10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the quarterly period ended September 30, 2021

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from                to

☒ COMMISSION FILE NO. 000-50253

 

SOUTH DAKOTA SOYBEAN PROCESSORS LLC

(Exact name of registrant as specified in its charter)

SD	46-0462968
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
100 Caspian Ave; PO Box 500 Volga, SD	57071
(Address of Principal Executive Offices	(Zip Code)

(605) 627-9240

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   x     No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x   Yes        ¨    No

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

¨     Large Accelerated Filer	¨     Accelerated Filer	x     Non-Accelerated Filer	¨    Smaller Reporting Company	¨    Emerging Growth Company
		(do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for company with an new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 

¨    Yes       x    No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.     Yes   ¨  No   ¨

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: On November 10, 2021, the registrant had 30,419,000 capital units outstanding.

Table of Contents  

			Page
Part I.	FINANCIAL INFORMATION		4
	Item I.	Financial Statements (Unaudited)	4
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
	Item 4.	Controls and Procedures	24
Part II.	OTHER INFORMATION		24
	Item 1.	Legal Proceedings	24
	Item 1A.	Risk Factors	24
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 3.	Defaults among Senior Securities	24
	Item 4.	Mine Safety Disclosures	25
	Item 5.	Other Information	25
	Item 6.	Exhibits	25
Signatures			25

2

PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements

South Dakota Soybean Processors, LLC

Condensed Financial Statements

September 30, 2021 and 2020

3

South Dakota Soybean Processors, LLC

Condensed Balance Sheets

	September 30, 2021		December 31, 2020
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	335,031	$	3,650,950
Trade accounts receivable	35,886,295		28,990,655
Inventories	128,720,906		69,593,473
Commodity derivative instruments	13,515,113		28,417,680
Margin deposits	14,631,549		6,018,001
Prepaid expenses	1,240,930		2,093,622
Total current assets	194,329,824		138,764,381
Property and equipment	128,940,668		122,195,099
Less accumulated depreciation	(61,343,290)		(57,963,905)
Total property and equipment, net	67,597,378		64,231,194
Other assets
Investments in related parties	9,327,890		9,327,890
Investments in cooperatives	1,559,800		1,539,293
Right-of-use lease asset, net	11,115,009		11,960,289
Total other assets	22,002,699		22,827,472
Total assets	$	283,929,901	$	225,823,047

(continued on following page)

4

South Dakota Soybean Processors, LLC

Condensed Balance Sheets (continued)

	September 30, 2021		December 31, 2020
	(Unaudited)
Liabilities and Members' Equity
Current liabilities
Excess of outstanding checks over bank balance	$	12,195,414	$	8,263,020
Current maturities of long-term debt	4,000,000		—
Note payable - seasonal loan	48,589,449		—
Current operating lease liabilities	2,039,455		5,846,456
Accounts payable	1,108,338		1,506,779
Accrued commodity purchases	59,770,822		44,962,904
Commodity derivative instruments	23,924,891		41,940,744
Accrued expenses	3,616,809		3,083,591
Accrued interest	132,687		40,564
Deferred liabilities - current	1,463,601		1,728,407
Total current liabilities	156,841,466		107,372,465
Long-term liabilities
Long-term debt, net of current maturities and unamortized debt     issuance costs	13,990,238		17,499,868
Long-term operating lease liabilities	5,873,768		6,113,834
Total long-term liabilities	19,864,006		23,613,702
Commitments and contingencies (Notes 5, 6, 7, and 12)
Members' equity
Class A Units, no par value, 30,419,000 units issued and     outstanding at September 30, 2021 and December 31, 2020	107,224,429		94,836,880
Total liabilities and members' equity	$	283,929,901	$	225,823,047

The accompanying notes are an integral part of these condensed financial statements.

5

South Dakota Soybean Processors, LLC

Condensed Statements of Operations (Unaudited)

For the Three and Nine-Month Periods Ended September 30, 2021 and 2020

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net revenues	$	147,796,292	$	104,454,116	$	431,696,940	$	296,445,621
Cost of revenues:
Cost of product sold	113,498,309		85,001,018		350,233,888		234,803,800
Production	8,314,321		7,286,860		23,087,341		22,117,229
Freight and rail	9,823,431		9,592,900		32,053,378		28,235,885
Brokerage fees	164,130		168,043		550,888		486,099
Total cost of revenues	131,800,191		102,048,821		405,925,495		285,643,013
Gross profit (loss)	15,996,101		2,405,295		25,771,445		10,802,608
Operating expenses:
Administration	1,220,595		857,116		3,295,243		2,780,612
Operating income (loss)	14,775,506		1,548,179		22,476,202		8,021,996
Other income (expense):
Interest expense	(470,522)		(238,984)		(1,280,832)		(897,325)
Other non-operating income (expense)	162,306		83,534		256,922		(217,798)
Patronage dividend income	—		—		365,147		195,553
Total other income (expense)	(308,216)		(155,450)		(658,763)		(919,570)
Income (loss) before income taxes	14,467,290		1,392,729		21,817,439		7,102,426
Income tax benefit (expense)	—		—		—		—
Net income (loss)	$	14,467,290	$	1,392,729	$	21,817,439	$	7,102,426
Basic and diluted earnings (loss) per capital unit	$	0.48	$	0.05	$	0.72	$	0.23
Weighted average number of capital units outstanding for calculation of basic and diluted earnings (loss) per capital unit	30,419,000		30,419,000		30,419,000		30,419,000

The accompanying notes are an integral part of these condensed financial statements.

