate annual production capacity of 60 million gallons, but is permitted to produce approximately 72.3 million gallons of undenatured ethanol on a twelve-month rolling sum basis. Additionally, HLBE, through a wholly owned subsidiary, Agrinatural Gas, LLC (“Agrinatural”), operates a natural gas pipeline that provides natural gas to HLBE's ethanol production facility and other customers. All references to “we”, “us”, “our”, and the “Company” collectively refer to GFE and its wholly-owned and majority-owned subsidiaries.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated unaudited financial statements as of April 30, 2021 consolidate the operating results and financial position of GFE, and its approximately 50.7% owned subsidiary, HLBE (through GFE's 100% ownership of Project Viking, LLC). Given the Company’s control over the operations of HLBE and its majority voting interest, the Company consolidates the condensed consolidated unaudited financial statements of HLBE with GFE's condensed consolidated unaudited financial statements. The remaining 49.3% ownership of HLBE is included in the condensed consolidated unaudited financial statements as a non-controlling interest. HLBE, through its wholly owned subsidiary, HLBE Pipeline Company, LLC, owned approximately 73% of Agrinatural through December 11, 2019 when the remaining non-controlling interest was acquired. All significant intercompany balances and transactions are eliminated in consolidation. The accompanying condensed consolidated unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company’s audited consolidated financial statements for the year ended October 31, 2020, contained in the Company’s annual report on Form 10-K. In the opinion of management, the condensed consolidated unaudited financial statements reflect all adjustments consisting of normal recurring accruals that we consider necessary to present fairly the Company’s results of operations, financial position and cash flows. The results reported in these condensed consolidated unaudited financial statements should not be regarded as necessarily indicative of results that may be expected for any other fiscal period or for the fiscal year.
Reportable Operating Segments	Reportable Operating Segments Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” establishes the standards for reporting information about segments in financial statements. Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Therefore, in applying the criteria set forth in ASC 280, the Company determined that based on the nature of the products and production process and the expected financial results, the Company’s operations at GFE’s ethanol plant and HLBE’s plant, including the production and sale of ethanol and its co-products, are aggregated into one reporting segment. Additionally, the Company also realizes relatively immaterial revenue from natural gas pipeline operations at Agrinatural, HLBE’s owned subsidiary. Before and after accounting for intercompany eliminations, these revenues from Agrinatural represent approximately 1-2% of our consolidated revenues and have little to no impact on the overall performance of the Company. Therefore, the Company does not separately review Agrinatural’s revenues, cost of sales or other operating performance information. Rather, the Company reviews Agrinatural’s natural gas pipeline financial data on a consolidated basis with the Company’s ethanol production operating segment. The Company believes that the presentation of separate operating performance information for Agrinatural’s natural gas pipeline operations would not provide meaningful information to a reader of the Company’s consolidated financial statements and would not achieve the basic principles and objectives of ASC 280.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these condensed consolidated unaudited financial statements in accordance with generally accepted accounting principles in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The Company uses estimates and assumptions in accounting for the following significant matters, among others: economic lives of property and equipment, valuation of commodity derivatives, inventory, inventory purchase and sale commitments, evaluation of railcar rehabilitation costs, the assumptions used in the impairment analysis of long-lived assets, and evaluation of going concern. Actual results may differ from previously estimated amounts, and such differences may be material to our condensed consolidated unaudited financial statements. The Company periodically reviews estimates and assumptions, and the effects of revisions are reflected in the period in which the revision is made.
Revenue Recognition	Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Our contracts primarily consist of agreements with marketing companies and other customers as described below. Our performance obligations consist of the delivery of ethanol, distillers' grains, and corn oil to our customers. Our customers primarily consist of two distinct marketing companies as described below. The consideration we receive for these products reflects an amount the Company expects to be entitled to in exchange for these products based on current observable market prices at the Chicago Mercantile Exchange, generally, and adjusted for local market differentials. Our contracts have specific delivery modes, rail or truck, and dates. Revenue is recognized when the Company delivers the products to the mode of transportation specified in the contract, at the transaction price established in the contract, net of commissions, fees, and freight. We sell each of the products via different