Golden Grain Energy (GGELU) 10-Q 15 Mar 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document	3 Months Ended
	Jan. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jan. 31, 2021
Entity File Number	000-51177
Entity Registrant Name	GOLDEN GRAIN ENERGY, LLC
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	02-0575361
Entity Address, Address Line One	1822 43rd Street SW
Entity Address, City or Town	Mason City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50401
City Area Code	641
Local Phone Number	423-8525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Central Index Key	0001206942
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A
Cover [Abstract]
Entity Common Stock, Shares Outstanding	18,953,000
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	18,953,000
Common Class B
Cover [Abstract]
Entity Common Stock, Shares Outstanding	920,000
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	920,000

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
Revenues	$ 53,444,657	$ 57,432,202
Cost of Goods Sold	58,888,322	54,826,337
Gross Profit	(5,443,665)	2,605,865
Operating Expenses	1,208,217	1,273,962
Operating Income (Loss)	(6,651,882)	1,331,903
Other Income (Expense)
Other income (expense)	292,048	8,447
Interest income (expense)	(52,735)	58,598
Gain (Loss) on Extinguishment of Debt	860,500	0
Equity in net income of investments	2,559,481	2,015,270
Total Other Income	3,659,294	2,082,315
Net Income	$ (2,992,588)	$ 3,414,218
Basic & diluted net income per unit (usd per share)	$ (0.15)	$ 0.17
Weighted average units outstanding for the calculation of basic & diluted net income per unit (in shares)	19,873,000	19,873,000
Distribution Per Unit (usd per share)	$ 0.20	$ 0

Balance Sheets

Balance Sheets - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Current Assets
Cash and equivalents	$ 7,589,166	$ 17,582,312
Marketable securities	5,296,770	5,113,066
Accounts receivable	7,066,239	7,326,519
Other receivables	775,307	191,768
Derivative instruments	761,759	862,516
Inventory	6,807,503	8,346,764
Prepaid expenses and other	3,776,650	2,999,162
Total current assets	32,073,394	42,422,107
Property and Equipment
Land and land improvements	14,319,210	14,319,211
Building and grounds	33,719,636	33,719,636
Grain handling equipment	16,097,244	16,084,232
Office equipment	2,457,090	2,457,090
Plant and process equipment	123,455,866	122,038,667
Construction in progress	5,617,231	3,189,865
Gross property and equipment	195,666,277	191,808,701
Less accumulated depreciation	126,503,240	124,390,850
Net property and equipment	69,163,037	67,417,851
Other Assets
Investments	24,181,436	25,019,870
Right of use asset operating leases	2,033,209	2,324,631
Other assets	1,894,888	1,904,482
Total other assets	28,109,533	29,248,983
Total Assets	129,345,964	139,088,941
Current Liabilities
Accounts payable	4,802,515	6,798,427
Accrued expenses	3,176,818	2,930,479
Other current liabilities	117,443	34,813
Long-term Debt, Current Maturities	0	430,250
Current portion operating lease liability	917,979	1,000,141
Total current liabilities	9,014,755	11,194,110
Long-term Liabilities
Deferred compensation	586,667	514,409
Operating Lease Liability	1,115,230	1,313,177
Long-term Debt, Excluding Current Maturities	0	430,250
Other Liabilities, Noncurrent	1,283,995	1,324,490
Total long-term liabilities	2,985,892	3,582,326
Members' Equity (19,873,000 units issued and outstanding)	117,345,317	124,312,505
Total Liabilities and Members’ Equity	$ 129,345,964	$ 139,088,941

Balance Sheet Parenthetical

Balance Sheet Parenthetical - shares	Jan. 31, 2021	Oct. 31, 2020
Balance Sheet Parenthetical [Abstract]
Common stock, shares outstanding (in shares)	19,873,000	19,873,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Equity	USD ($)
Beginning balance at Oct. 31, 2019	$ 120,421,143
Increase (Decrease) in Changes in Members' Equity
Net loss	3,414,218
Ending balance at Jan. 31, 2020	123,835,361
Beginning balance at Oct. 31, 2020	124,312,505
Increase (Decrease) in Changes in Members' Equity
Net loss	(2,992,588)
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid	(3,974,600)
Ending balance at Jan. 31, 2021	$ 117,345,317