6

South Dakota Soybean Processors, LLC

Condensed Statements of Changes in Members' Equity (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	Class A Units
	Units	Amount
Balances, December 31, 2019	30,419,000	$	85,947,333
Net income	—	7,102,426
Distribution to members	—	(6,692,180)
Balances, September 30, 2021	30,419,000	$	86,357,579
Balances, December 31, 2020	30,419,000	$	94,836,880
Net income	—	21,817,439
Distribution to members	—	(9,429,890)
Balances, September 30, 2021	30,419,000	$	107,224,429

The accompanying notes are an integral part of these condensed financial statements.

7

South Dakota Soybean Processors, LLC

Condensed Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	2021		2020
Operating activities
Net income (loss)	$	21,817,439	$	7,102,426
Charges and credits to net income not affecting cash:
Depreciation and amortization	3,786,317		3,669,109
Net (gain) loss recognized on derivative activities	(1,919,827)		(34,076)
Gain on sales of property and equipment	(89,150)		(40,356)
Non-cash patronage dividends	(75,411)		(43,405)
Forgiveness of Paycheck Protection Program loan	(10,000)		—
Change in current assets and liabilities	(63,409,164)		(12,082,495)
Net cash provided by (used for) operating activities	(39,899,796)		(1,428,797)
Investing activities
Purchase of investments	—		(404,329)
Retirement of patronage dividends	54,904		66,210
Proceeds from sales of property and equipment	126,060		41,216
Purchase of property and equipment	(7,185,750)		(4,158,360)
Net cash provided by (used for) investing activities	(7,004,786)		(4,455,263)
Financing activities
Change in excess of outstanding checks over bank balances	3,932,394		10,961,501
Net proceeds (payments) from seasonal borrowings	48,589,449		(1,743,029)
Distributions to members	(9,429,890)		(6,692,180)
Payments for debt issue costs	—		(10,000)
Proceeds from long-term debt	11,839,877		17,131,227
Principal payments on long-term debt	(11,343,167)		(10,557,204)
Net cash provided by (used for) financing activities	43,588,663		9,090,315
Net change in cash and cash equivalents	(3,315,919)		3,206,255
Cash and cash equivalents, beginning of period	3,650,950		624,681
Cash and cash equivalents, end of period	$	335,031	$	3,830,936
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	1,188,709	$	908,220
Income taxes	$	—	$	—
Noncash investing activities:
Soybean meal contributed as investment in related party	$	—	335,124

The accompanying notes are an integral part of these condensed financial statements. 

8

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

Note 1 -         Principal Activity and Significant Accounting Policies

The unaudited condensed financial statements contained herein have been prepared pursuant to the rules and regulations of the Securities Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although South Dakota Soybean Processors, LLC (the “Company”, “LLC”, “we”, “our”, or “us”) believes that the disclosures made are adequate to make the information not misleading.

In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in the accompanying condensed financial statements. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full year due in part to the seasonal nature of some of the Company’s businesses. The balance sheet data as of December 31, 2020 has been derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America.

These statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2021.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue

The Company accounts for all of its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers.

The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed balance sheets. These customer prepayments totaled $1,463,601 and $1,728,407 as of September 30, 2021 and December 31, 2020, respectively. Of the $1,728,407 balance as of December 31, 2020, contract liabilities recognized as revenues were $414,729 and $1,309,540 for the three and nine months ended September 30, 2021, respectively. Of the $313,347 customer prepayments as of December 31, 2019, the Company recognized $0 and $313,347 of contract liabilities as revenues during the three and nine months ended September 30, 2020, respectively.

9

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

The following table presents a disaggregation of revenue from contracts with customers for the three and nine month periods ended September 30, 2021 and 2020, by product type:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Soybean meal and hulls	$	81,331,885	$	63,195,149	$	252,047,044	$	187,220,101
Soybean oil and oil byproducts	66,464,407		41,258,967		179,649,896		109,225,520
Totals	$	147,796,292	$	104,454,116	$	431,696,940	$	296,445,621

Recent accounting pronouncements

Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.

Note 2 -         Accounts Receivable

Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any.

The following table presents the aging analysis of trade receivables as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Past due:
Less than 30 days past due	$	8,479,115	$	4,827,150
30-60 days past due	948,394		85,177
60-90 days past due	72,899		11,366
Greater than 90 days past due	12,642		43,524
Total past due	9,513,050		4,967,217
Current	26,373,245		24,023,438
Totals	$	35,886,295	$	28,990,655

The following table provides information regarding the Company's allowance for doubtful accounts receivable as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Balances, beginning of period	$	—	$	—
Amounts charged (credited) to costs and expenses	31,331		—
Additions (deductions)	(31,331)		—
Balances, end of period	$	—	$	—

In general, cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1.5% per month on past due receivables.

10

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

Note 3 -           Inventories

The Company’s inventories consist of the following at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Finished goods	$	57,831,451	$	35,502,780
Raw materials	70,596,078		33,824,265
Supplies & miscellaneous	293,377		266,428
Totals	$	128,720,906	$	69,593,473

Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. Supplies and other inventories are stated at the lower of cost or net realizable value.