marketing channels as described below. · Ethanol. The Company sells its ethanol via a marketing agreement with Eco-Energy, Inc. Eco-Energy sells one hundred percent of the Company's ethanol production based on agreements with end users at prices agreed upon mutually among the end user, Eco-Energy and the Company. Our performance obligations consist of our obligation to deliver ethanol to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. The marketing agreement calls for control and title to pass to Eco-Energy once a rail car is released to the railroad or a truck is released from the Company's scales. Revenue is recognized then at the price in the agreement with the end user, net of commissions, freight, and fees. · Distillers’ grains. The Company engages another third-party marketing company, RPMG, Inc., to sell one hundred percent of the distillers grains it produces at the plant. RPMG takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon between RPMG and the Company. Our performance obligations consist of our obligation to deliver corn oil to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. Revenue is recognized net of commissions, freight and fees. · Distillers’ corn oil (corn oil). The Company sells one hundred percent of its corn oil production to RPMG, Inc. The process for selling corn oil is the same as our distillers’ grains. RPMG takes title and control once a rail car is released to the railroad or a truck is released from the Company's scales. Prices are agreed upon between RPMG and the Company. Our performance obligations consist of our obligation to deliver corn oil to our customers. Our customer contracts consist of orders received from the customer pursuant to a marketing agreement. Revenue is recognized net of commissions, freight and fees.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value. Cost for all inventories is determined using the first in first out method. Net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. Inventory consists of raw materials, work in process, finished goods, and supplies. Corn is the primary raw material along with other raw materials. Finished goods consist of ethanol, distillers' grains, and corn oil.
Derivative Instruments	Derivative Instruments From time to time the Company enters into derivative transactions to hedge its exposures to commodity price fluctuations. The Company is required to record these derivatives on the balance sheets at fair value. In order for a derivative to qualify as a hedge, specific criteria must be met and appropriate documentation maintained. Gains and losses from derivatives that do not qualify as hedges, or are undesignated, must be recognized immediately in earnings. If the derivative does qualify as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will be either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. Changes in the fair value of undesignated derivatives are recorded in earnings. Additionally, the Company is required to evaluate its contracts to determine whether the contracts are derivatives. Certain contracts that literally meet the definition of a derivative may be exempted as “normal purchases or normal sales”. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Contracts that meet the requirements of normal purchases or sales are documented as normal and exempted from accounting and reporting requirements, and therefore, are not marked to market in our condensed consolidated unaudited financial statements. In order to reduce the risks caused by market fluctuations, the Company occasionally hedges its anticipated corn, natural gas, and denaturant purchases and ethanol sales by entering into options and futures contracts. These contracts are used with the intention to fix the purchase price of anticipated requirements for corn in the Company's ethanol production activities and the related sales price of ethanol. The fair value of these contracts is based on quoted prices in active exchange-traded or over-the-counter market conditions. Although the Company believes its commodity derivative positions are economic hedges, none have been formally designated as a hedge for accounting purposes and derivative positions are recorded on the balance sheet at their fair market value, with changes in fair value recognized in current period earnings or losses. The Company does not enter into financial instruments for trading or speculative purposes. The Company has adopted authoritative guidance related to “Derivatives and Hedging,” and has included the required enhanced quantitative and qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses from derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. See further discussion in Note 5.
Investments	Investments The Company has investment interests in two companies in related industries. The investments are accounted for by the equity method, under which the Company’s share of the net income of the investee is recognized as income in the Company’s Condensed Consolidated Statements of Operations and added to the investment account, and distributions received from the affiliates are treated as a reduction of the investment.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Apr. 30, 2021
REVENUE
Schedule of disaggregated revenue by source	Three Months Ended April 30, 2021 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Three Months Ended April 30, 2020 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Six Months Ended April 30, 2021 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $ Six Months Ended April 30, 2020 (unaudited) Total Ethanol $ Distillers’ Grains Corn Oil Other Natural Gas Pipeline Total Revenues $