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash Flows from Operating Activities
Net Income	$ (2,992,588)	$ 3,414,218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,130,904	2,254,569
Unrealized gain on securities	(82,947)	64,131
Gain (Loss) on Disposition of Property Plant Equipment	(8,333)	0
Change in accretion of interest on grant & note receivable	(337,857)	0
Distributions in excess of earnings from investments	838,434	621,595
Gain (Loss) on Extinguishment of Debt	860,500	0
Deferred Compensation Arrangement with Individual, Compensation Expense	72,258	0
Change in assets and liabilities
Accounts receivable	260,280	(3,391,654)
Inventory	1,539,261	1,275,964
Prepaid expenses and other	(1,361,027)	(1,096,904)
Accounts payable	(3,729,467)	(109,096)
Accrued expenses	1,187,722	173,192
Increase (Decrease) in Other Current Liabilities	291,422	0
Net cash provided by operating activities	(3,035,772)	3,206,015
Cash Flows from Investing Activities
Capital expenditures	(2,982,774)	(2,625,934)
Net cash used in investing activities	(2,982,774)	(2,625,934)
Cash Flows from Financing Activities
Distributions to members	(3,974,600)	0
Net cash (used in) financing activities	(3,974,600)	0
Net (Decrease) in Cash and Equivalents	(9,993,146)	580,081
Cash and Equivalents – Beginning of Period	17,582,312	15,937,266
Cash and Equivalents – End of Period	7,589,166	16,517,347
Supplemental Cash Flow Information
Cash paid for interest	83,529	12,838
Supplemental Disclosure of Noncash Operating, Investing & Financing Activities
Accounts payable related to construction in progress	891,671	300,554
Deferred revenue received through grant receivable	0	1,400,722
Right-of-use asset and liability recorded	0	2,889,785
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 600,000	$ 540,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and notes 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 financial statements for the year ended October 31, 2020, contained in the Company's annual report on Form 10-K for 2020. In the opinion of management, the interim condensed financial statements reflect all adjustments considered necessary for fair presentation. The adjustments made to these statements consist only of normal recurring adjustments. 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 consisted of mutual funds invested in intermediate-term municipal and government bonds. For the periods ended January 31, 2021 and 2020, there was no other-than-temporary impairment recognized. 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. The Company recorded interest, dividends and net realized and unrealized gains (losses) from these investments as part of other income as follows: Three Months Ended 2021 2020 Net earnings on marketable securities $ 184,000 $ 8,000 Marketable Securities As of Cost Fair Market Value January 31, 2021 $ 4,864,000 $ 5,297,000 October 31, 2020 $ 4,835,000 $ 5,113,000 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 January 31, 2021, for all investee's, is based on the investee's results for the three months ended December 31, 2020. Revenue and Cost Recognition The Company records revenue in accordance with ASC Topic 606. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The Company has adopted the practical expedient related to the financing component of the contract. The Company applies the five-step method outlined in the guidance to all contracts with customers. The Company generally has a single performance obligation in its arrangements with customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. The Company expenses contract costs when incurred because the amortization period is less than one year. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The principal activities from which we generate revenue include: sales of ethanol, sales of distiller grains and sales of corn oil. All revenue recognized in the income statement is considered to be revenue from contracts with customers. The disaggregation of revenue according to product line, along with accounts receivable from contracts with customers, is as disclosed in Note 5. 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. Based upon the timing of the transfer of control of our products to our customers, there are no contract assets or liabilities as of January 31, 2021. 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. Grant Receivable and Deferred Revenue Grant receivables are recorded when the payments to be received can be estimated and when payment is reasonably assured. The Company recorded a grant receivable and corresponding deferred revenue of approximately $1,400,000 associated with an agreement approved in December 2019 for tax increment financing monies associated with the plant expansion that was completed in January 2020 to be received over a 10-year period for the tax increment financing monies. These grants were recorded at their net present value using a discount rate of approximately 5%. Related deferred revenue was recorded and is being amortized into income as a reduction of property taxes over the life of the grant. As of January 31, 2021 the grant receivable was approximately $1,400,000 and was included in long-term other assets and the long-term portions of deferred revenue was approximately $1,400,000. 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. The company is currently under a State of Iowa income tax examination. 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 may also enter 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 earnings (loss) per unit Basic and diluted earnings (loss) per unit are computed using the weighted-average number of Class A and B units outstanding during the period. Fair Value Financial instruments include cash and equivalents, marketable securities, receivables, accounts payable, accrued expenses, derivative instruments, and debt. 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 three months ended January 31, 2021, ethanol sales accounted for approximately 76% of total revenue, distiller grains sales accounted for approximately 19% of total revenue, and corn oil sales accounted for approximately 4% of total revenue, while corn costs averaged approximately 85% 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. On January 30, 2020, the World Health Organization declared the coronavirus outbreak (COVID-19) a “Public Health Emergency of International Concern” and on March 11, 2020, declared COVID-19 a pandemic. The impact of COVID-19 has negatively impacted the Company’s operations, suppliers or other vendors, and customer base. Any quarantines, labor shortages or other disruptions to the Company’s operations, or those of their customers, may adversely impact the Company’s revenues, ability to provide its services and operating results. In addition, a significant outbreak of epidemic, pandemic or contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, including the geographical area in which the Company operates, resulting in an economic downturn that could affect demand for its goods and services. The extent to which the coronavirus impacts the Company’s long-term results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others. Recent Accounting Pronouncements In August 2018, FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 changes some of the disclosure requirements related to fair value measurements related to the Level 1, 2 and 3 investments. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and for interim periods within that fiscal year. The Company has adopted ASU No. 2018-13 on the financial statement. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 adds a current expected credit loss (“CECL”) impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Effective November 1, 2020, the Company adopted ASU 2016-13 using the modified retrospective approach. There was no impact of adoption for the quarter ended January 31, 2021. The Company expects the impact of adopting the new standard to be immaterial on an ongoing basis.