Note 4 -         Property and Equipment

The following is a summary of the Company's property and equipment at September 30, 2021 and December 31, 2020:

	2021						2020
	Cost		Accumulated Depreciation		Net		Net
Land	$	516,326	$	—	$	516,326	$	516,326
Land improvements	2,406,915		(872,249)		1,534,666		1,647,052
Buildings and improvements	22,443,026		(10,477,266)		11,965,760		12,391,726
Machinery and equipment	88,543,029		(48,618,957)		39,924,072		41,674,080
Railroad cars	5,852,292		(235,793)		5,616,499		5,704,283
Company vehicles	151,682		(104,589)		47,093		59,613
Furniture and fixtures	1,387,880		(1,034,436)		353,444		408,288
Construction in progress	7,639,518		—		7,639,518		1,829,826
Totals	$	128,940,668	$	(61,343,290)	$	67,597,378	$	64,231,194

Depreciation of property and equipment was $1,254,004 and $1,234,580 for the three months ended September 30, 2021 and 2020, respectively, and $3,782,656 and $3,665,676 for the nine months ended September 30, 2021 and 2020, respectively.

Note 5 -         Note Payable – Seasonal Loan

The Company has entered into a revolving credit agreement with CoBank which expires December 1, 2021. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $70 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (2.29% at September 30, 2021). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $48,589,449 and $0 at September 30, 2021 and December 31, 2020, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $21.4 million as of September 30, 2021.

11

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

Note 6 -         Long-Term Debt

The following is a summary of the Company's long-term debt at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Revolving term loan from CoBank, interest at variable rates (2.54% and 2.60% at September 30, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023.	$	18,000,000	$	17,503,291
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022.	—		10,000
Total debt before debt issuance costs	18,000,000		17,513,291
Less current maturities	(4,000,000)		—
Less debt issuance costs, net of amortization of $14,238 and $10,577 as of September 30, 2021 and December 31, 2020, respectively	(9,762)		(13,423)
Total long-term debt	$	13,990,238	$	17,499,868

The Company entered into an agreement as of January 28, 2020 with CoBank to amend and restate its Credit Agreement, which includes both the revolving term and seasonal loans. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $26,000,000 on the revolving term loan with a variable effective interest rate of 2.54%. The amount available for borrowing on the revolving term loan, however, will decrease by $2,000,000 every six months beginning on March 20, 2020, with a scheduled balloon payment for the remaining balance on the loan's maturity date of September 20, 2023. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of $24,000 paid by the Company on this amendment will be amortized over the term of loan. The principal balance outstanding on the revolving term loan was $18,000,000 and $17,503,291 as of September 30, 2021 and December 31, 2020, respectively. There were no remaining commitments available to borrow on the revolving term loan as of September 30, 2021.

Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of September 30, 2021.

On April 20, 2020, the Company entered into an unsecured promissory note for $1,215,700 under the U.S. Small Business Administration's Paycheck Protection Program (“PPP Loan“), a loan program created under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act“). The PPP Loan is being made through First Bank & Trust, N.A. The PPP Loan was scheduled to mature on July 20, 2022 and had a 1% interest rate. The Company submitted to the SBA a loan forgiveness application on November 20, 2020, with the amount which may be forgiven equal to the sum of qualifying expenses such as payroll, rent obligations, and covered utility payments. The forgiveness application was approved by the SBA for $1,205,700 on November 25, 2020 and $10,000 on February 19, 2021.

The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended September 30:

2022	$	4,000,000
2023	14,000,000
Total	$	18,000,000

Note 7 -        Operating Leases

The Company has several operating leases for railcars. These leases have terms ranging from 3-18 years and do not have renewal terms provided. The leases require the Company to maintain the condition of the railcars, restrict

12

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

the use of the railcars to specified products, such as soybean meal, hulls or oil, limit usage to the continental United States, Canada or Mexico, require approval to sublease to other entities, and require the Company's submission of its financial statements. Lease expense for all railcars was $765,469 and $847,671 for the three months ended September 30, 2021 and 2020, respectively, and $2,309,436 and $2,371,586 for the nine months ended September 30, 2021 and 2020, respectively.

The following is a schedule of the Company's operating leases for railcars as of September 30, 2021:

Lessor	Quantity of Railcars	Commencement Date	Maturity Date	Monthly Payment
American Railcar Leasing	13	6/1/2021	5/31/2024	$	7,150
Andersons Railcar Leasing Co.	10	7/1/2018	6/30/2023	5,000
Andersons Railcar Leasing Co.	20	7/1/2019	6/30/2026	11,300
Farm Credit Leasing	87	9/1/2020	8/31/2032	34,929
Farm Credit Leasing	8	6/1/2021	5/31/2033	5,966
GATX Corporation	14	7/1/2020	6/30/2024	4,200
Midwest Railcar Corporation	64	1/1/2015	12/31/2021	27,200
Trinity Capital	29	11/1/2020	10/31/2023	17,255
Trinity Capital	20	11/1/2020	10/31/2023	11,900
Trinity Capital	24	6/1/2021	5/31/2026	10,440
Wells Fargo Rail	112	8/1/2017	7/31/2022	52,557
Wells Fargo Rail	107	1/1/2018	12/31/2022	35,845
Wells Fargo Rail	7	1/1/2004	12/31/2021	2,926
Wells Fargo Rail	15	1/1/2004	12/31/2021	5,850
Wells Fargo Rail	8	1/1/2015	12/31/2021	3,600
	538			$	236,118

The Company also has a number of other operating leases for machinery and equipment. These leases have terms ranging from 3-7 years; however, most of these leases have automatic renewal terms. These leases require monthly payments of $3,779. Rental expense under these other operating leases was $168,239 and $11,013 for the three months ended September 30, 2021 and 2020, respectively, and $226,843 and $30,088 for the nine-month periods ended September 30, 2021 and 2020, respectively.

On March 19, 2020, the Company entered into an agreement with an entity in the western United States to provide storage and handling services for the Company's soybean meal. The Company paid the entity $3,300,000, which is included in current operating lease liabilities on the Company's balance sheet, after the entity's construction of additional storage and handling facilities. The agreement began May 1, 2021 and will mature on April 30, 2027 but includes an additional seven-year renewal period at the sole discretion of the Company.

Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the condensed balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the condensed balance sheet.

Lease expense for these operating leases is recognized on a straight-line basis over the lease terms. The components of lease costs recognized within our condensed statements of operations for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows:

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South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenues - Freight and rail	$	765,469	$	847,671	$	2,309,436	$	2,371,586
Cost of revenues - Production	165,856		8,631		219,693		22,004
Administration expenses	2,383		2,382		7,150		8,084
Total operating lease costs	$	935,729	$	860,704	$	2,536,279	$	2,401,674

The following summarizes the supplemental cash flow information for the three and nine-month periods ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in measurement of lease liabilities	$	689,988	$	743,763	$	5,485,025	$	2,298,049
Supplemental non-cash information:
Right-of-use assets obtained in exchange for lease liabilities	$	—	$	5,337,749	$	1,250,115	$	8,823,499

The following summarizes the weighted-average remaining lease term and weighted-average discount rate:

	September 30, 2021
Weighted-average remaining lease-term - operating leases (in years)	8.0
Weighted-average discount rate - operating leases	3.0	%

The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of September 30, 2021:

	Railcars		Other		Total
Twelve-month periods ended September 30:
2022	$	2,383,878	$	278,062	$	2,661,940
2023	1,401,974		275,355		1,677,329
2024	887,534		258,597		1,146,131
2025	763,379		242,722		1,006,101
2026	683,799		236,918		920,717
Thereafter	2,957,231		2,023,214		4,980,445
Total lease payments	9,077,795		3,314,868		12,392,663
Less amount of lease payments representing interest	(1,269,761)		(7,893)		(1,277,654)
Total present value of lease payments	$	7,808,034	$	3,306,975	$	11,115,009

14

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

Note 8 -        Member Distribution

On February 2, 2021, the Company’s Board of Managers approved a cash distribution of approximately $9.4 million, or 31.0¢ per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 4, 2021.

Note 9 -         Derivative Instruments and Hedging Activities

In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. These contracts are recorded on the Company’s condensed balance sheets at fair value as discussed in Note 10, Fair Value.

As of September 30, 2021 and December 31, 2020, the value of the Company’s open futures, options and forward contracts was approximately $(10,409,778) and $(13,523,064), respectively.

		As of September 30, 2021
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	13,222,084	$	23,410,734
Foreign exchange contracts	Current Assets/Liabilities	65,558		32,086
Interest rate caps and floors	Current Assets/Liabilities	227,471		482,071
Totals		$	13,515,113	$	23,924,891

		As of December 31, 2020
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	28,365,908	$	41,196,628
Foreign exchange contracts	Current Assets/Liabilities	50,979		48,539
Interest rate caps and floors	Current Assets/Liabilities	793		695,577
Totals		$	28,417,680	$	41,940,744

During the three and nine-month periods ended September 30, 2021 and 2020, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:

	Net Gain (Loss) Recognized  on Derivative Activities for the				Net Gain (Loss) Recognized  on Derivative Activities for the
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Derivatives not designated as hedging instruments:
Commodity contracts	$	14,581,706	$	(6,632,699)	$	1,749,894	$	498,472
Foreign exchange contracts	5,892		(222,464)		35,013		(43,805)
Interest rate swaps, caps and floors	62,763		38,147		134,920		(420,591)
Totals	$	14,650,361	$	(6,817,016)	$	1,919,827	$	34,076

15

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

The Company recorded gains (losses) in cost of goods sold related to its commodity derivative instruments of $14,650,361 and $(6,817,016) during the three months ended September 30, 2021 and 2020, respectively, and $1,919,827 and $34,076 for the nine-month periods ended September 30, 2021 and 2020, respectively.

Note 10 -       Fair Value

ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, this guidance establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The three levels of hierarchy and examples are as follows:

•Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange and commodity derivative contracts listed on the Chicago Board of Trade (“CBOT”).

•Level 2 – Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, such as commodity prices using forward future prices.

•Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of September 30, 2021 and December 31, 2020:

	Fair Value as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	128,205,139	$	—	$	128,205,139
Commodity derivative instruments	$	—	$	(10,409,778)	$	—	$	(10,409,778)
Margin deposits (deficits)	$	14,631,549	$	—	$	—	$	14,631,549

	Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	69,127,700	$	—	$	69,127,700
Commodity derivative instruments	$	—	$	(13,523,064)	$	—	$	(13,523,064)
Margin deposits	$	6,018,001	$	—	$	—	$	6,018,001

The Company enters into various commodity derivative instruments, including futures, options, swaps and other agreements. The fair value of the Company’s commodity derivatives is determined using unadjusted quoted prices for identical instruments on the CBOT. The Company estimates the fair market value of their finished goods and raw materials inventories using the market price quotations of similar forward future contracts listed on the CBOT and adjusts for the local market adjustments derived from other grain terminals in our area.

The Company considers the carrying amount of significant classes of financial instruments on the balance sheets, including cash, accounts receivable, and accounts payable, to be reasonable estimates of fair value due to their

16

South Dakota Soybean Processors, LLC

Notes to Condensed Financial Statements

length or maturity. The fair value of the Company’s long-term debt approximates the carrying value. The interest rates on the long-term debt are similar to rates the Company would be able to obtain currently in the market.

The Company has patronage investments in other cooperatives and common and preferred stock holdings in privately held entities. There is no market for their patronage credits or the entity’s common and preferred holdings, and it is impracticable to estimate the fair value of the Company’s investments. These investments are carried on the balance sheet at original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received.