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Apr. 30, 2021
INVENTORY
Schedule of Inventory	April 30, 2021 October 31, 2020 (unaudited) Raw materials $ 4,128,930 $ 4,893,502 Supplies 3,450,512 3,070,458 Work in process 1,966,128 1,480,871 Finished goods 7,108,922 4,346,974 Totals $ 16,654,492 $ 13,791,805

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Apr. 30, 2021
DERIVATIVE INSTRUMENTS
Schedule of derivative instruments in Statements of Financial Position	The following tables provide details regarding the Company's derivative instruments at April 30, 2021, none of which were designated as hedging instruments: Consolidated Balance Sheet Location Assets Liabilities Corn contracts - GFE Commodity derivative instruments — 1,358,388 Corn contracts - HLBE Commodity derivative instruments 325,238 — Totals $ 325,238 $ 1,358,388 The following tables provide details regarding the Company’s derivative instruments at October 31, 2020, none of which were designated as hedging instruments: Consolidated Balance Sheet Location Assets Liabilities Corn contracts - GFE Commodity derivative instruments $ — $ 642,550 Corn contracts - HLBE Commodity derivative instruments — 173,928 Ethanol contracts - GFE Commodity derivative instruments 40,900 — Ethanol contracts - HLBE Commodity derivative instruments 15,150 — Totals $ 56,050 $ 816,478
Schedule of gains (losses) from derivative instruments	Consolidated Statement Three Months Ended April 30, Six Months Ended April 30, of Operations Location 2021 2020 2021 2020 Corn contracts Cost of Goods Sold $ (1,071,154) $ (563,645) $ (6,965,012) $ (723,863) Ethanol contracts Revenues 57,074 (205,930) 171,012 (416,323) Total loss $ (1,014,080) $ (769,575) $ (6,794,000) $ (1,140,186)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Apr. 30, 2021
FAIR VALUE
Schedule of derivative assets and liabilities measured at fair value	The following table sets forth, by level, the Company assets that were accounted for at fair value on a recurring basis at April 30, 2021: Fair Value Measurement Using Quoted Prices Significant Other Significant Carrying Amount in in Active Markets Observable Inputs Unobservable Inputs Financial Assets: Consolidated Balance Sheet Fair Value (Level 1) (Level 2) (Level 3) Commodity Derivative instruments - Corn $ 325,238 ​ $ 325,238 ​ $ 325,238 $ — $ — Financial Liabilities: Commodity Derivative instruments - Corn $ 1,358,388 ​ $ 1,358,388 ​ $ 1,358,388 ​ $ — $ — Accounts Payable (1) $ 69,506 ​ $ 69,506 ​ $ — ​ $ 69,506 $ — The following table provides information on those derivative assets and liabilities measured at fair value on a recurring basis at October 31, 2020: Fair Value Measurement Using Quoted Prices Significant Other Significant Carrying Amount in in Active Markets Observable Inputs Unobservable Inputs Financial Assets: Consolidated Balance Sheet Fair Value (Level 1) (Level 2) (Level 3) Commodity Derivative Instruments - Ethanol $ 56,050 $ 56,050 $ 56,050 $ — $ — Financial Liabilities: Commodity Derivative Instruments - Corn $ 816,478 $ 816,478 $ 816,478 $ — $ — Accounts Payable (1) $ 792,795 $ 792,795 $ — $ 792,795 $ — (1) Accounts payable is generally stated at historical amounts with the exception of amounts in this table related to certain delivered inventory for which the payable fluctuates based on the changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.