Inventory

Inventory	3 Months Ended
	Jan. 31, 2021
Inventory Disclosure [Abstract]
Inventory	INVENTORY Inventory consisted of the following as of January 31, 2021 and October 31, 2020: January 31, 2021 October 31, 2020 Raw Materials $ 1,954,990 $ 4,977,047 Work in Process 2,343,100 1,964,403 Finished Goods 2,509,413 1,405,314 Totals $ 6,807,503 $ 8,346,764

Debt

Debt	3 Months Ended
	Jan. 31, 2021
Debt Disclosure [Abstract]
Debt Disclosure	BANK FINANCING The Company has a Credit Agreement (the Credit Agreement) with its primary lender, Farm Credit. Pursuant to the Credit Agreement, the Company executed a $35 million reducing revolving loan (the "Reducing Revolving Loan"). The amount available pursuant to the Reducing Revolving Loan decreases by $5 million each year on the first day of August each year starting on August 1, 2021. The maturity date is August 1, 2023. Interest accrues on the Reducing Revolving Loan based on three options available to us. The Company agreed to pay an annual fee of 0.5% of the unused portion of the Reducing Revolving Loan. Interest on the term loan is payable monthly at 3.40% above the one-month LIBOR (3.51% as of January 31, 2021). The borrowings were 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 January 31, 2021, 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 January 31, 2021 and October 31, 2020, the Company had no outstanding borrowings under this agreement.The Company entered into a loan agreement with the Small Business Association through Cresco Union Savings Bank (CUSB) on April 7, 2020 for approximately $860,000 as part of the Paycheck Protection Program (PPP) under Division A, Title I of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The loan matures in April 2022 and has an interest rate of 1%. Proceeds of the loan are restricted for use towards payroll costs and other allowable uses such as covered utilities for an eight-week period following the loan under the Paycheck Protection Program Rules. Provisions of the agreement allow for a portion of the loan to be forgiven if certain qualifications are met. On December 8, 2020, we were notified that this entire loan was forgiven. The company recorded the forgiveness as a gain on debt extinguishment in the statement of operations for approximately $860,000 for the three months ended January 31, 2021.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jan. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSThe Company purchases corn and materials from members of its Board of Directors or Risk Management Committee that own or manage elevators and construction companies (see Note 5). The Company also purchases ingredients from RPMG. Purchases from the related parties during the three months ended January 31, 2021 totaled approximately $11,990,000. Purchases from the related parties during the three months ended January 31, 2020 totaled approximately $11,042,000. As of January 31, 2021 and October 31, 2020, the amount owed to related parties was approximately $234,000 and $593,000, respectively (See Note 5).

Commitments, Contingencies, Agr

Commitments, Contingencies, Agreements and Related Party	3 Months Ended
	Jan. 31, 2021
Commitments, Contingencies and Agreements [Abstract]
Commitments, Contingencies, Agreements and Related Party	COMMITMENTS, CONTINGENCIES, AGREEMENTS AND RELATED PARTY Ethanol, Distiller Grains and Corn Oil marketing agreements and major customers The Company has entered into marketing agreements with a marketing company, in which the Company has an investment, 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: Three Months Ended January 31, 2021 2020 Sales ethanol $ 40,358,000 $ 45,561,000 Sales distiller grains 10,324,000 9,941,000 Sales corn oil 2,368,000 2,220,000 Marketing fees-ethanol $ 64,000 $ 60,000 Marketing fees-distiller grains 66,000 74,000 Marketing fees-corn oil 16,000 20,000 As of January 31, 2021 October 31, 2020 Amount due from RPMG $ 7,066,000 $ 7,326,000 The Company entered into a $13.3 million agreement for additional grain storage and receiving. As of January 31, 2021 $4,980,000 of costs had been incurred associated to this project. The estimated completion of this project is June 2021.

Lease Obligations

Lease Obligations	3 Months Ended
	Jan. 31, 2021
Leases [Abstract]
Lease Obligations	LEASE OBLIGATIONS A lease exists when a contract conveys to a party the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company recognizes a lease liability at the lease commencement date, for the present value of future lease payments, using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis. A lease asset is recognized based on the lease liability value and adjusted for any prepaid lease payments, initial direct costs, or lease incentive amounts. The lease term at the commencement date includes any renewal options or termination options when it is reasonably certain that the Company will exercise or not exercise those options, respectively. The Company leases rail cars and rail moving equipment with original terms up to 5 years. The Company is obligated to pay costs of insurance, taxes, repairs and maintenance pursuant to the terms of the leases. These costs are in addition to regular lease payments and are not included in lease expense. Rent expense incurred for the operating leases during the three months ended January 31, 2021 was approximately $339,000, and for the same period in 2020 was approximately $354,000. The lease agreements have maturity dates ranging from April 2021 to May 2024. The weighted average remaining life of the lease term for these leases was 1.67 years as of January 31, 2021. The discount rate used in determining the lease liability for each individual lease was the Company's estimated incremental borrowing rate of 3.55%. The right-of-use asset operating lease, included in other assets, and operating lease liabilities, included in current and long term liabilities was $2,033,209 as of January 31, 2021. At January 31, 2021, the Company had the following approximate minimum rental commitments under non-cancelable operating leases for the twelve month period ended January 31: 2021 $ 996,260 2022 742,360 2023 354,860 2024 67,200 Total lease commitments $ 2,160,680 A reconciliation of the undiscounted future payments in the schedule above and the lease liabilities recognized in the consolidated balance sheet as of January 31, 2021, is shown below. Undiscounted future payments $ 2,160,680 Discount effect (127,471) Discounted future payments $ 2,033,209