Note 11 -       Related Party Transactions

The Company has equity investments in Prairie AquaTech, LLC, Prairie AquaTech Manufacturing, LLC and Prairie AquaTech Investments, LLC. The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $1,885,669 and $282,877 during the three months ended September 30, 2021 and 2020, respectively, and $3,837,003 and $342,136 during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $0 and $339,967, respectively.

The Company has entered into agreements with Prairie AquaTech Manufacturing, LLC to perform various management services and to serve as the owner's representative during the construction of its new manufacturing facility adjacent to the Company's plant in Volga, South Dakota. The Company received a total of $1.72 million in compensation for those services, which was recorded in deferred liabilities on the Company's condensed balance sheet. The Company recognized revenues from management services of $0 and $0 during the three months ended September 30, 2021 and 2020, respectively, and $0 and $121,111 during the nine months ended September 30, 2021 and 2020, respectively.

Note 12 -       Commitments and Contingencies

From time to time in the ordinary course of our business, the Company may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual dispute. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officer and employees, business interruption, automobile liability, and workers' compensation. The Company is not currently involved in any material legal proceedings and are not aware of any potential claims.

Note 13 -       Subsequent Event

The Company evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in its financial statements or disclosed in the notes to its financial statements.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

The information in this quarterly report on Form 10-Q for the nine-month period ended September 30, 2021, (including reports filed with the Securities and Exchange Commission (the “SEC” or “Commission”), contains “forward-looking statements” that deal with future results, expectations, plans and performance, and should be read in conjunction with the financial statements and Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements may include statements which use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “predict,” “hope,” “will,” “should,” “could,” “may,” “future,” “potential,” or the negatives of these words, and all similar expressions. Forward-looking statements involve numerous assumptions, risks and uncertainties. Actual results or actual business or other conditions may differ materially from those contemplated by any forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements are identified in our Form 10-K for the year ended December 31, 2020.

We are not under any duty to update the forward-looking statements contained in this report, nor do we guarantee future results or performance or what future business conditions will be like. We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this report.

Executive Overview and Summary

We recorded a net income of $21.8 million for the nine-month period ended September 30, 2021, compared to $7.1 million during the same period in 2020. The $14.7 million increase in net income was largely due to an increased demand for soybean oil along with an improvement in the quantity and quality of the local soybean crop. Demand for soybean oil increased significantly in 2021 due to increased consumption in the biofuel industry. In addition, soybean production in South Dakota rebounded in 2020 which resulted in a substantial fall harvest and improvement in soybean supply locally compared to 2019. The oil protein and moisture content of this crop also improved, further boosting profits during the year. Despite one of the largest on record soybean crops in 2020, concerns about the prospect of running out of soybeans to process prior to the 2021 harvest kept soybean meal values in line with previous years. These same concerns negatively impacted margins as local producers were reluctant to sell their soybeans during the months leading up to harvest.

Looking ahead, we anticipate above average processing margins for the remainder of 2021 and into 2022. A number of new renewable diesel plants in the Western U.S. are slated to begin production in 2022 which should keep soybean oil demand well above historical levels. Yet, we are concerned about the local soybean supply especially during the third quarter of 2022. Drought conditions this past summer have made it very difficult to accurately measure the quantity available for purchase until new crop supplies become available. Meal premiums are forecast to remain near average at least until the end of the first quarter 2022. South American supplies are anticipated to add pressure to the U.S. soybean meal export market during the second and third quarters in 2022 which may negatively affect our margins.

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RESULTS OF OPERATIONS

Comparison of the three months ended September 30, 2021 and 2020

	Three Months Ended September 30, 2021			Three Months Ended September 30, 2020
	$		% of Revenue	$		% of Revenue
Revenue	$	147,796,292	100.0	$	104,454,116	100.0
Cost of revenues	(131,800,191)		(89.2)	(102,048,821)		(97.7)
Gross profit	15,996,101		10.8	2,405,295		2.3
Operating expenses	(1,220,595)		(0.8)	(857,116)		(0.8)
Interest expense	(470,522)		(0.3)	(238,984)		(0.2)
Other non-operating income (expense)	162,306		0.1	83,534		0.1
Net income	$	14,467,290	9.8	$	1,392,729	1.3

Revenue – Revenue increased $43.3 million, or 41.5%, for the three-month period ended September 30, 2021, compared to the same period in 2020. The increase in revenues was primarily due to increases in the average sales prices of all soybean products, especially refined soybean oil. Oil prices doubled in 2021 due to surging demand for soybean oil from the renewable diesel and food sectors. In addition, soybean meal prices increased approximately 25% during the three-month period ended September 30, 2021, compared to the same period in 2020. The increase in meal prices was due to concerns about the prospect of a heavily diminished soybean supply prior to the 2021 harvest as a result of a very strong demand in the soybean export sector.

Gross Profit/Loss – Gross profit increased $13.6 million, or 565.0%, for the three months ended September 30, 2021, compared to the same period in 2020. The increase in gross profit was primarily due to surging demand for oil from the renewable diesel sector as more diesel plants opened. In addition, the quantity and quality of soybeans grown in the U.S., especially in our local procurement area, improved in 2020 from 2019 due to more favorable weather conditions.

Operating Expenses – Administrative expenses, including selling, general and administrative expenses, increased approximately $363,000, or 42.4%, during the three-month period ended September 30, 2021, compared to the same period in 2020. The increase was primarily due to an increase in personnel costs.