DEBT FACILITIES (Tables)

DEBT FACILITIES (Tables)	6 Months Ended
	Apr. 30, 2021
DEBT FACILITIES
Schedule of debt financing	April 30, 2021 October 31, 2020 (unaudited) GRANITE FALLS ENERGY: Revolving term loan, see terms below. $ 112,445 $ — Term note payable to Project Hawkeye, see terms below. 5,803,571 6,339,286 SBA Paycheck Protection Program loan 703,900 703,900 HERON LAKE BIOENERGY: Amended revolving term note payable to lending institution, see terms below. 10,005,520 7,891,426 Single advance term note payable to lending institution, see terms below. 2,700,000 3,000,000 Short term revolving note, see notes below 6,000 — Assessment payable as part of water treatment agreement, due in semi-annual installments of $189,393 with interest at 6.55%, enforceable by statutory lien, with the final payment due in October 2021. HLBE made deposits for one years' worth of debt service payments of approximately $364,000, which is included with other current assets that are held on deposit to be applied with the final payments of the assessment. 300,551 300,551 SBA Paycheck Protection Program Loan 595,693 595,693 Totals 20,227,680 18,830,856 Less: amounts due within one year 2,094,468 12,954,538 Net long-term debt $ 18,133,212 $ 5,876,318
Schedule of annual maturities of debt	2022 $ 2,094,468 2023 11,957,789 2024 1,979,723 2025 2,095,265 2026 1,654,007 Thereafter 446,428 Total debt $ 20,227,680

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Apr. 30, 2021
LEASES.
Summary of remaining annual maturities of operating lease liabilities	2022 $ 4,348,300 2023 4,251,000 2024 3,759,000 2025 3,163,800 2026 2,623,950 Thereafter 1,645,600 Totals 19,791,650 Less: Amount representing interest 2,240,224 Lease liabilities $ 17,551,426

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - gal gal in Millions	6 Months Ended
	Apr. 30, 2021	Oct. 31, 2019
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Summary of significant accounting policies
Plant production capacity	60
Production volume permitted	70
Heron Lake BioEnergy, LLC
Summary of significant accounting policies
Plant production capacity	60
Production volume permitted	72.3
Heron Lake BioEnergy, LLC
Summary of significant accounting policies
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.30%
Heron Lake BioEnergy, LLC | Project Viking, LLC
Summary of significant accounting policies
Ownership percentage	50.70%
Project Viking, LLC
Summary of significant accounting policies
Ownership percentage	100.00%
Agrinatural, LLC | HLBE Pipeline Company, LLC
Summary of significant accounting policies
Ownership percentage		73.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Other (Details)	6 Months Ended
	Apr. 30, 2021segment
Reportable Operating Segments
Number of reportable segments	1
Agrinatural, LLC | Minimum
Reportable Operating Segments
Revenues of subsidiary, percentage	1.00%
Agrinatural, LLC | Maximum
Reportable Operating Segments
Revenues of subsidiary, percentage	2.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details)	6 Months Ended
	Apr. 30, 2021company
CONCENTRATIONS
Number of distinct marketing companies	2
Ethanol | Eco-Energy, Inc. | Revenue from product line | Ethanol Concentration Risk
CONCENTRATIONS
Concentration percentage	100.00%
Distillers grains | RPMG, Inc. | Revenue from product line | Distillers Grains Concentration Risk
CONCENTRATIONS
Concentration percentage	100.00%
Corn oil | RPMG, Inc. | Revenue from product line | Corn Oil Concentration Risk
CONCENTRATIONS
Concentration percentage	100.00%

RISKS AND UNCERTAINTIES Narrati

RISKS AND UNCERTAINTIES Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Apr. 30, 2021USD ($)$ / shares
Heron Lake BioEnergy, LLC
Concentration Risk
Consideration paid to minority owners for acquisition of minority interest | $	$ 14
Consideration paid to minority owners for acquisition of minority interest (per unit) | $ / shares	$ 0.36405
Minimum | Total revenues | Ethanol Concentration Risk | Ethanol
Concentration Risk
Concentration percentage	75.00%
Minimum | Cost of goods sold | Corn Oil Concentration Risk | Corn
Concentration Risk
Concentration percentage	65.00%
Maximum | Total revenues | Ethanol Concentration Risk | Ethanol
Concentration Risk
Concentration percentage	90.00%
Maximum | Cost of goods sold | Corn Oil Concentration Risk | Corn
Concentration Risk
Concentration percentage	85.00%

REVENUE (Details)