Risk Management

Risk Management	3 Months Ended
	Jan. 31, 2021
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 January 31, 2021 and 2020 and the fair value of derivatives as of January 31, 2021 and October 31, 2020: Income Statement Classification Realized Gain (Loss) Change in Unrealized Gain (Loss) Total Gain (Loss) Derivatives not designated as hedging instruments: Commodity Contracts for the Revenue $ — $ (90,000) $ (90,000) three months ended January 31, 2021 Cost of Goods Sold (2,239,000) (2,318,000) (4,557,000) Total $ (2,239,000) $ (2,408,000) $ (4,647,000) Commodity Contracts for the Revenue $ (438,000) $ 403,000 $ (35,000) three months ended January 31, 2020 Cost of Goods Sold 1,376,000 (1,086,000) 290,000 Total $ 938,000 $ (683,000) $ 255,000 Balance Sheet Classification January 31, 2021 October 31, 2020 Futures and option contracts In gain position $ 23,000 $ 470,000 In loss position (2,251,000) (290,000) Cash held by (due to) broker 2,990,000 683,000 Current Asset $ 762,000 $ 863,000 As of January 31, 2021, the Company had the following approximate outstanding purchase and sale commitments, of which all sales commitments and approximately $1,529,000 of the purchase commitments were with related parties. Commitments Through Amount Sale commitments Corn Oil - fixed price February 2021 $ 973,000 Distiller Grains - fixed price March 2021 6,178,000 Purchase commitments Corn - fixed price April 2022 $ 5,526,000 Corn - basis contract March 2021 560,000 Natural gas - fixed price February 2022 4,276,000

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jan. 31, 2021
Fair Value Disclosures [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, January 31, 2021 $ 5,297,000 $ 5,297,000 $ — $ — Assets, October 31, 2020 5,113,000 5,113,000 — — Derivative financial instruments: January 31, 2021 Assets $ 23,000 $ 23,000 $ — Liabilities (2,251,000) (1,547,000) (704,000) — October 31, 2020 Assets $ 470,000 $ 470,000 $ — $ — Liabilities (290,000) (149,000) (141,000) —

Investments

Investments	3 Months Ended
	Jan. 31, 2021
Investments [Abstract]
Investments	INVESTMENTS Condensed, combined unaudited 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 December 31, 2020 September 30, 2020 Current Assets $ 300,370 $ 285,395 Other Assets 247,286 246,389 Current Liabilities 213,321 168,842 Long-term Debt 41,136 47,529 Members’ Equity 293,200 315,413 Three Months Ended December 31, Income Statement 2020 2019 Revenue $ 209,699 $ 217,042 Gross Profit 28,929 23,252 Net Income 15,139 21,062 The Company recorded equity in net income of approximately (in 000's): Three Months Ended January 31, Equity in Net Income (Loss) 2021 2020 Absolute Energy $ 619 $ 477 Guardian Energy 1,811 959 Homeland Energy Solutions 67 525 Other 62 54 Total $ 2,559 $ 2,015

Segment Reporting

Segment Reporting	3 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure	SEGMENT REPORTINGThe Company reports its financial and operating performance in two reportable segments: (1) production (2) ethanol production investments.The production segment consists of the manufacturing of ethanol and related co-products from the ethanol production process. The ethanol production investment segment consists of aggregated ethanol production equity method investments. The Company discloses the remaining operating segments which do not meet the reportable segment criteria in the all other investments category. The Company evaluates its operating segments for determination of reportable segments annually and determined that the ethanol production investments qualified as a separate reporting segment. The ethanol production investments reporting segment includes those equity method investment operating segments which the company's chief operating decision maker does not have operational decision authority, that meet the qualitative criteria for aggregation, have similar long-term economic characteristics, and have expected ongoing significance, which includes Absolute Energy, Guardian Energy, and Homeland Energy Solutions. All investments that are included in the segment derive their revenue from the manufacturing of ethanol and related co-products from the ethanol production process. The reconciliation item is necessary due to reportable segments not being consolidated in the financial statements, but rather are reflected as equity method investments. The following tables set forth certain financial data for the Company’s reportable segments: Three Months Ended January 31, 2021 2020 Net Sales Production $ 53,444,657 $ 57,432,202 Ethanol production investments 205,564,623 212,998,150 All Others 4,133,971 4,043,364 Reconciliation (209,698,594) (217,041,514) Total Net Sales $ 53,444,657 $ 57,432,202 Net Income (Loss) Production $ (5,552,069) $ 1,398,948 Ethanol production investments 14,320,495 20,391,641 All Others 818,822 670,120 Reconciliation (12,579,836) (19,046,491) Total Net Income (Loss) $ (2,992,588) $ 3,414,218 The following table sets forth the Company’s total assets by operating segment: January 31, 2021 October 31, 2020 Total assets: Production $ 105,164,528 $ 114,069,070 Ethanol production investments 360,562,069 358,692,270 All Others 187,094,406 173,092,120 Reconciliation (523,475,039) (506,764,519) $ 129,345,964 $ 139,088,941

Subsequent Events

Subsequent Events	3 Months Ended
	Jan. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company entered into a loan agreement with the Small Business Association through Cresco Union Savings Bank (CUSB) on February 9, 2021 for approximately $838,000 as part of the second round Paycheck Protection Program (PPP).