Interest Expense – Interest expense increased $232,000, or 96.9%, during the three months ended September 30, 2021, compared to the same period in 2020. The increase in interest expense was due primarily to an increase in borrowings from our lines of credit, as we borrowed more due to higher commodity prices and to pay for capital improvements. The average debt level during the three-month period ended September 30, 2021 was approximately $71.6 million, compared to $31.9 million for the same period in 2020.

Other Non-Operating Income – Other non-operating income (expense), including patronage dividend income, increased $79,000 during the three-month period ended September 30, 2021, compared to the same period in 2020. The increase in other non-operating income was primarily due to a $54,000 increase in gains on sales of property and equipment. During the three-month period ended September 30, 2021, gains on sales of property and equipment totaled $94,000, compared to $40,000 during the same period in 2020.

Net Income/Loss – During the three-month period ended September 30, 2021, we generated a net income of $14.5 million, compared to $1.4 million for the same period in 2020. The $13.1 million increase was primarily attributable to an increase in gross profit.

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Comparison of the nine months ended September 30, 2021 and 2020

	Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
	$		% of Revenue	$		% of Revenue
Revenue	$	431,696,940	100.0	$	296,445,621	100.0
Cost of revenues	(405,925,495)		(94.0)	(285,643,013)		(96.4)
Gross profit	25,771,445		6.0	10,802,608		3.6
Operating expenses	(3,295,243)		(0.8)	(2,780,612)		(0.9)
Interest expense	(1,280,832)		(0.3)	(897,325)		(0.3)
Other non-operating income (expense)	622,069		0.1	(22,245)		—
Net income	$	21,817,439	5.1	$	7,102,426	2.4

Revenue – Revenue increased $135.3 million, or 45.6%, for the nine-month period ended September 30, 2021, compared to the same period in 2020. The increase in revenues was primarily due to increases in the average sales prices of all soybean products, especially refined soybean oil. The average sales price of soybean oil increased approximately 70% in the nine months ended September 30, 2021, compared to the same period in 2020, due to surging demand for soybean oil from the renewable diesel and food sectors. In addition, soybean meal prices increased approximately 30% during the nine-month period ended September 30, 2021, compared to the same period in 2020. The increased meal prices were due to concerns about the prospect of a heavily diminshed soybean supply prior to the 2021 harvest as a result of strong demand in the soybean export sector.

Gross Profit/Loss – Gross profit increased $15.0 million for the nine months ended September 30, 2021, compared to the same period in 2020. The increase in gross profit was primarily due to surging in demand for oil from the renewable diesel sector as more diesel plants were opened. In addition, the quantity and quality of soybeans grown in the U.S., especially in our local procurement area, improved in 2020 from 2019 due to more favorable weather conditions.

Operating Expenses – Administrative expenses, including all selling, general and administrative expenses, increased approximately $515,000, or 18.5%, during the nine-month period ended September 30, 2021, compared to the same period in 2020. The increase was primarily due to increases in personnel costs and professional fees.

Interest Expense – Interest expense increased $384,000, or 42.7%, during the nine months ended September 30, 2021, compared to the same period in 2020. The increase in interest expense was due primarily to an increase in borrowings from our lines of credit, as borrowed more due to higher commodity prices and to pay for capital improvements. The average debt level during the nine-month period ended September 30, 2021 was approximately $65.8 million, compared to $35.9 million for the same period in 2020.

Other Non-Operating Income – Other non-operating income (expense), including patronage dividend income, improved $644,000 during the nine-month period ended September 30, 2021, compared to the same period in 2020. The increase in other non-operating income was due to a $556,000 improvement in gains (losses) on our interest rate hedge instruments. During the nine-month period ended September 30, 2021, gains on interest rate hedges totaled $135,000, compared to losses of $421,000 during the same period in 2020.

Net Income/Loss – During the nine-month period ended September 30, 2021, we generated a net income of $21.8 million, compared to $7.1 million for the same period in 2020. The $14.7 million increase was primarily attributable to an increase in gross profit and other non-operating income.

LIQUIDITY AND CAPITAL RESOURCES

Our primary sources of liquidity are cash provided by operations and borrowings under our two lines of credit which are discussed below under “Indebtedness.” On September 30, 2021, we had working capital, defined as current assets less current liabilities, of approximately $37.5 million, compared to $23.7 million on September 30, 2020. Working capital increased $13.8 million between periods primarily due to increases in net income during that period.

20

Based on current plans, we will continue funding our capital and operating needs from cash from operations and revolving lines of credit.

Comparison of the Nine Months Ended September 30, 2021 and 2020

	2021		2020
Net cash provided by (used for) operating activities	$	(39,899,796)	$	(1,428,797)
Net cash provided by (used for) investing activities	(7,004,786)		(4,455,263)
Net cash provided by (used for) financing activities	43,588,663		9,090,315

Cash Flows Used For Operations

The $38.5 million increase in cash flows used for operating activities was due to a $36.0 million increase in inventories which were largely the result of increased commodity prices in our industry. During the nine-month period ended September 30, 2021, we increased inventories by $59.1 million, compared to $23.1 million during the same period in 2020.

Cash Flows Used For Investing Activities

The $2.5 million increase in cash flows used for investing activities during the nine-month period ended September 30, 2021, compared to the same period in 2020, was due to an $3.0 million increase in capital improvements. During the nine months ended September 30, 2021, we spent $7.2 million on capital improvements, compared to $4.2 million during the same period in 2020. Partially offsetting the increase in capital improvements was a $0.4 million decrease in investment purchases. During the nine months ended September 30, 2021, we made no new investments in Prairie AquaTech Manufacturing, LLC, compared to $0.4 million during the same period in 2020.