REVENUE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Revenue Recognition
Total Revenues	$ 74,040,361	$ 33,106,922	$ 123,438,747	$ 86,463,248
Payment terms			10 days
Ethanol
Revenue Recognition
Total Revenues	57,776,747	23,753,704	$ 93,915,238	64,605,693
Distillers grains
Revenue Recognition
Total Revenues	11,958,890	7,389,829	21,735,980	17,021,121
Corn oil
Revenue Recognition
Total Revenues	3,677,204	1,534,832	6,527,403	3,422,683
Other
Revenue Recognition
Total Revenues	303,513	191,806	529,259	487,723
Natural Gas
Revenue Recognition
Total Revenues	$ 324,007	$ 236,751	$ 730,867	$ 926,028
Payment terms			20 days

INVENTORY (Details)

INVENTORY (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020	Oct. 31, 2020
Inventory
Raw materials	$ 4,128,930		$ 4,128,930		$ 4,893,502
Supplies	3,450,512		3,450,512		3,070,458
Work in process	1,966,128		1,966,128		1,480,871
Finished goods	7,108,922		7,108,922		4,346,974
Totals	16,654,492		16,654,492		$ 13,791,805
Ethanol
Inventory
Gain (loss) on inventories	0	$ (949,000)	0	$ (2,151,000)
Corn
Inventory
Gain (loss) on inventories	$ 0	$ (1,087,000)	$ 0	$ (1,213,000)

DERIVATIVE INSTRUMENTS - Assets

DERIVATIVE INSTRUMENTS - Assets And Liabilities (Details)	6 Months Ended	12 Months Ended
	Apr. 30, 2021USD ($)bu	Oct. 31, 2020USD ($)bu	Apr. 30, 2020USD ($)
Derivatives, Fair Value
Cash collateral (restricted cash)	$ 3,505,268	$ 2,156,694	$ 351,068
Financial Assets	325,238	56,050
Derivative liabilities	$ 1,358,388	$ 816,478
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	2,710,000	4,275,000
Additional nonmonetary notional amount | bu	6,920,000	1,920,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Derivatives held by a broker
Derivatives, Fair Value
Cash collateral (restricted cash)	$ 2,858,000	$ 1,643,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Long/Purchase position | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	180,000	760,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Short/Sale position | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	2,530,000	3,515,000
Heron Lake BioEnergy, LLC | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	2,100,000	2,095,000
Additional nonmonetary notional amount | bu	5,120,000	1,380,000
Heron Lake BioEnergy, LLC | Derivatives held by a broker
Derivatives, Fair Value
Cash collateral (restricted cash)	$ 647,000	$ 514,000
Heron Lake BioEnergy, LLC | Long/Purchase position | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	800,000	325,000
Heron Lake BioEnergy, LLC | Short/Sale position | Corn Contracts
Derivatives, Fair Value
Total nonmonetary notional amount outstanding | bu	1,300,000	1,770,000
Not Designated as Hedging Instruments
Derivatives, Fair Value
Financial Assets	$ 325,238	$ 56,050
Derivative liabilities	1,358,388	816,478
Not Designated as Hedging Instruments | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Contracts
Derivatives, Fair Value
Derivative liabilities	1,358,388	642,550
Not Designated as Hedging Instruments | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Ethanol Contracts
Derivatives, Fair Value
Financial Assets		40,900
Not Designated as Hedging Instruments | Heron Lake BioEnergy, LLC | Corn Contracts
Derivatives, Fair Value
Financial Assets	$ 325,238
Derivative liabilities		173,928
Not Designated as Hedging Instruments | Heron Lake BioEnergy, LLC | Ethanol Contracts
Derivatives, Fair Value
Financial Assets		$ 15,150

DERIVATIVE INSTRUMENTS - Income

DERIVATIVE INSTRUMENTS - Income Statement (Details) - Not Designated as Hedging Instruments - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Derivative Instruments, Gain (Loss)
Total gain (loss)	$ (1,014,080)	$ (769,575)	$ (6,794,000)	$ (1,140,186)
Cost of Goods Sold. | Corn Contracts
Derivative Instruments, Gain (Loss)
Total gain (loss)	(1,071,154)	(563,645)	(6,965,012)	(723,863)
Revenues | Ethanol Contracts
Derivative Instruments, Gain (Loss)
Total gain (loss)	$ 57,074	$ (205,930)	$ 171,012	$ (416,323)