(Policies)

(Policies)	3 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Nature of Operations [Text Block]	Nature of BusinessGolden 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, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	OrganizationGolden 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	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 EquivalentsThe 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 consisted of mutual funds invested in intermediate-term municipal and government bonds. For the periods ended January 31, 2021 and 2020, there was no other-than-temporary impairment recognized. 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. The Company recorded interest, dividends and net realized and unrealized gains (losses) from these investments as part of other income as follows: Three Months Ended 2021 2020 Net earnings on marketable securities $ 184,000 $ 8,000 Marketable Securities As of Cost Fair Market Value January 31, 2021 $ 4,864,000 $ 5,297,000 October 31, 2020 $ 4,835,000 $ 5,113,000
Accounts Receivable [Policy Text Block]	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.
Revenue and Cost Recognition	Revenue and Cost Recognition The Company records revenue in accordance with ASC Topic 606. Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The Company has adopted the practical expedient related to the financing component of the contract. The Company applies the five-step method outlined in the guidance to all contracts with customers. The Company generally has a single performance obligation in its arrangements with customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. The Company expenses contract costs when incurred because the amortization period is less than one year. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The principal activities from which we generate revenue include: sales of ethanol, sales of distiller grains and sales of corn oil. All revenue recognized in the income statement is considered to be revenue from contracts with customers. The disaggregation of revenue according to product line, along with accounts receivable from contracts with customers, is as disclosed in Note 5. 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. Based upon the timing of the transfer of control of our products to our customers, there are no contract assets or liabilities as of January 31, 2021.
Grant Receivable and Deferred Revenue	Grant Receivable and Deferred RevenueGrant receivables are recorded when the payments to be received can be estimated and when payment is reasonably assured. The Company recorded a grant receivable and corresponding deferred revenue of approximately $1,400,000 associated with an agreement approved in December 2019 for tax increment financing monies associated with the plant expansion that was completed in January 2020 to be received over a 10-year period for the tax increment financing monies. These grants were recorded at their net present value using a discount rate of approximately 5%. Related deferred revenue was recorded and is being amortized into income as a reduction of property taxes over the life of the grant. As of January 31, 2021 the grant receivable was approximately $1,400,000 and was included in long-term other assets and the long-term portions of deferred revenue was approximately $1,400,000.
Inventory	InventoryInventories 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 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. The company is currently under a State of Iowa income tax examination.
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 may also enter 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 loss per unit	Net earnings (loss) per unit Basic and diluted earnings (loss) per unit are computed using the weighted-average number of Class A and B units outstanding during the period.
Fair Value	Fair ValueFinancial instruments include cash and equivalents, marketable securities, receivables, accounts payable, accrued expenses, derivative instruments, and debt. 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 three months ended January 31, 2021, ethanol sales accounted for approximately 76% of total revenue, distiller grains sales accounted for approximately 19% of total revenue, and corn oil sales accounted for approximately 4% of total revenue, while corn costs averaged approximately 85% 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. On January 30, 2020, the World Health Organization declared the coronavirus outbreak (COVID-19) a “Public Health Emergency of International Concern” and on March 11, 2020, declared COVID-19 a pandemic. The impact of COVID-19 has negatively impacted the Company’s operations, suppliers or other vendors, and customer base. Any quarantines, labor shortages or other disruptions to the Company’s operations, or those of their customers, may adversely impact the Company’s revenues, ability to provide its services and operating results. In addition, a significant outbreak of epidemic, pandemic or contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, including the geographical area in which the Company operates, resulting in an economic downturn that could affect demand for its goods and services. The extent to which the coronavirus impacts the Company’s long-term results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, FASB issued ASU No. 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 changes some of the disclosure requirements related to fair value measurements related to the Level 1, 2 and 3 investments. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and for interim periods within that fiscal year. The Company has adopted ASU No. 2018-13 on the financial statement. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 adds a current expected credit loss (“CECL”) impairment model to U.S. GAAP that is based on expected losses rather than incurred losses. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within the year of adoption. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Effective November 1, 2020, the Company adopted ASU 2016-13 using the modified retrospective approach. There was no impact of adoption for the quarter ended January 31, 2021. The Company expects the impact of adopting the new standard to be immaterial on an ongoing basis.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Marketable Securities	The Company recorded interest, dividends and net realized and unrealized gains (losses) from these investments as part of other income as follows: Three Months Ended 2021 2020 Net earnings on marketable securities $ 184,000 $ 8,000 Marketable Securities As of Cost Fair Market Value January 31, 2021 $ 4,864,000 $ 5,297,000 October 31, 2020 $ 4,835,000 $ 5,113,000

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jan. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following as of January 31, 2021 and October 31, 2020: January 31, 2021 October 31, 2020 Raw Materials $ 1,954,990 $ 4,977,047 Work in Process 2,343,100 1,964,403 Finished Goods 2,509,413 1,405,314 Totals $ 6,807,503 $ 8,346,764

