Golden Grain Energy (GGELU) 10-K 22 Dec 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($)	12 Months Ended
	Oct. 31, 2017	Dec. 22, 2017	Apr. 30, 2017
Entity Information [Line Items]
Entity Registrant Name	GOLDEN GRAIN ENERGY, LLC
Entity Central Index Key	1,206,942
Current Fiscal Year End Date	--10-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Oct. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		19,873,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0

Balance Sheet

Balance Sheet - USD ($)	Oct. 31, 2017	Oct. 31, 2016
Current Assets
Cash and equivalents	$ 17,518,187	$ 16,532,190
Marketable Securities	22,311,983	15,785,542
Accounts receivable	5,940,197	6,202,104
Other receivables	674,150	568,940
Derivative instruments	764,713	514,878
Inventory	4,304,796	6,905,684
Prepaid expenses and other	2,474,564	1,589,075
Total current assets	53,988,590	48,098,413
Property and Equipment
Land and land improvements	12,961,713	12,961,713
Building and grounds	28,617,796	28,305,386
Grain handling equipment	15,833,823	15,833,823
Office equipment	213,207	220,527
Plant and process equipment	104,222,168	95,681,018
Construction in progress	1,562,807	4,580,801
Gross property and equipment	163,411,514	157,583,268
Less accumulated depreciation	99,934,025	90,896,301
Net property and equipment	63,477,489	66,686,967
Other Assets
Investments	25,009,140	24,474,860
Other assets	1,354,196	1,503,666
Total other assets	26,363,336	25,978,526
Total Assets	143,829,415	140,763,906
Current Liabilities
Accounts payable	5,853,480	7,660,157
Accrued expenses	1,769,363	1,413,127
Other current liabilities	93,443	163,884
Total current liabilities	7,716,286	9,237,168
Long-term Liabilities
Deferred compensation	477,883	355,623
Deferred revenue, net of current portion	0	93,443
Total long-term liabilities	477,883	449,066
Commitments and Contingencies
Members' Equity (19,873,000 units issued and outstanding)	135,635,246	131,077,672
Total Liabilities and Members’ Equity	$ 143,829,415	$ 140,763,906

Balance Sheet Balance Sheet Par

Balance Sheet Balance Sheet Parenthetical - shares	Oct. 31, 2017	Oct. 31, 2016
Statement of Financial Position [Abstract]
Members' Equity (19,873,000 units issued and outstanding)	19,873,000	19,873,000

Statement of Operations

Statement of Operations - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Revenues	$ 213,455,567	$ 200,697,852	$ 221,149,134
Cost of Goods Sold	188,326,404	185,345,104	194,216,462
Gross Profit	25,129,163	15,352,748	26,932,672
Operating Expenses	3,844,410	3,646,121	3,407,954
Operating Income	21,284,753	11,706,627	23,524,718
Other Income (Expense)
Other income	655,000	426,380	605,063
Interest expense	(18,638)	(5,192)	(93,490)
Equity in net income of investments	7,477,709	8,265,427	7,910,228
Total Other Income	8,114,071	8,686,615	8,421,801
Net Income	$ 29,398,824	$ 20,393,242	$ 31,946,519
Basic & diluted net income per unit	$ 1.48	$ 1.03	$ 1.61
Weighted average units outstanding for the calculation of basic & diluted net income per unit	19,873,000	19,873,000	19,873,000
Distribution Per Unit	$ 1.25	$ 0.95	$ 3.10

Statement of Cash Flows

Statement of Cash Flows - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Cash Flows from Operating Activities
Net Income	$ 29,398,824	$ 20,393,242	$ 31,946,519
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,119,688	8,843,533	8,130,043
Unrealized (gain) loss on risk management & marketable securities	(465,112)	64,851	(621,942)
Amortization of deferred revenue	(163,884)	(51,229)	(293,645)
Change in accretion amounts of interest on grant & note receivable	18,979	(194,156)	(45,275)
Distributions (earnings) in excess of earnings (distributions) from investments	(549,280)	2,859,583	9,453,992
Gain on insurance proceeds from involuntary conversion	(489,852)	0	0
Deferred compensation expense	122,260	76,825	169,391
Change in assets and liabilities
Accounts receivable	261,907	(3,484,512)	4,868,950
Inventory	2,600,888	(39,179)	(2,006,453)
Prepaid expenses and other	(990,699)	16,178	(769,429)
Accounts payable	(1,675,889)	1,178,816	353,456
Accrued expenses	356,236	(266,209)	(228,988)
Deferred compensation payable	0	0	(126,014)
Net cash provided by operating activities	37,544,066	29,397,743	50,830,605
Cash Flows from Investing Activities
Capital expenditures	(6,154,333)	(13,154,853)	(10,966,921)
Insurance proceeds from involuntary conversion	648,752	0	0
Purchase of marketable securities	(9,061,164)	(13,750,000)	(10,500,000)
Proceeds from sale of marketable securities	2,750,000	11,505,123	5,650,000
Advances on note receivable	0	0	(506,272)
Purchase of investments	15,000	0	0
Net cash (used in) investing activities	(11,831,745)	(15,399,730)	(16,323,193)
Cash Flows from Financing Activities
Payments for long-term debt	0	0	(13,114)
Distributions to members	(24,841,250)	(18,879,350)	(61,606,300)
Refund on utility right costs	30,668	0	0
Payments received on grant receivable	84,258	329,498	751,465
Net cash (used in) financing activities	(24,726,324)	(18,549,852)	(60,867,949)
Net Increase (Decrease) in Cash and Equivalents	985,997	(4,551,839)	(26,360,537)
Cash and Equivalents – Beginning of Period	16,532,190	21,084,029	47,444,566
Cash and Equivalents – End of Period	17,518,187	16,532,190	21,084,029
Supplemental Cash Flow Information
Interest paid	51,157	54,787	134,177
Supplemental Disclosure of Noncash Operating & Investing Activities
Accounts Payable related to construction in process	$ 421,903	$ 552,691	$ 396,200

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Equity	USD ($)
Stockholders' Equity Attributable to Parent at Oct. 31, 2014	$ 159,223,561
Distribution Made to Member or Limited Partner, Cash Distributions Paid	(61,606,300)
Net Income	31,946,519
Stockholders' Equity Attributable to Parent at Oct. 31, 2015	129,563,780
Distribution Made to Member or Limited Partner, Cash Distributions Paid	(18,879,350)
Net Income	20,393,242
Stockholders' Equity Attributable to Parent at Oct. 31, 2016	131,077,672
Distribution Made to Member or Limited Partner, Cash Distributions Paid	(24,841,250)
Net Income	29,398,824
Stockholders' Equity Attributable to Parent at Oct. 31, 2017	$ 135,635,246