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
Fair value
Financial Assets	$ 325,238	$ 56,050
Financial Liabilities	1,358,388	816,478
Accounts Payable | Carrying Amount
Fair value
Financial Liabilities	69,506	792,795
Fair Value, Measurements, Recurring | Accounts Payable | Estimate of Fair Value Measurement
Fair value
Financial Liabilities	69,506	792,795
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Accounts Payable | Estimate of Fair Value Measurement
Fair value
Financial Liabilities	69,506	792,795
Corn Contracts | Carrying Amount
Fair value
Financial Assets	325,238
Financial Liabilities	1,358,388	816,478
Corn Contracts | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement
Fair value
Financial Assets	325,238
Financial Liabilities	1,358,388	816,478
Corn Contracts | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement
Fair value
Financial Assets	325,238
Financial Liabilities	$ 1,358,388	816,478
Ethanol Contracts | Carrying Amount
Fair value
Financial Assets		56,050
Ethanol Contracts | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement
Fair value
Financial Assets		56,050
Ethanol Contracts | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Estimate of Fair Value Measurement
Fair value
Financial Assets		$ 56,050

DEBT FACILITIES (Details)

DEBT FACILITIES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Apr. 30, 2021	Oct. 31, 2020	Feb. 28, 2021	Jun. 30, 2020	Apr. 17, 2020
Line of Credit Facility
Long-term Debt	$ 20,227,680	$ 18,830,856
Less: amounts due within one year	2,094,468	12,954,538
Net long term debt	18,133,212	5,876,318
Revolving term loan | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	112,445
Term note payable to Project Hawkeye | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	5,803,571	6,339,286
SBA Paycheck Protection Loan | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	703,900	703,900			$ 703,900
Interest rate (as a percent)			1.00%
SBA Paycheck Protection Loan | Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	595,693	595,693
Interest rate (as a percent)			1.00%
Amended revolving term note payable to lending institution | Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	$ 10,005,520	7,891,426
Interest rate (as a percent)	0.00%
Single advance term note payable to lending institution | Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	$ 2,700,000	3,000,000
Interest rate (as a percent)				3.80%
Short term revolving note | Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	6,000
Assessments payable as part of water treatment agreement, with interest at 6.55%, due in 2021 | Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt	300,551	300,551
Payment	$ 189,393	$ 189,393
Interest rate (as a percent)	6.55%	6.55%
Period of worth of debt	1 year	1 year
Deposit on debt service payments	$ 364,000	$ 364,000

DEBT FACILITIES - Granite Falls

DEBT FACILITIES - Granite Falls Energy (Details) - USD ($)	Aug. 02, 2017	Feb. 28, 2021	Apr. 30, 2021	Oct. 31, 2020	Apr. 17, 2020
Line of Credit Facility
Long-term Debt			$ 20,227,680	$ 18,830,856
Revolving term loan facility | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Line of credit future reduction amounts			$ 11,000,000
Spread above variable interest rate			3.25%
Line of credit unused commitment fee (as a percent)			0.50%
Revolving term loan facility | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Minimum
Line of Credit Facility
Interest rate, stated percentage			0.00%
Term note payable to Project Hawkeye | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Credit facility maximum	$ 7,500,000
Interest rate (as a percent)			3.55%	3.55%
Interest rate floor (as a percent)	3.55%
Maximum period of annual interest payments only	2 years
Debt instrument amortization period after first two years	7 years
Long-term Debt			$ 5,803,571	$ 6,339,286
Term note payable to Project Hawkeye | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Ringneck Energy and; Feed, LLC
Line of Credit Facility
Fair value collateral	$ 7,500,000
Units purchased	1,500
SBA Paycheck Protection Loan | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Long-term Debt			$ 703,900	$ 703,900	$ 703,900
Loan received		$ 703,900
Interest rate, stated percentage		1.00%
One Month LIBOR | Revolving term loan facility | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Interest rate (as a percent)			3.37%
One Month LIBOR | Term note payable to Project Hawkeye | Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Line of Credit Facility
Spread above variable interest rate	3.05%