Commitments, Contingencies, A_2

Commitments, Contingencies, Agreements and Related Party (Tables)	3 Months Ended
	Jan. 31, 2021
Commitments, Contingencies and Agreements [Abstract]
Schedule of Related Party Transactions	Approximate sales and marketing fees related to the agreements in place are as follows: Three Months Ended January 31, 2021 2020 Sales ethanol $ 40,358,000 $ 45,561,000 Sales distiller grains 10,324,000 9,941,000 Sales corn oil 2,368,000 2,220,000 Marketing fees-ethanol $ 64,000 $ 60,000 Marketing fees-distiller grains 66,000 74,000 Marketing fees-corn oil 16,000 20,000 As of January 31, 2021 October 31, 2020 Amount due from RPMG $ 7,066,000 $ 7,326,000

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Jan. 31, 2021
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	At January 31, 2021, the Company had the following approximate minimum rental commitments under non-cancelable operating leases for the twelve month period ended January 31: 2021 $ 996,260 2022 742,360 2023 354,860 2024 67,200 Total lease commitments $ 2,160,680 A reconciliation of the undiscounted future payments in the schedule above and the lease liabilities recognized in the consolidated balance sheet as of January 31, 2021, is shown below. Undiscounted future payments $ 2,160,680 Discount effect (127,471) Discounted future payments $ 2,033,209

Risk Management (Tables)

Risk Management (Tables)	3 Months Ended
	Jan. 31, 2021
Risk Management [Abstract]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	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 January 31, 2021 and 2020 and the fair value of derivatives as of January 31, 2021 and October 31, 2020: Income Statement Classification Realized Gain (Loss) Change in Unrealized Gain (Loss) Total Gain (Loss) Derivatives not designated as hedging instruments: Commodity Contracts for the Revenue $ — $ (90,000) $ (90,000) three months ended January 31, 2021 Cost of Goods Sold (2,239,000) (2,318,000) (4,557,000) Total $ (2,239,000) $ (2,408,000) $ (4,647,000) Commodity Contracts for the Revenue $ (438,000) $ 403,000 $ (35,000) three months ended January 31, 2020 Cost of Goods Sold 1,376,000 (1,086,000) 290,000 Total $ 938,000 $ (683,000) $ 255,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Balance Sheet Classification January 31, 2021 October 31, 2020 Futures and option contracts In gain position $ 23,000 $ 470,000 In loss position (2,251,000) (290,000) Cash held by (due to) broker 2,990,000 683,000 Current Asset $ 762,000 $ 863,000
Long-term Purchase Commitment	Commitments Through Amount Sale commitments Corn Oil - fixed price February 2021 $ 973,000 Distiller Grains - fixed price March 2021 6,178,000 Purchase commitments Corn - fixed price April 2022 $ 5,526,000 Corn - basis contract March 2021 560,000 Natural gas - fixed price February 2022 4,276,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jan. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	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, January 31, 2021 $ 5,297,000 $ 5,297,000 $ — $ — Assets, October 31, 2020 5,113,000 5,113,000 — — Derivative financial instruments: January 31, 2021 Assets $ 23,000 $ 23,000 $ — Liabilities (2,251,000) (1,547,000) (704,000) — October 31, 2020 Assets $ 470,000 $ 470,000 $ — $ — Liabilities (290,000) (149,000) (141,000) —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jan. 31, 2021
Investments [Abstract]
Schedule of Equity Method Investments	Condensed, combined unaudited 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 December 31, 2020 September 30, 2020 Current Assets $ 300,370 $ 285,395 Other Assets 247,286 246,389 Current Liabilities 213,321 168,842 Long-term Debt 41,136 47,529 Members’ Equity 293,200 315,413 Three Months Ended December 31, Income Statement 2020 2019 Revenue $ 209,699 $ 217,042 Gross Profit 28,929 23,252 Net Income 15,139 21,062 The Company recorded equity in net income of approximately (in 000's): Three Months Ended January 31, Equity in Net Income (Loss) 2021 2020 Absolute Energy $ 619 $ 477 Guardian Energy 1,811 959 Homeland Energy Solutions 67 525 Other 62 54 Total $ 2,559 $ 2,015

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Assets from Segment to Consolidated	The following table sets forth the Company’s total assets by operating segment: January 31, 2021 October 31, 2020 Total assets: Production $ 105,164,528 $ 114,069,070 Ethanol production investments 360,562,069 358,692,270 All Others 187,094,406 173,092,120 Reconciliation (523,475,039) (506,764,519) $ 129,345,964 $ 139,088,941
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain financial data for the Company’s reportable segments: Three Months Ended January 31, 2021 2020 Net Sales Production $ 53,444,657 $ 57,432,202 Ethanol production investments 205,564,623 212,998,150 All Others 4,133,971 4,043,364 Reconciliation (209,698,594) (217,041,514) Total Net Sales $ 53,444,657 $ 57,432,202 Net Income (Loss) Production $ (5,552,069) $ 1,398,948 Ethanol production investments 14,320,495 20,391,641 All Others 818,822 670,120 Reconciliation (12,579,836) (19,046,491) Total Net Income (Loss) $ (2,992,588) $ 3,414,218

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Production (Details) gal in Millions	3 Months Ended
	Jan. 31, 2021companygal
Product Information [Line Items]
Number of entities | company	5
Ethanol [Member]
Product Information [Line Items]
Annual production capacity | gal	120