Consolidated Statements of Cha7

Consolidated Statements of Changes in Members' Equity Parenthetical - $ / shares	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Partners' Capital, Distribution Amount Per Share	$ 1.25	$ 0.95	$ 3.1
Partners' Capital Account, Units	19,873,000	19,873,000	19,873,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Oct. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Golden Grain Energy, LLC ("Golden Grain Energy" and "the Company") is an approximately 120 million gallon annual production ethanol plant near Mason City, Iowa. The Company sells its production of ethanol, distiller grains with solubles and corn oil primarily in the continental United States. The Company also holds several investments in various companies that focus on ethanol production, marketing and/or logistics. Organization Golden Grain Energy is organized as an Iowa limited liability company. The members' liability is limited as specified in Golden Grain Energy's operating agreement and pursuant to the Iowa Revised Uniform Limited Liability Company Act. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. 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. Actual results could differ from those estimates. Cash and Equivalents The Company's cash balances are maintained in bank depositories and regularly exceed federally insured limits. The Company has not experienced any losses in connection with these balances. Also included in cash and equivalents are highly liquid investments that are readily convertible into known amounts of cash which are subject to an insignificant risk of change in value due to interest rate, quoted price or penalty on withdrawal and have a maturity of three months or less. Marketable Securities The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are recorded as either short term or long term on the Balance Sheet, based on contractual maturity date and are stated at cost. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Marketable securities consist of certificates of deposits with original maturities of greater than three months and mutual funds. Certificates of deposit are considered held to maturity securities, which are measured at cost. Mutual funds are considered trading securities which are measured at fair value using prices obtained from pricing services. Any unrealized or realized gains and losses on the trading securities are recorded as part of other income. Marketable securities consisted of mutual funds invested in intermediate-term municipal and government bonds and certificates of deposit all with maturities of less than one year. For the periods ended October 31, 2017 and 2016 , there was no other-than-temporary impairment recognized. The Company recorded interest, dividends and net realized and unrealized gains (losses) from these investments as part of other income as follows: Year Ended October 31, 2017 2016 2015 Net earnings on marketable securities $ 182,887 $ 298,000 $ 128,000 Marketable Securities As of Cost Fair Market Value Certificates of Deposit October 31, 2017 $ 22,411,000 $ 22,312,000 $ 1,250,000 October 31, 2016 12,967,000 13,036,000 2,750,000 Accounts Receivable Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at original invoice amount with no allowance for doubtful accounts due to the historical collection rates on these accounts. Investments The Company has less than a 20% investment interest in five companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's statement of operations and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. Distributions or dividends received in excess of the carrying value are recognized as income in the statement of operations. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value. The fiscal years of Renewable Products Marketing Group, LLC (RPMG) and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC, Homeland Energy Solutions, LLC and Lawrenceville Tank, LLC, end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's statement of operations for the period ended October 31, 2017 , for all companies, is based on the investee's results for the twelve month period ended September 30 of each year. Note Receivable The Company has a note receivable from an unrelated party. The Company carries the note at original face value plus accrued interest which is equal to 6% as of October 31, 2017 and is compounded monthly. The note commenced in December 2014 with a face value of $510,000 and has a maturity of 5 years. Annual payments are to begin in September 2018. Balance of the note receivable, including accrued interest, as of October 31, 2017 and 2016 was approximately $599,000 and $566,000 , respectively, recorded with other assets. Revenue and Cost Recognition Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers. This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned. Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold. Inventory Inventories are generally valued at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. Property & Equipment Property and equipment are stated at historical cost. Significant additions and betterments are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 3 and 40 years. The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the asset group may not be recoverable. If circumstances require a long-lived asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset group to the carrying value of the asset group. If the carrying value of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Income Taxes The Company was formed under sections of the federal and state income tax laws which provide that, in lieu of corporate income taxes, the members separately account for their pro rata share of the Company’s items of income, deductions, losses and credits. As a result of this election, no income taxes have been recognized in the accompanying financial statements. Investment in commodities contracts, derivative instruments and hedging activities The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. 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. The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. The Company occasionally also enters into derivative contracts to hedge its exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments. Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker. Net income per unit Basic and diluted earnings per unit are computed using the weighted-average number of Class A and B units outstanding during the period. Environmental liabilities The Company's operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdiction in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company's liability is probable and the costs can be reasonably estimated. No expense or liability has been recorded as of October 31, 2017 , 2016 or 2015 for environmental liabilities. Incentive Compensation Plan The Company has an incentive compensation plan for certain employees equal to 1% of net income. Awards pursuant to the incentive compensation plan are paid in cash after the Company's net income is determined for each fiscal year. Awards made pursuant to the plan are immediately vested and paid. Fair Value Financial instruments include cash and equivalents, marketable securities, receivables, accounts payable, accrued expenses and derivative instruments. The fair value of marketable securities and derivative financial instruments is based on quoted market prices, as disclosed in Note 8. The fair value, determined using level 3 inputs, of all other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments. Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the 2017 fiscal year , ethanol sales accounted for approximately 84% of total revenue, distiller grains sales accounted for approximately 12% of total revenue and corn oil sales accounted for approximately 4% of total revenue while corn costs averaged approximately 76% of cost of goods sold. The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. 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, weather, and government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities. Recent Accounting Pronouncements The Company is currently evaluating the following new accounting pronouncements and their potential impact, if any, on our consolidated financial statements: In February 2016, FASB issued ASU No. 2016-02 "Leases” ("ASU 2016-02"). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. In May 2014, the FASB issued ASU No. 2014-09,"Revenue from Contracts with Customers". The ASU supersedes the revenue recognition requirements in "Accounting Standard Codification 605 - Revenue Recognition" and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within that fiscal year. Although early application as of the original date is permitted, we expect to adopt ASU No. 2014-09 and the related ASUs during our fiscal year beginning November 1, 2018. The Company is evaluating the effect this guidance will have on its financial statements, including potential impacts on the timing of revenue recognition and additional information that may be necessary for expanded disclosures regarding revenue beginning in our 2019 fiscal year.