Cash Flows Provided By (Used For) Financing Activities

The $34.5 million increase in cash flows provided by financing activities was principally due to a $44.3 million increase in net proceeds on borrowings. During the nine months ended September 30, 2021, net proceeds on borrowings increased $49.1 million, compared to $4.8 million during the same period in 2020. Partially offsetting the increase in net borrowings was a $7.1 million decrease in outstanding checks over bank balance and a $2.7 million increase in cash distributions to our members during the nine-month period ended September 30, 2021, compared to the same period in 2020.

Indebtedness

We have two lines of credit with CoBank, our primary lender, to meet the short and long-term needs of our operations. The first credit line is a revolving long-term loan. Under this loan, we may borrow funds as needed up to the credit line maximum, or $26.0 million, and then pay down the principal whenever excess cash is available. Repaid amounts may be borrowed up to the available credit line. On March 20, 2020, the available credit line decreased by $2.0 million, and decreases continually by the same amount every six months until the credit line’s maturity on September 20, 2023 at which time we will be required to make a balloon payment for the remaining balance. We pay a 0.40% annual commitment fee on any funds not borrowed. The principal balance outstanding on the revolving term loan was $18.0 million and $17.5 million as of September 30, 2021 and December 31, 2020. Under this loan, there were no additional funds available to borrow as of September 30, 2021.

The second credit line is a revolving working capital (seasonal) loan. The primary purpose of this loan, which matures on December 1, 2021, is to finance our operating needs. The maximum amount we can borrow under this credit line is $70.0 million. We pay a 0.20% annual commitment fee on any funds not borrowed; however, we have the option to reduce the credit line during any given commitment period listed in the credit agreement to avoid the commitment fee. As of September 30, 2021 and December 31, 2020, the principal balance outstanding on this credit line was $48.6 million and $0, respectively, allowing us to borrow an additional $21.4 million as of September 30, 2021.

21

Both the revolving and seasonal loans with CoBank are set up with a variable rate option. The variable rate is set by CoBank and changes weekly on the first business day of each week. We also have a fixed rate option on both loans, allowing us to fix rates for any period between one day and the entire commitment period. The annual interest rate on the revolving term loan was 2.54% and 2.60% as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, the interest rate on the seasonal loan was 2.29% and 2.35%, respectively. We were in compliance with all covenants and conditions with CoBank as of September 30, 2021.

On April 20, 2020, we entered into an unsecured promissory note for $1,215,700 under the U.S. Small Business Administration's Paycheck Protection Program (“PPP Loan“), a loan program created under the Coronavirus Aid, Relief and Economic Security (the "CARES Act"). The PPP Loan, which was scheduled to mature on July 20, 2022 and had a 1.0% interest rate, was made through First Bank & Trust, N.A., Brookings, South Dakota. The PPP Loan has since been forgiven in full by the SBA, with $1,205,700 being forgiven on November 25, 2020 and $10,000 being forgiven in February 2021.

OFF BALANCE SHEET FINANCING ARRANGEMENTS

We do not utilize variable interest entities or other off-balance sheet financial arrangements.

Contractual Obligations

The following table shows our contractual obligations for the periods presented:

	Payment due by period
CONTRACTUAL OBLIGATIONS	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long-Term Debt Obligations (1)	$	18,668,000	$	4,441,000	$	14,227,000	$	—	$	—
Operating Lease Obligations	12,393,000		2,662,000		2,823,000		1,927,000		4,981,000
Totals	$	31,061,000	$	7,103,000	$	17,050,000	$	1,927,000	$	4,981,000

(1)    Represents principal and interest payments on our notes payable, which are included on our Balance Sheet.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1 of our Financial Statements under Part I, Item 1, for a discussion on the impact, if any, of the recently pronounced accounting standards.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes to our critical accounting policies and estimates from those set forth in our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

Commodities Risk & Risk Management. To reduce the price change risks associated with holding fixed price commodity positions, we generally take opposite and offsetting positions by entering into commodity futures contracts (either a straight or options futures contract) on a regulated commodity futures exchange, the Chicago Board of Trade. While hedging activities reduce the risk of loss from changing market prices, such activities also limit the gain potential which otherwise could result from these significant fluctuations in market prices. Our policy is generally to maintain a hedged position within limits, but we can be long or short at any time. Our profitability is primarily derived from margins on soybeans processed, not from hedging transactions. Our management does not anticipate that hedging activities will have a significant impact on future operating results or liquidity. Hedging arrangements do not protect against nonperformance of a cash contract.

22

At any one time, our inventory and purchase contracts for delivery to our facility may be substantial. We have risk management policies and procedures that include net position limits. They are defined by commodity, and include both trader and management limits. This policy and procedure triggers a review by management when any trader is outside of position limits. The position limits are reviewed at least annually with the board of managers. We monitor current market conditions and may expand or reduce the limits in response to changes in those conditions.

An adverse change in market prices would not materially affect our profitability since we generally take opposite and offsetting positions by entering into commodity futures and forward contracts as economic hedges of price risk.

Foreign Currency Risk. We conduct essentially all of our business in U.S. dollars and have minimal direct risk regarding foreign currency fluctuations. Foreign currency fluctuations do, however, impact the ability of foreign buyers to purchase U.S. agricultural products and the competitiveness of and demand for U.S. agricultural products compared to the same products offered by foreign suppliers.

An adverse change in market prices would not materially affect our profitability since we generally take opposite and offsetting positions by entering into commodity futures and forward contracts as economic hedges of price risk.

Interest Rate Risk. We manage exposure to interest rate changes by using variable rate loan agreements with fixed rate options. Long-term loan agreements can utilize the fixed option through maturity; however, the revolving ability to pay down and borrow back would be eliminated once the funds were fixed.