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Grant Receivable and Deferred Revenue (Details)	3 Months Ended
	Jan. 31, 2021USD ($)
Accounting Policies [Abstract]
Grants receivable	$ 1,400,000
Grant agreement, tax increment financing monies, period	10 years
Grant agreement, discount rate	5.00%
Deferred revenue	$ 1,400,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Property and Equipment (Details) - Property, Plant and Equipment [Member]	3 Months Ended
	Jan. 31, 2021
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Marketable Securities (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Marketable securities, gain (loss)	$ 184,000	$ 8,000
Marketable securities	5,297,000		$ 5,113,000
Mutual Fund [Member]
Debt Securities, Available-for-sale [Line Items]
Marketable securities	$ 4,864,000		$ 4,835,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies Concentration Risk (Details)	3 Months Ended
	Jan. 31, 2021
Concentration Risk [Line Items]
Document Period End Date	Jan. 31, 2021
Revenue, Product and Service Benchmark [Member] | Ethanol [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	76.00%
Revenue, Product and Service Benchmark [Member] | Distillers Grains [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%
Revenue, Product and Service Benchmark [Member] | Corn Oil [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%
Cost of Goods and Service Benchmark [Member] | Corn [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	85.00%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies Accounts Receivable (Details)	3 Months Ended
	Jan. 31, 2021USD ($)
Accounts Receivable [Abstract]
Accounts Receivable [Policy Text Block]	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.
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies Investments (Details)	Jan. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	20.00%

Inventory (Details)

Inventory (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Oct. 31, 2020
Inventory Disclosure [Abstract]
Raw Materials	$ 1,954,990	$ 4,977,047
Work in Process	2,343,100	1,964,403
Finished Goods	2,509,413	1,405,314
Totals	$ 6,807,503	$ 8,346,764
Document Period End Date	Jan. 31, 2021

Debt (Details)

Debt (Details) - USD ($)	Aug. 01, 2021	Jan. 31, 2021	Jan. 31, 2020	Feb. 09, 2021	Oct. 31, 2020	Sep. 01, 2020	Apr. 07, 2020
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 860,500	$ 0
Gain (Loss) on Extinguishment of Debt		$ 860,500	$ 0
Farm Credit Services of America [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 35,000,000
Debt Instrument, Interest Rate, Effective Percentage		351.00%
Long-term Debt		$ 0			$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
Farm Credit Services of America [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Periodic Payment, Principal	$ 5,000,000
Cresco Union Savings Bank [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 860,000
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Gain (Loss) on Extinguishment of Debt		$ 860,000
Gain (Loss) on Extinguishment of Debt		$ 860,000
Cresco Union Savings Bank [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 838,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020
Related Party Transaction [Line Items]
Document Period End Date	Jan. 31, 2021
Director [Member]
Related Party Transaction [Line Items]
Purchases from related parties	$ 11,990,000	$ 11,042,000
Amount owed to related parties	$ 234,000		$ 593,000

Commitments, Contingencies, A_3

Commitments, Contingencies, Agreements and Related Party (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020
Related Party Transaction [Line Items]
Costs incurred related to expansion project	$ 4,980,000
Current planned expansion project costs	$ 5,617,231		$ 3,189,865
Document Period End Date	Jan. 31, 2021
Commitments to Complete Contracts in Process	13.3 million
RPMG
Related Party Transaction [Line Items]
Amount due from RPMG	$ 7,066,000		$ 7,326,000
Ethanol [Member] | RPMG
Related Party Transaction [Line Items]
Sales	40,358,000	$ 45,561,000
Marketing fees	64,000	60,000
Distillers Grains [Member] | RPMG
Related Party Transaction [Line Items]
Sales	10,324,000	9,941,000
Marketing fees	66,000	74,000
Corn Oil [Member] | RPMG
Related Party Transaction [Line Items]
Sales	2,368,000	2,220,000
Marketing fees	$ 16,000	$ 20,000

Lease Obligations - Narrative (

Lease Obligations - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020
Leases [Abstract]
Operating lease, term	5 years
Rent expense	$ 339,000	$ 354,000
Operating lease, weighted average remaining lease term	1 year 8 months 1 day
Lessee, Operating Lease, Discount Rate	3.55%
Right-of-use asset and liability recorded	$ 0	$ 2,889,785
Right of use asset operating leases	$ 2,033,209		$ 2,324,631

Lease Obligations - Schedule of

Lease Obligations - Schedule of Minimum Rental Commitments (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Leases [Abstract]
Operating Lease, Payments	$ 339,000	$ 354,000
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	996,260
2022	742,360
2023	354,860
2024	67,200
Total lease commitments	$ 2,160,680

Lease Obligations - Schedule _2

Lease Obligations - Schedule of Reconciliation of the Undiscounted Future Payments (Details) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Leases [Abstract]
Undiscounted future payments	$ 2,160,680
Discount effect	(127,471)
Right of use asset operating leases	$ 2,033,209	$ 2,324,631

Risk Management Derivative Inst

Risk Management Derivative Instruments - Income Statement (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss)	$ (2,239,000)	$ 938,000
Change in Unrealized Gain (Loss)	(2,408,000)	(683,000)
Total Gain (Loss)	(4,647,000)	255,000
Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss)	0	(438,000)
Change in Unrealized Gain (Loss)	(90,000)	403,000
Total Gain (Loss)	(90,000)	(35,000)
Cost of Goods Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss)	(2,239,000)	1,376,000
Change in Unrealized Gain (Loss)	(2,318,000)	(1,086,000)
Total Gain (Loss)	$ (4,557,000)	$ 290,000