Inventory

Inventory	12 Months Ended
	Oct. 31, 2017
Inventory [Abstract]
Inventory	INVENTORY Inventory consisted of the following as of October 31, 2017 and October 31, 2016 : October 31, 2017 October 31, 2016 Raw Materials $ 2,657,993 $ 3,808,935 Work in Process 1,126,913 1,170,767 Finished Goods 519,890 1,925,982 Totals $ 4,304,796 $ 6,905,684

Bank Financing

Bank Financing	12 Months Ended
	Oct. 31, 2017
Bank Financing [Abstract]
Bank Financing	BANK FINANCING The Company has entered into a master loan agreement with Farm Credit Services of America (FLCA) which includes revolving term loans with original maximum borrowings of $35 million and which currently has availability of $10 million and matures on February 1, 2020. Interest on the term loan is payable monthly at 3.15% above the one-month LIBOR ( 4.40% as of October 31, 2017 ). The borrowings are secured by substantially all the assets of the Company. The credit agreements are subject to covenants, including requiring the Company to maintain various financial ratios, as well as certain distribution limitations. As of October 31, 2017 , the Company was in compliance with all of the loan covenants. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of any outstanding principal balances on the loans and/or imposition of fees and penalties. As of October 31, 2017 and 2016, the Company had no outstanding borrowings.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Oct. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company purchased corn and materials from members of its Board of Directors or Risk Management Committee that own or manage elevators. The Company also purchased ingredients from RPMG. Purchases during the fiscal years ended October 31, 2017, 2016 and 2015 totaled approximately $33,317,000 , $64,318,000 and $78,605,000 , respectively. As of October 31, 2017 and 2016 , the amounts owed to related parties was approximately $205,000 and $518,000 , respectively (See Note 6).

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Oct. 31, 2017
Employee Benefit Plans [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company had a deferred phantom unit compensation plan for certain employees equal to 1% of net income for its fiscal year ended October 31, 2014. Currently, the Company has a cash bonus compensation plan which is paid shortly after the fiscal year in which the cash bonus is earned. During the fiscal years ended October 31, 2017 , 2016 and 2015 , the Company recorded compensation expense related to the prior deferred phantom unit compensation plan of approximately $122,000 , $77,000 and $38,000 , respectively. As of October 31, 2017 and 2016 , the Company had a liability of approximately $478,000 and $356,000 outstanding as deferred compensation, respectively, and has approximately $71,000 to be recognized as future compensation expense which will continue to vest over an approximate 1 year period. The Company has a retirement plan which provides retirement savings options for all eligible employees. Employees meeting certain eligibility requirements can participate in the plan. The Company makes a matching contribution based on the participants' eligible wages. The Company made matching contributions of approximately $118,000 , $100,000 and $95,000 during the years ended October 31, 2017 , 2016 and 2015 , respectively.

Commitments, Contingencies and

Commitments, Contingencies and Agreements	12 Months Ended
	Oct. 31, 2017
Commitments, Contingencies and Agreements [Abstract]
Commitments, Contingencies and Agreements	COMMITMENTS, CONTINGENCIES AND AGREEMENTS Ethanol, Distiller Grains and Corn Oil marketing agreements and major customers The Company has entered into marketing agreements with RPMG, a marketing company, for the exclusive rights to market, sell and distribute the entire ethanol, distiller grains and corn oil inventory produced by the Company. The marketing fees are presented net in revenues. Approximate sales and marketing fees related to the agreements in place are as follows: 2017 2016 2015 Sales ethanol, distiller grains & corn oil $ 213,923,000 $ 201,243,000 $ 221,610,000 Marketing fees 500,000 462,000 440,000 As of October 31, 2017 October 31, 2016 Amount due from RPMG $ 5,940,000 $ 6,202,000 During 2017, the Company entered into multiple construction agreements as part of plans to expand plant capacity. Total commitment under these agreements total approximately $12 million . The Company has incurred costs related to the expansion project totaling approximately $360,000 with the total expansion project costs estimated at approximately $34 million . The project is expected to be completed in the spring of 2019 and no other commitments have been executed.

Risk Management

Risk Management	12 Months Ended
	Oct. 31, 2017
Risk Management [Abstract]
Risk Management	RISK MANAGEMENT The Company's activities expose it to a variety of market risks, including the effects of changes in commodity prices. These financial exposures are monitored and managed by the Company as an integral part of its overall risk-management program. The Company's risk management program focuses on the unpredictability of financial and commodities markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. To reduce price risk caused by market fluctuations, the Company generally follows a policy of using exchange traded futures contracts to reduce its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts and uses exchange traded futures contracts to reduce price risk. Exchange-traded futures contracts are valued at market price. Changes in market price of contracts related to corn and natural gas are recorded in cost of goods sold and changes in market prices of contracts related to sale of ethanol are recorded in revenues. The following table represents the approximate amount of realized and unrealized gains (losses) and changes in fair value recognized in earnings on commodity contracts for periods ended October 31, 2017 , 2016 and 2015 and the fair value of derivatives as of October 31, 2017 and 2016 : Statement of Operations Classification Realized Gain (Loss) Change in Unrealized Gain (Loss) Total Gain (Loss) Derivatives not designated as hedging instruments: Commodity Contracts for the Revenue $ — $ 32,000 $ 32,000 fiscal year 2017 Cost of Goods Sold 1,618,000 383,000 2,001,000 Total $ 1,618,000 $ 415,000 $ 2,033,000 Commodity Contracts for the Revenue $ (51,000 ) $ (32,000 ) $ (83,000 ) fiscal year 2016 Cost of Goods Sold 3,981,000 147,000 4,128,000 Total $ 3,930,000 $ 115,000 $ 4,045,000 Commodity Contracts for the Revenue $ 64,000 $ (85,000 ) $ (21,000 ) fiscal year 2015 Cost of Goods Sold 346,000 (17,000 ) 329,000 Total $ 410,000 $ (102,000 ) $ 308,000 Balance Sheet Classification October 31, 2017 October 31, 2016 Futures and option contracts In gain position $ 371,000 $ 157,000 In loss position (21,000 ) (222,000 ) Cash held by broker 415,000 580,000 Current Asset $ 765,000 $ 515,000 As of October 31, 2017 , the Company had the following approximate outstanding purchase and sale commitments, of which approximately $1,334,000 of the purchase commitments and all of the sale commitments were with related parties. Commitments Through Amount Sale commitments Distiller grains - fixed price March 2018 $ 7,370,000 Corn Oil - fixed price December 2017 1,354,000 Purchase commitments Corn - fixed price Oct 2018 $ 7,570,000 Corn - basis contract July 2018 12,737,000 As of October 31, 2017 , the Company has fixed price futures and forward contracts in place for approximately 14% of anticipated corn needs, 0% of ethanol sales and 4% of natural gas needs for the next 12 months with no open positions beyond that point. As of October 31, 2017 , the Company had approximately 295,200 bushels with approximate market value of $915,000 of credit sale corn contracts. As of October 31, 2016 , the Company had approximately 441,700 bushels with approximate market value of $1,479,000 of priced later and deferred payment corn contracts.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Oct. 31, 2017
Fair Value Measurements [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3: Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Marketable Securities: The Company's investments in short-term liquid investments (e.g. mutual funds), are classified within Level 1, carried at fair value based on the quoted market prices. Derivative financial instruments: Commodity futures and exchange-traded commodity options contracts are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains 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 markets such as the CME and NYMEX. Crush swaps are bundled contracts or combined contracts that include a portion of corn, ethanol and natural gas rolled into a single trading instrument. These contracts are reported at fair value utilizing Level 2 inputs and are based on the various trading activity of the components of each segment of the bundled contract. The following table summarizes financial assets and financial liabilities measured at the approximate fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Total Level 1 Level 2 Level 3 Marketable securities Assets, October 31, 2017 $ 22,312,000 $ 22,312,000 $ — $ — Assets, October 31, 2016 13,036,000 13,036,000 — — Derivative financial instruments October 31, 2017 Assets $ 371,000 $ 360,000 $ 11,000 $ — Liabilities (21,000 ) (1,000 ) (20,000 ) — October 31, 2016 Assets $ 157,000 $ 61,000 $ 96,000 $ — Liabilities (222,000 ) (163,000 ) (59,000 ) —