DEBT FACILITIES - Heron Lake Bi

DEBT FACILITIES - Heron Lake Bio Energy (Details) - Heron Lake BioEnergy, LLC	Dec. 31, 2020USD ($)	Apr. 18, 2020USD ($)	Feb. 28, 2021USD ($)	Jan. 31, 2021USD ($)	Jun. 30, 2020USD ($)installment	Apr. 30, 2021USD ($)	Oct. 31, 2020USD ($)
Line of Credit Facility
Working capital covenants			$ 8,000,000			$ 10,000,000
Net worth requirement						28,000,000	$ 32,000,000
Amended revolving term note payable to lending institution
Line of Credit Facility
Credit facility maximum						$ 13,000,000
Spread above variable interest rate						3.35%
Line of credit unused commitment fee (as a percent)						0.50%
Interest rate, stated percentage						0.00%
Amended revolving term note payable to lending institution | One Month LIBOR
Line of Credit Facility
Interest rate (as a percent)						3.47%
Amended revolving term note payable to lending institution | 2020 Credit Facility
Line of Credit Facility
Credit facility maximum						$ 13,000,000
CoBank | 2020 Credit Facility
Line of Credit Facility
Annual fee						$ 2,500
Single advance term note payable to lending institution
Line of Credit Facility
Credit facility maximum					$ 3,000,000
Interest rate, stated percentage					3.80%
Number of semi-annual installments | installment					10
SBA Paycheck Protection Loan
Line of Credit Facility
Loan received		$ 595,693	$ 595,693
Interest rate, stated percentage			1.00%
Negotiable promissory note payable to granite falls energy
Line of Credit Facility
Credit facility maximum	$ 5,000,000
Spread above variable interest rate	1.00%
Interest rate (as a percent)						3.47%
Loan received				$ 5,000,000
Negotiable promissory note payable to granite falls energy | One Month LIBOR
Line of Credit Facility
Interest rate (as a percent)	3.35%
Short Term Revolving Promissory Note
Line of Credit Facility
Credit facility maximum			$ 5,000,000
Spread above variable interest rate			3.35%
Interest rate (as a percent)			3.47%
Line of credit unused commitment fee (as a percent)			0.50%
Interest rate, stated percentage			0.00%

DEBT FACILITIES - Estimated Ann

DEBT FACILITIES - Estimated Annual Maturities (Details) - USD ($)	Apr. 30, 2021	Oct. 31, 2020
DEBT FACILITIES
2022	$ 2,094,468
2023	11,957,789
2024	1,979,723
2025	2,095,265
2026	1,654,007
Thereafter	446,428
Long-term Debt	$ 20,227,680	$ 18,830,856

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Leases
Weighted average discount rate	4.87%		4.87%
Weighted average remaining lease term	4 years		4 years
Minimum
Leases
Remaining term			1 year
Maximum
Leases
Remaining term			7 years
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Cost of Goods Sold.
Leases
Operating lease costs	$ 817,000	$ 638,000	$ 1,651,000	$ 1,279,000
Heron Lake BioEnergy, LLC | Cost of Goods Sold.
Leases
Operating lease costs	$ 644,000	$ 490,000	$ 1,255,000	$ 1,021,000

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details)	Apr. 30, 2021USD ($)
Remaining annual maturities of operating lease liabilities
2022	$ 4,348,300
2023	4,251,000
2024	3,759,000
2025	3,163,800
2026	2,623,950
Thereafter	1,645,600
Totals	19,791,650
Less: Amount representing interest	2,240,224
Lease liabilities	$ 17,551,426

MEMBERS' EQUITY (Details)