Risk Management Derivative In_2

Risk Management Derivative Instruments - Balance Sheet Location (Details) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative instruments	$ 761,759	$ 862,516
Fair Value, Recurring [Member] | Commodity Contract [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Futures and option contracts	23,000	470,000
Fair Value, Recurring [Member] | Commodity Contract [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Futures and option contracts	2,251,000	290,000
Fair Value, Recurring [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Cash held by (due to) broker	2,990,000	683,000
Derivative instruments	$ 762,000	$ 863,000

Risk Management Long Term Purch

Risk Management Long Term Purchase Commitments (Details)	3 Months Ended
	Jan. 31, 2021USD ($)
Long-term Purchase Commitment [Line Items]
Document Period End Date	Jan. 31, 2021
Purchase commitments, Amount	$ 1,529,000
Fixed Price [Member] | Corn Oil [Member]
Long-term Purchase Commitment [Line Items]
Sale commitments, Amount	973,000
Fixed Price [Member] | Distillers Grains [Member]
Long-term Purchase Commitment [Line Items]
Sale commitments, Amount	6,178,000
Fixed Price [Member] | Corn [Member]
Long-term Purchase Commitment [Line Items]
Purchase commitments, Amount	5,526,000
Fixed Price [Member] | Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Purchase commitments, Amount	4,276,000
Basis Contract [Member] | Corn [Member]
Long-term Purchase Commitment [Line Items]
Purchase commitments, Amount	$ 560,000
Corn [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage, next 12 months	10.00%
Derivative, term of contract	12 months
Ethanol [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage, next 12 months	0.00%
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Product usage, percentage, next 12 months	14.00%
Derivative, term of contract	12 months
Product usage, percentage, next 24 months	3.00%
Long-term purchase commitment, period	24 months
Product Usage, Percentage, Beyond 24 months	0.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Marketable securities	$ 5,297,000	$ 5,113,000
Commodity Contract [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Marketable securities	5,297,000	5,113,000
Derivative Assets	23,000	470,000
Commodity Contract [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Marketable securities		5,113,000
Derivative Assets	23,000	470,000
Commodity Contract [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Marketable securities	0	0
Derivative Assets		0
Commodity Contract [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Marketable securities	0	0
Derivative Assets	0	0
Commodity Contract [Member] | Liability [Member] | Fair Value, Recurring [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative Liabilities	(2,251,000)	(290,000)
Commodity Contract [Member] | Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative Liabilities	(1,547,000)	(149,000)
Commodity Contract [Member] | Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative Liabilities	(704,000)	(141,000)
Commodity Contract [Member] | Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative Liabilities	$ 0	$ 0

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Oct. 31, 2020	Sep. 30, 2020	Jul. 31, 2020	Oct. 31, 2019
Balance Sheet
Current Assets	$ 32,073,394				$ 42,422,107
Liabilities, Current	9,014,755				11,194,110
Liabilities, Noncurrent	2,985,892				3,582,326
Members' Equity (19,873,000 units issued and outstanding)	117,345,317		$ 123,835,361		$ 124,312,505		$ 117,345,317	$ 120,421,143
Revenues	53,444,657		57,432,202
Gross Profit	(5,443,665)		2,605,865
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,559,000		2,015,000
Equity Method Investment, Nonconsolidated Investee, Other
Balance Sheet
Current Assets		$ 300,370,000				$ 285,395,000
Assets, Noncurrent		247,286,000				246,389,000
Liabilities, Current		213,321,000				168,842,000
Liabilities, Noncurrent		41,136,000				47,529,000
Members' Equity (19,873,000 units issued and outstanding)		293,200,000				$ 315,413,000
Revenues		209,699,000		$ 217,042,000
Gross Profit		28,929,000		23,252,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 15,139,000		$ 21,062,000
Absolute Energy [Member]
Balance Sheet
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	619,000		477,000
Guardian Energy [Member]
Balance Sheet
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	1,811,000		959,000
Homeland Energy Solutions [Member]
Balance Sheet
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	67,000		525,000
Other Investee [Member]
Balance Sheet
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 62,000		$ 54,000

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		12 Months Ended
	Jan. 31, 2021USD ($)company	Jan. 31, 2020USD ($)	Oct. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of Operating Segments | company	2
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 53,444,657	$ 57,432,202
Net Income	(2,992,588)	3,414,218
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	129,345,964		$ 139,088,941
Production Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	53,444,657	57,432,202
Net Income	(5,552,069)	1,398,948
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	105,164,528		114,069,070
Ethanol Production Investments Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	205,564,623	212,998,150
Net Income	14,320,495	20,391,641
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	360,562,069		358,692,270
Other Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	4,133,971	4,043,364
Net Income	818,822	670,120
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	187,094,406		$ 173,092,120
Net Sales
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	(209,698,594)	(217,041,514)
Net Income	$ (12,579,836)	$ (19,046,491)
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Reporting, Measurement Differences Between Segment and Consolidated Assets	(523,475,039)		(506,764,519)