Investments

Investments	12 Months Ended
	Oct. 31, 2017
Investments [Abstract]
Investments	INVESTMENTS Condensed, combined financial information of the Company’s investments in Absolute Energy, Homeland Energy Solutions, Guardian Energy, Lawrenceville Tank and RPMG is as follows (in 000’s). Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 294,535 $ 313,541 $ 285,879 Other Assets 265,004 246,702 256,144 Current Liabilities 170,289 175,588 142,927 Long-term Debt 78,122 55,726 49,241 Members’ Equity 311,128 328,928 349,855 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 746,736 $ 731,251 $ 784,304 Gross Profit 98,659 83,056 112,252 Net Income 89,442 75,533 93,576 The following table (in 000's) shows the condensed financial information of Guardian Energy, which represents greater than 10% of the Company's net income for the years ended October 31, 2016 and 2015. Guardian Energy Condensed Financial Information Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 22,476 $ 26,350 $ 23,053 Other Assets 38,095 42,264 47,653 Current Liabilities 15,389 17,812 7,918 Long-term Debt 50,951 55,500 49,000 Members’ Equity (5,769) (4,698) 13,788 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 236,033 $ 229,123 $ 234,332 Gross Profit 32,971 30,887 37,410 Net Income 26,429 25,764 22,467 The following table (in 000's) shows the condensed financial information of Homeland Energy Solutions. The Company's equitable portion of assets of Homeland Energy Solutions is greater than than 10% of the Company's total assets as of the year ended October 31, 2015. Homeland Energy Solutions Condensed Financial Information Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 89,142 $ 51,430 $ 80,156 Other Assets 138,391 85,272 109,910 Current Liabilities 41,095 3,932 36,118 Long-term Debt 27,000 0 241 Members’ Equity 159,438 132,770 153,707 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 271,148 $ 264,378 $ 279,373 Gross Profit 35,279 27,264 35,242 Net Income 31,777 24,847 32,078 The Company recorded equity in net income of investments of approximately $2,115,000 from Absolute Energy, $2,504,000 from Guardian Energy, $2,542,000 from Homeland Energy Solutions and $317,000 from our other investments for a total of approximately $7,478,000 for the fiscal year ended October 31, 2017 . Income for the fiscal years ended October 31, 2016 and 2015 totaled approximately $8,265,000 and $7,910,000 , respectively. The Company has undistributed net earnings of investees of approximately $11,667,000 and $11,160,000 as of October 31, 2017 and 2016 , respectively.

Members' Equity

Members' Equity	12 Months Ended
	Oct. 31, 2017
Members' Equity [Abstract]
Members' Equity	MEMBERS’ EQUITY The total number of Class A and B units outstanding as of October 31, 2017 and 2016 was 19,873,000 . Allocations of profits, losses and distributions as well as voting rights are identical for both Class A and B units except for in the case of disposition of properties in dissolution. In such case, Class B units have preferential treatment in the allocation of any remaining gain.

Lease Obligations

Lease Obligations	12 Months Ended
	Oct. 31, 2017
Lease Obligations [Abstract]
Lease Obligations	LEASE OBLIGATIONS The Company has seven leases for equipment with original terms of 2 to 7 years which extend through May 2022. The Company is obligated to pay costs of insurance, taxes, repairs and maintenance pursuant to the terms of the lease. Rent expense for operating leases for the years ending October 31, 2017 , 2016 and 2015 was approximately $1,625,000 , $1,945,000 and $1,686,000 , respectively. At October 31, 2017 , the Company had the following approximate minimum rental commitments under non-cancelable operating leases. 2018 $ 1,015,000 2019 798,000 2020 593,000 2021 355,000 2022 137,000 Total $ 2,898,000

Group Insurance

Group Insurance	12 Months Ended
	Oct. 31, 2017
Group Insurance [Abstract]
Group Insurance	GROUP INSURANCE The Company participates, along with other plants in the industry, in a group captive insurance company (Captive). The Captive insures losses related to workman's compensation, commercial property and general liability. The Captive reinsures catastrophic losses for all participants, including the Company, in excess of predetermined amounts. The Company's premiums are accrued by a charge to income for the period to which the premium relates and is remitted by the Company's insurer to the captive reinsurer. These premiums are structured such that the Company has made a prepaid collateral deposit estimated for losses related to the above coverage. The Captive insurer has estimated and collected an amount in excess of the estimated losses but less than the catastrophic loss limit insured by the Captive. The Company cannot be assessed over the amount in the collateral fund.