MEMBERS' EQUITY (Details)	6 Months Ended
	Apr. 30, 2021item$ / sharesshares	Oct. 31, 2020shares
Common Units Authorized	30,606	30,606
Common Units Issued	30,606	30,606
Common Units Outstanding	30,606	30,606
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Number of classes of membership units | item	1
Membership Units, Par value | $ / shares	$ 0
Common Units Authorized	30,606	30,606
Common Units Issued	30,606	30,606
Common Units Outstanding	30,606	30,606

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (Details) - Board Members - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Related party transactions
Purchased from related party	$ 1,646,000	$ 526,000	$ 2,623,000	$ 840,000
Heron Lake BioEnergy, LLC
Related party transactions
Purchased from related party	$ 4,934,000	$ 750,000	$ 8,676,000	$ 5,815,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2021USD ($)item	Apr. 30, 2020USD ($)	Apr. 30, 2021USD ($)itembu	Apr. 30, 2020USD ($)	Oct. 31, 2020USD ($)bu
Corn Contracts
Commitments and contingencies
Forward purchase impairment loss			$ 0
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC
Commitments and contingencies
Rail Car Rehabilitation Costs			$ 825,000		$ 825,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Contracts
Commitments and contingencies
Quantity of commitment | bu			2,710,000		4,275,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Contracts | Short/Sale position
Commitments and contingencies
Quantity of commitment | bu			2,530,000		3,515,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Contracts | Long/Purchase position
Commitments and contingencies
Quantity of commitment | bu			180,000		760,000
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Ethanol Contracts
Commitments and contingencies
Value of commitment	$ 16,935,000		$ 16,935,000
Anticipated sales (as a percent)			76.00%
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Distillers' Grains | Short/Sale position
Commitments and contingencies
Value of commitment	1,163,000		$ 1,163,000
Anticipated sales (as a percent)			35.00%
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn oil | Short/Sale position
Commitments and contingencies
Value of commitment	$ 746,000		$ 746,000
Anticipated sales (as a percent)			100.00%
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Hopper rail cars
Commitments and contingencies
Equipment Lease, Quantity | item	75		75
Granite Falls Energy, LLC Excluding Heron Lake BioEnergy, LLC | Corn Forward Cash and Basis Contracts Purchase Commitments
Commitments and contingencies
Quantity of commitment | bu			5,186,000
Heron Lake BioEnergy, LLC
Commitments and contingencies
Rail Car Rehabilitation Costs			$ 620,000		$ 597,000
Heron Lake BioEnergy, LLC | Cost of Goods Sold.
Commitments and contingencies
Rehabilitation Cost	$ 43,000	$ 12,000	$ 55,000	$ 23,000
Heron Lake BioEnergy, LLC | Corn Contracts
Commitments and contingencies
Quantity of commitment | bu			2,100,000		2,095,000
Heron Lake BioEnergy, LLC | Corn Contracts | Short/Sale position
Commitments and contingencies
Quantity of commitment | bu			1,300,000		1,770,000
Heron Lake BioEnergy, LLC | Corn Contracts | Long/Purchase position
Commitments and contingencies
Quantity of commitment | bu			800,000		325,000
Heron Lake BioEnergy, LLC | Ethanol Contracts
Commitments and contingencies
Value of commitment	21,460,000		$ 21,460,000
Anticipated sales (as a percent)			90.00%
Heron Lake BioEnergy, LLC | Ethanol Contracts | Long/Purchase position
Commitments and contingencies
Asset impairment charges					$ 47,000
Heron Lake BioEnergy, LLC | Distillers' Grains | Short/Sale position
Commitments and contingencies
Value of commitment	2,500,000		$ 2,500,000
Anticipated sales (as a percent)			16.00%
Heron Lake BioEnergy, LLC | Corn oil | Short/Sale position
Commitments and contingencies
Value of commitment	$ 597,000		$ 597,000
Anticipated sales (as a percent)			40.00%
Heron Lake BioEnergy, LLC | Hopper rail cars
Commitments and contingencies
Equipment Lease, Quantity | item	50		50
Heron Lake BioEnergy, LLC | Corn Forward Cash and Basis Contracts Purchase Commitments
Commitments and contingencies
Quantity of commitment | bu			4,689,000