Quarterly Financial Reporting (

Quarterly Financial Reporting (Unaudited)	12 Months Ended
	Oct. 31, 2017
Quarterly Financial Reported (Unaudited) [Abstract]
Quarterly Financial Reporting (Unaudited)	QUARTERLY FINANCIAL REPORTING (UNAUDITED) Summary quarterly results are as follows: First Quarter Second Quarter Third Quarter Fourth Quarter Year ended October 31, 2017 Total revenues $ 56,063,549 $ 50,960,556 $ 49,760,291 $ 56,671,171 Gross profit 8,913,597 3,930,146 3,725,862 8,559,558 Operating income 7,961,450 3,039,717 2,683,514 7,600,072 Net income 10,959,532 4,742,720 3,840,574 9,855,998 Basic & diluted earnings per unit $ 0.55 $ 0.24 $ 0.19 $ 0.50 Year ended October 31, 2016 Total revenues $ 48,773,123 $ 51,518,991 $ 48,641,969 $ 51,763,769 Gross profit 1,953,759 1,621,069 6,983,670 4,794,250 Operating income 954,791 724,310 6,335,287 3,692,239 Net income 3,417,335 2,404,294 8,346,905 6,224,708 Basic & diluted earnings per unit $ 0.17 $ 0.12 $ 0.42 $ 0.32 Year ended October 31, 2015 Total revenues $ 61,048,123 $ 52,854,192 $ 52,082,545 $ 55,164,274 Gross profit 12,354,270 3,826,385 6,054,597 4,697,420 Operating income 11,298,282 3,130,968 5,314,680 3,780,788 Net income 14,902,633 3,967,686 7,356,150 5,720,050 Basic & diluted earnings per unit $ 0.75 $ 0.20 $ 0.37 $ 0.29

Subsequent Events

Subsequent Events	12 Months Ended
	Oct. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On November 20, 2017, the board of directors declared a cash distribution of $0.75 per membership unit to the holders of Class A and Class B units of record at the close of business on November 20, 2017, for a total distribution of $14,904,750 . The distribution will be recorded in the Company's first quarter financial statements for the 2018 fiscal year and was paid on December 13, 2017.

Accounting Policies

Accounting Policies	12 Months Ended
	Oct. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. 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. Actual results could differ from those estimates.
Cash and Equivalents	Cash and Equivalents The Company's cash balances are maintained in bank depositories and regularly exceed federally insured limits. The Company has not experienced any losses in connection with these balances. Also included in cash and equivalents are highly liquid investments that are readily convertible into known amounts of cash which are subject to an insignificant risk of change in value due to interest rate, quoted price or penalty on withdrawal and have a maturity of three months or less.
Marketable Securities	Marketable Securities The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are recorded as either short term or long term on the Balance Sheet, based on contractual maturity date and are stated at cost. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Marketable securities consist of certificates of deposits with original maturities of greater than three months and mutual funds. Certificates of deposit are considered held to maturity securities, which are measured at cost. Mutual funds are considered trading securities which are measured at fair value using prices obtained from pricing services. Any unrealized or realized gains and losses on the trading securities are recorded as part of other income. Marketable securities consisted of mutual funds invested in intermediate-term municipal and government bonds and certificates of deposit all with maturities of less than one year. For the periods ended October 31, 2017 and 2016 , there was no other-than-temporary impairment recognized. The Company recorded interest, dividends and net realized and unrealized gains (losses) from these investments as part of other income as follows: Year Ended October 31, 2017 2016 2015 Net earnings on marketable securities $ 182,887 $ 298,000 $ 128,000 Marketable Securities As of Cost Fair Market Value Certificates of Deposit October 31, 2017 $ 22,411,000 $ 22,312,000 $ 1,250,000 October 31, 2016 12,967,000 13,036,000 2,750,000
Receivables	Accounts Receivable Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at original invoice amount with no allowance for doubtful accounts due to the historical collection rates on these accounts.
Investments	Investments The Company has less than a 20% investment interest in five companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's statement of operations and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. Distributions or dividends received in excess of the carrying value are recognized as income in the statement of operations. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value. The fiscal years of Renewable Products Marketing Group, LLC (RPMG) and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC, Homeland Energy Solutions, LLC and Lawrenceville Tank, LLC, end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's statement of operations for the period ended October 31, 2017 , for all companies, is based on the investee's results for the twelve month period ended September 30 of each year.
Notes Receivable	Note Receivable The Company has a note receivable from an unrelated party. The Company carries the note at original face value plus accrued interest which is equal to 6% as of October 31, 2017 and is compounded monthly. The note commenced in December 2014 with a face value of $510,000 and has a maturity of 5 years. Annual payments are to begin in September 2018. Balance of the note receivable, including accrued interest, as of October 31, 2017 and 2016 was approximately $599,000 and $566,000 , respectively, recorded with other assets.
Revenue and Cost Recognition	Revenue and Cost Recognition Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers. This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned. Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold.
Inventory	Inventory Inventories are generally valued at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation.
Property and Equipment	Property & Equipment Property and equipment are stated at historical cost. Significant additions and betterments are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 3 and 40 years. The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the asset group may not be recoverable. If circumstances require a long-lived asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset group to the carrying value of the asset group. If the carrying value of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Income Taxes	Income Taxes The Company was formed under sections of the federal and state income tax laws which provide that, in lieu of corporate income taxes, the members separately account for their pro rata share of the Company’s items of income, deductions, losses and credits. As a result of this election, no income taxes have been recognized in the accompanying financial statements.
Investment in commodities contracts, derivative instruments and hedging activities	Investment in commodities contracts, derivative instruments and hedging activities The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. 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. The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. The Company occasionally also enters into derivative contracts to hedge its exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments. Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker.
Net income per unit	Net income per unit Basic and diluted earnings per unit are computed using the weighted-average number of Class A and B units outstanding during the period.
Environmental liabilities	Environmental liabilities The Company's operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdiction in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company's liability is probable and the costs can be reasonably estimated. No expense or liability has been recorded as of October 31, 2017 , 2016 or 2015 for environmental liabilities.
Incentive Compensation Plan	Incentive Compensation Plan The Company has an incentive compensation plan for certain employees equal to 1% of net income. Awards pursuant to the incentive compensation plan are paid in cash after the Company's net income is determined for each fiscal year. Awards made pursuant to the plan are immediately vested and paid.
Fair Value	Fair Value Financial instruments include cash and equivalents, marketable securities, receivables, accounts payable, accrued expenses and derivative instruments. The fair value of marketable securities and derivative financial instruments is based on quoted market prices, as disclosed in Note 8. The fair value, determined using level 3 inputs, of all other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments.
Risks and Uncertainties	Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the 2017 fiscal year , ethanol sales accounted for approximately 84% of total revenue, distiller grains sales accounted for approximately 12% of total revenue and corn oil sales accounted for approximately 4% of total revenue while corn costs averaged approximately 76% of cost of goods sold. The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. 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, weather, and government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities.
Description of New Accounting Pronouncements Not yet Adopted	Recent Accounting Pronouncements The Company is currently evaluating the following new accounting pronouncements and their potential impact, if any, on our consolidated financial statements: In February 2016, FASB issued ASU No. 2016-02 "Leases” ("ASU 2016-02"). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. In May 2014, the FASB issued ASU No. 2014-09,"Revenue from Contracts with Customers". The ASU supersedes the revenue recognition requirements in "Accounting Standard Codification 605 - Revenue Recognition" and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within that fiscal year. Although early application as of the original date is permitted, we expect to adopt ASU No. 2014-09 and the related ASUs during our fiscal year beginning November 1, 2018. The Company is evaluating the effect this guidance will have on its financial statements, including potential impacts on the timing of revenue recognition and additional information that may be necessary for expanded disclosures regarding revenue beginning in our 2019 fiscal year.

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Oct. 31, 2017
Inventory [Abstract]
Schedule of Inventory	October 31, 2017 October 31, 2016 Raw Materials $ 2,657,993 $ 3,808,935 Work in Process 1,126,913 1,170,767 Finished Goods 519,890 1,925,982 Totals $ 4,304,796 $ 6,905,684

Commitments, Contingencies an24

Commitments, Contingencies and Agreements (Tables)	12 Months Ended
	Oct. 31, 2017
Commitments, Contingencies and Agreements [Abstract]
Schedule of Related Party Transactions	2017 2016 2015 Sales ethanol, distiller grains & corn oil $ 213,923,000 $ 201,243,000 $ 221,610,000 Marketing fees 500,000 462,000 440,000 As of October 31, 2017 October 31, 2016 Amount due from RPMG $ 5,940,000 $ 6,202,000

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Oct. 31, 2017
Risk Management [Abstract]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	Statement of Operations Classification Realized Gain (Loss) Change in Unrealized Gain (Loss) Total Gain (Loss) Derivatives not designated as hedging instruments: Commodity Contracts for the Revenue $ — $ 32,000 $ 32,000 fiscal year 2017 Cost of Goods Sold 1,618,000 383,000 2,001,000 Total $ 1,618,000 $ 415,000 $ 2,033,000 Commodity Contracts for the Revenue $ (51,000 ) $ (32,000 ) $ (83,000 ) fiscal year 2016 Cost of Goods Sold 3,981,000 147,000 4,128,000 Total $ 3,930,000 $ 115,000 $ 4,045,000 Commodity Contracts for the Revenue $ 64,000 $ (85,000 ) $ (21,000 ) fiscal year 2015 Cost of Goods Sold 346,000 (17,000 ) 329,000 Total $ 410,000 $ (102,000 ) $ 308,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Balance Sheet Classification October 31, 2017 October 31, 2016 Futures and option contracts In gain position $ 371,000 $ 157,000 In loss position (21,000 ) (222,000 ) Cash held by broker 415,000 580,000 Current Asset $ 765,000 $ 515,000
Long-term Purchase Commitment	Commitments Through Amount Sale commitments Distiller grains - fixed price March 2018 $ 7,370,000 Corn Oil - fixed price December 2017 1,354,000 Purchase commitments Corn - fixed price Oct 2018 $ 7,570,000 Corn - basis contract July 2018 12,737,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Oct. 31, 2017
Fair Value Measurements [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Total Level 1 Level 2 Level 3 Marketable securities Assets, October 31, 2017 $ 22,312,000 $ 22,312,000 $ — $ — Assets, October 31, 2016 13,036,000 13,036,000 — — Derivative financial instruments October 31, 2017 Assets $ 371,000 $ 360,000 $ 11,000 $ — Liabilities (21,000 ) (1,000 ) (20,000 ) — October 31, 2016 Assets $ 157,000 $ 61,000 $ 96,000 $ — Liabilities (222,000 ) (163,000 ) (59,000 ) —

Investments (Tables)

Investments (Tables)	12 Months Ended
	Oct. 31, 2017
Investments [Abstract]
Schedule of Equity Method Investments	Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 294,535 $ 313,541 $ 285,879 Other Assets 265,004 246,702 256,144 Current Liabilities 170,289 175,588 142,927 Long-term Debt 78,122 55,726 49,241 Members’ Equity 311,128 328,928 349,855 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 746,736 $ 731,251 $ 784,304 Gross Profit 98,659 83,056 112,252 Net Income 89,442 75,533 93,576 The following table (in 000's) shows the condensed financial information of Guardian Energy, which represents greater than 10% of the Company's net income for the years ended October 31, 2016 and 2015. Guardian Energy Condensed Financial Information Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 22,476 $ 26,350 $ 23,053 Other Assets 38,095 42,264 47,653 Current Liabilities 15,389 17,812 7,918 Long-term Debt 50,951 55,500 49,000 Members’ Equity (5,769) (4,698) 13,788 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 236,033 $ 229,123 $ 234,332 Gross Profit 32,971 30,887 37,410 Net Income 26,429 25,764 22,467 The following table (in 000's) shows the condensed financial information of Homeland Energy Solutions. The Company's equitable portion of assets of Homeland Energy Solutions is greater than than 10% of the Company's total assets as of the year ended October 31, 2015. Homeland Energy Solutions Condensed Financial Information Balance Sheet 9/30/2017 9/30/2016 9/30/2015 Current Assets $ 89,142 $ 51,430 $ 80,156 Other Assets 138,391 85,272 109,910 Current Liabilities 41,095 3,932 36,118 Long-term Debt 27,000 0 241 Members’ Equity 159,438 132,770 153,707 Twelve Months Ended Income Statement 9/30/2017 9/30/2016 9/30/2015 Revenue $ 271,148 $ 264,378 $ 279,373 Gross Profit 35,279 27,264 35,242 Net Income 31,777 24,847 32,078

Lease Obligations (Tables)

Lease Obligations (Tables)	12 Months Ended
	Oct. 31, 2017
Lease Obligations [Abstract]
Operating Leases of Lessee Disclosure	2018 $ 1,015,000 2019 798,000 2020 593,000 2021 355,000 2022 137,000 Total $ 2,898,000

Quarterly Financial Reporting29

Quarterly Financial Reporting (Unaudited) (Tables)	12 Months Ended
	Oct. 31, 2017
Quarterly Financial Reported (Unaudited) [Abstract]
Schedule of Quarterly Financial Information	First Quarter Second Quarter Third Quarter Fourth Quarter Year ended October 31, 2017 Total revenues $ 56,063,549 $ 50,960,556 $ 49,760,291 $ 56,671,171 Gross profit 8,913,597 3,930,146 3,725,862 8,559,558 Operating income 7,961,450 3,039,717 2,683,514 7,600,072 Net income 10,959,532 4,742,720 3,840,574 9,855,998 Basic & diluted earnings per unit $ 0.55 $ 0.24 $ 0.19 $ 0.50 Year ended October 31, 2016 Total revenues $ 48,773,123 $ 51,518,991 $ 48,641,969 $ 51,763,769 Gross profit 1,953,759 1,621,069 6,983,670 4,794,250 Operating income 954,791 724,310 6,335,287 3,692,239 Net income 3,417,335 2,404,294 8,346,905 6,224,708 Basic & diluted earnings per unit $ 0.17 $ 0.12 $ 0.42 $ 0.32 Year ended October 31, 2015 Total revenues $ 61,048,123 $ 52,854,192 $ 52,082,545 $ 55,164,274 Gross profit 12,354,270 3,826,385 6,054,597 4,697,420 Operating income 11,298,282 3,130,968 5,314,680 3,780,788 Net income 14,902,633 3,967,686 7,356,150 5,720,050 Basic & diluted earnings per unit $ 0.75 $ 0.20 $ 0.37 $ 0.29

Summary of Significant Accoun30

Summary of Significant Accounting Policies Production (Details) gal in Millions	12 Months Ended
	Oct. 31, 2017gal
Product Information [Line Items]
Equity Method Investments, Number of Entities	5
Ethanol [Member]
Product Information [Line Items]
Annual Production Capacity	120
Phantom Share Units (PSUs) [Member]
Product Information [Line Items]
Share-Based Compensation, Percentage of Net Income	1.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies Marketable Securities (Details) - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Realized Gain (Loss)	$ 182,887	$ 298,000	$ 128,000
Mutual Fund [Member]
Schedule of Held-to-maturity Securities [Line Items]
Trading Securities, Cost	22,411,000	12,967,000
Trading Securities	22,312,000	13,036,000
Certificates of Deposit [Member]
Schedule of Held-to-maturity Securities [Line Items]
Certificates of Deposit, at Carrying Value	$ 1,250,000	$ 2,750,000

Property and Equipment (Details

Property and Equipment (Details) - Property, Plant and Equipment [Member]	12 Months Ended
	Oct. 31, 2017
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	40

Summary of Significant Accoun33

Summary of Significant Accounting Policies Concentration Risk (Details)	12 Months Ended
	Oct. 31, 2017
Sales Revenue, Product Line [Member] | Ethanol [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	84.00%
Sales Revenue, Product Line [Member] | Distillers Grains [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%
Sales Revenue, Product Line [Member] | Corn Oil [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	4.00%
Cost of Goods, Total [Member] | Corn [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	76.00%

Summary of Significant Accoun34

Summary of Significant Accounting Policies Note Receivable (Details)	12 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)
Note Receivable [Abstract]
Receivable with Imputed Interest, Effective Yield (Interest Rate)	6.00%
Notes Issued	$ 510,000
Note receivable, term	5
Accounts, Notes, Loans and Financing Receivable, Net, Current	$ 599,000	$ 566,000

Inventory (Details)

Inventory (Details) - USD ($)	Oct. 31, 2017	Oct. 31, 2016
Inventory [Abstract]
Raw Materials	$ 2,657,993	$ 3,808,935
Work in Process	1,126,913	1,170,767
Finished Goods	519,890	1,925,982
Inventory	$ 4,304,796	$ 6,905,684

Bank Financing Long Term Debt (

Bank Financing Long Term Debt (Details) - Farm Credit Services of America [Member]	Oct. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Debt Instrument, Interest Rate at Period End	4.40%
Debt Instrument, Unused Borrowing Capacity, Amount	$ 10,000,000
Long-term Debt	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 35

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	$ 205,000	$ 518,000
Director [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 33,317,000	$ 64,318,000	$ 78,605,000

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation	$ 477,883	$ 355,623
Share-based compensation, approximate vesting period	1 year
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 118,000	100,000	$ 95,000
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation, Percentage of Net Income	1.00%
Allocated Share-based Compensation Expense	$ 122,000	77,000	$ 38,000
Deferred compensation	478,000	$ 356,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 71,000

Commitments, Contingencies an39

Commitments, Contingencies and Agreements (Details) - Investee [Member] - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 213,923	$ 201,243	$ 221,610
Related Party Transaction, Expenses from Transactions with Related Party	500	462	$ 440
Related Party Transaction, Due from (to) Related Party	$ 5,940	$ 6,202

Commitments, Contingencies an40

Commitments, Contingencies and Agreements Plant Expansion (Details)	12 Months Ended
	Oct. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment, Amount	12
Payments for Construction in Process	$ 360,000
Construction in Progress, Gross	$ 34,000,000

Risk Management Derivative Inst

Risk Management Derivative Instruments - Income Statement (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	$ 1,618,000	$ 3,930,000	$ 410,000
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	415,000	115,000	(102,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	2,033,000	4,045,000	308,000
Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	0	(51,000)	64,000
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	32,000	(32,000)	(85,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	32,000	(83,000)	(21,000)
Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	1,618,000	3,981,000	346,000
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	383,000	147,000	(17,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ 2,001,000	$ 4,128,000	$ 329,000

Risk Management Derivative In42

Risk Management Derivative Instruments - Balance Sheet Location (Details) - USD ($)	Oct. 31, 2017	Oct. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Instruments and Hedges, Assets	$ 764,713	$ 514,878
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Liability [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Current	21,000	222,000
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Current	371,000	157,000
Restricted Cash and Cash Equivalents	415,000	580,000
Derivative Instruments and Hedges, Assets	$ 765,000	$ 515,000

Risk Management Long-Term Purch

Risk Management Long-Term Purchase Commitments (Details)	12 Months Ended
	Oct. 31, 2017USD ($)bu	Oct. 31, 2016USD ($)bu
Long-term Purchase Commitment [Line Items]
Derivative, Term of Contract	12 months
Financial Instruments, Owned, Physical Commodities, at Fair Value		$ 1,479,000
Ethanol [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage	0.00%
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage	4.00%
Corn [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage	14.00%
Derivative, Nonmonetary Notional Amount, Volume | bu	295,200	441,700
Financial Instruments, Owned, Physical Commodities, at Fair Value	$ 915,000
Distillers Grains [Member] | Fixed-price Contract [Member]
Long-term Purchase Commitment [Line Items]
Sale commitments, Remaining Minimum Amount Committed	7,370,000
Corn [Member] | Fixed-price Contract [Member]
Long-term Purchase Commitment [Line Items]
Sale commitments, Remaining Minimum Amount Committed	1,354,000
Purchase Commitment, Remaining Minimum Amount Committed	7,570,000
Corn [Member] | Basis Contract [Member]
Long-term Purchase Commitment [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	12,737,000
Affiliated Entity [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation	$ 1,334,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Commodity Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Oct. 31, 2017	Oct. 31, 2016
Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 22,312	$ 13,036
Derivative Assets, Current	371	157
Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities		13,036
Derivative Assets, Current	360	61
Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Derivative Assets, Current	11	96
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Derivative Assets, Current	0	0
Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	21	222
Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	1	163
Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	20	59
Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	$ 0	$ 0

Investments (Details)

Investments (Details) - USD ($)	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Current Assets				$ 294,535,000	$ 313,541,000	$ 285,879,000
Equity Method Investment, Other Assets				265,004,000	246,702,000	256,144,000
Equity Method Investment, Current Liabilities				170,289,000	175,588,000	142,927,000
Equity Method Investment, Long-term Debt				78,122,000	55,726,000	49,241,000
Equity Method Investment, Members' Equity				311,128,000	328,928,000	349,855,000
Equity Method Investment, Revenue	$ 746,736,000	$ 731,251,000	$ 784,304,000
Equity Method Investment, Gross Profit	98,659,000	83,056,000	112,252,000
Equity Method Investment, Net Income	89,442,000	75,533,000	93,576,000
Equity in net income of investments	7,477,709	8,265,427	7,910,228
Retained Earnings, Undistributed Earnings from Equity Method Investees	11,667,000	11,160,000
Guardian Energy [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Current Assets				22,476,000	26,350,000	23,053,000
Equity Method Investment, Other Assets				38,095,000	42,264,000	47,653,000
Equity Method Investment, Current Liabilities				15,389,000	17,812,000	7,918,000
Equity Method Investment, Long-term Debt				50,951,000	55,500,000	49,000,000
Equity Method Investment, Members' Equity				(5,769,000)	(4,698,000)	13,788,000
Equity Method Investment, Revenue	236,033,000	229,123,000	234,332,000
Equity Method Investment, Gross Profit	32,971,000	30,887,000	37,410,000
Equity Method Investment, Net Income	26,429,000	25,764,000	22,467,000
Equity in net income of investments	2,504,000
Homeland Energy Solutions [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Current Assets				89,142,000	51,430,000	80,156,000
Equity Method Investment, Other Assets				138,391,000	85,272,000	109,910,000
Equity Method Investment, Current Liabilities				41,095,000	3,932,000	36,118,000
Equity Method Investment, Long-term Debt				27,000,000	0	241,000
Equity Method Investment, Members' Equity				$ 159,438,000	$ 132,770,000	$ 153,707,000
Equity Method Investment, Revenue	271,148,000	264,378,000	279,373,000
Equity Method Investment, Gross Profit	35,279,000	27,264,000	35,242,000
Equity Method Investment, Net Income	31,777,000	$ 24,847,000	$ 32,078,000
Equity in net income of investments	2,542,000
Absolute Energy [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	2,115,000
Other Equity Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	$ 317,000

Members' Equity (Details)

Members' Equity (Details)	Oct. 31, 2017shares
Common Stock [Member]
Class of Stock [Line Items]
Members' Equity, units issued and outstanding	19,873,000

Lease Obligations (Details)

Lease Obligations (Details)	12 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 31, 2015USD ($)
Operating Leased Assets [Line Items]
Number of current Operating Leases	7
Original Lease term, minimum	2
Original Lease term, maximum	7
Equipment [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	$ 1,625,000	$ 1,945,000	$ 1,686,000
Operating Leases, Future Minimum Payments Due, 2018	1,015,000
Operating Leases, Future Minimum Payments, Due 2019	798,000
Operating Leases, Future Minimum Payments, Due 2020	593,000
Operating Leases, Future Minimum Payments, Due 2021	355,000
Operating Leases, Future Minimum Payments, Due in 2022	137,000
Operating Leases, Future Minimum Payments Due	$ 2,898,000

Quarterly Financial Reporting48

Quarterly Financial Reporting (Unaudited) (Details) - USD ($)	3 Months Ended												12 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Quarterly Financial Reported (Unaudited) [Abstract]
Total revenues	$ 56,671,171	$ 49,760,291	$ 50,960,556	$ 56,063,549	$ 51,763,769	$ 48,641,969	$ 51,518,991	$ 48,773,123	$ 55,164,274	$ 52,082,545	$ 52,854,192	$ 61,048,123	$ 213,455,567	$ 200,697,852	$ 221,149,134
Gross Profit (loss)	8,559,558	3,725,862	3,930,146	8,913,597	4,794,250	6,983,670	1,621,069	1,953,759	4,697,420	6,054,597	3,826,385	12,354,270	25,129,163	15,352,748	26,932,672
Operating Income (loss)	7,600,072	2,683,514	3,039,717	7,961,450	3,692,239	6,335,287	724,310	954,791	3,780,788	5,314,680	3,130,968	11,298,282	21,284,753	11,706,627	23,524,718
Net Income (loss)	$ 9,855,998	$ 3,840,574	$ 4,742,720	$ 10,959,532	$ 6,224,708	$ 8,346,905	$ 2,404,294	$ 3,417,335	$ 5,720,050	$ 7,356,150	$ 3,967,686	$ 14,902,633	$ 29,398,824	$ 20,393,242	$ 31,946,519
Basic & diluted earnings (loss) per unit	$ 0.50	$ 0.19	$ 0.24	$ 0.55	$ 0.32	$ 0.42	$ 0.12	$ 0.17	$ 0.29	$ 0.37	$ 0.20	$ 0.75

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2015
Subsequent Event [Line Items]
Distribution Per Unit		$ 1.25	$ 0.95	$ 3.10
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution Per Unit	$ 0.75
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 14,904,750