As of September 30, 2021, we had $0 in fixed rate debt outstanding and $88.0 million of variable rate lines of credit. Interest rate changes impact the amount of our interest payments and, therefore, our future earnings and cash flows. Assuming other variables remain constant, a 1.0% increase in interest rates on our variable rate debt could have an estimated impact on profitability of approximately $880,000 per year.

Item 4.    Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.

Changes in Internal Control Over Financial Reporting. There were no changes to our internal controls over financial reporting that materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting during the quarter ended September 30, 2021.

PART II – OTHER INFORMATION

Item 1.    Legal Proceedings.

From time to time in the ordinary course of our business, we may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual dispute. We carry insurance that provides protection against general commercial liability claims, claims against our directors, officer and employees, business interruption, automobile liability, and workers' compensation. We are not currently involved in any material legal proceedings and are not aware of any potential claims.

Item 1A. Risk Factors.

During the quarter ended September 30, 2021, there were no material changes to the Risk Factors disclosed in Item 1A (Part I) of our 2020 Annual Report on Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

None.

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Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

None.

Item 5.    Other Information.

None.

Item 6.    Exhibits. 

Exhibit Number	Description
3.1(i)	Articles of Organization (1)
3.1(ii)	Operating Agreement, as amended (2)
3.1(iii)	Articles of Amendment to Articles of Organization (3)
4.1	Form of Class A Unit Certificate (4)
31.1	Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer
32.1	Section 1350 Certification by Chief Executive Officer
32.2	Section 1350 Certification by Chief Financial Officer

____________________________________________________________________________

(1) Incorporated by reference from Appendix B to the information statement/prospectus filed as a part of the issuer’s Registration Statement on Form S-4 (File No. 333-75804).

(2) Incorporated by reference from the same numbered exhibit to the issuer’s Form 8-K filed on June 22, 2017.

(3) Incorporated by reference from the same numbered exhibit to the issuer’s Form 10-Q filed on August 14, 2002.

(4) Incorporated by reference from the same numbered exhibit to the issuer’s Registration Statement on Form S-4 (File No. 333-75804).

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
Dated:	November 10, 2021	By	/s/ Thomas Kersting
			Thomas Kersting, Chief Executive Officer
			(Principal Executive Officer)
Dated:	November 10, 2021	By	/s/ Mark Hyde
			Mark Hyde, Chief Financial Officer
			(Principal Financial Officer)

24

EX-31.1

Exhibit 31.1

Certification

I, Thomas Kersting, certify that:

1.I have reviewed the report on Form 10-Q of South Dakota Soybean Processors, LLC for the quarter ended September 30, 2021;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2021

/s/ Thomas Kersting

Thomas Kersting

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification

I, Mark Hyde, certify that:

1.I have reviewed the report on Form 10-Q of South Dakota Soybean Processors, LLC for the quarter ended September 30, 2021;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial data; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2021

/s/ Mark Hyde

Mark Hyde

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of South Dakota Soybean Processors, LLC (the “Company”) on Form 10-Q for the quarter ending September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Kersting, the Chief Executive Officer (Principal Executive Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2021 (the last date of the period covered by the Report).

Dated:	November 10, 2021	By	/s/ Thomas Kersting
			Thomas Kersting, Chief Executive Officer
			(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of South Dakota Soybean Processors, LLC (the “Company”) on Form 10-Q for the quarter ending September 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Hyde, the Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2021 (the last date of the period covered by the Report).

Dated:	November 10, 2021	By	/s/ Mark Hyde
			Mark Hyde, Chief Financial Officer
			(Principal Financial and Accounting Officer)

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Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-50253
Entity Registrant Name	SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Entity Incorporation, State or Country Code	SD
Entity Tax Identification Number	46-0462968
Entity Address, Address Line One	100 Caspian Ave
Entity Address, Address Line Two	PO Box 500
Entity Address, City or Town	Volga
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57071
City Area Code	605
Local Phone Number	627-9240
Entity Common Stock, Shares Outstanding		30,419,000
Entity Central Index Key	0001163609
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes

XML

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 335,031	$ 3,650,950
Trade accounts receivable	35,886,295	28,990,655
Inventories	128,720,906	69,593,473
Commodity derivative instruments	13,515,113	28,417,680
Margin deposits	14,631,549	6,018,001
Prepaid expenses	1,240,930	2,093,622
Total current assets	194,329,824	138,764,381
Property and equipment	128,940,668	122,195,099
Less accumulated depreciation	(61,343,290)	(57,963,905)
Total property and equipment, net	67,597,378	64,231,194
Other assets
Investments in related parties	9,327,890	9,327,890
Investments in cooperatives	1,559,800	1,539,293
Right-of-use lease asset, net	11,115,009	11,960,289
Total other assets	22,002,699	22,827,472
Total assets	283,929,901	225,823,047
Current liabilities
Excess of outstanding checks over bank balance	12,195,414	8,263,020
Current maturities of long-term debt	4,000,000	0
Note payable - seasonal loan	48,589,449	0
Current operating lease liabilities	2,039,455	5,846,456
Accounts payable	1,108,338	1,506,779
Accrued commodity purchases	59,770,822	44,962,904
Commodity derivative instruments	23,924,891	41,940,744
Accrued expenses	3,616,809	3,083,591
Accrued interest	132,687	40,564
Deferred liabilities - current	1,463,601	1,728,407
Total current liabilities	156,841,466	107,372,465
Long-term liabilities
Long-term debt, net of current maturities and unamortized debt issuance costs	13,990,238	17,499,868
Long-term operating lease liabilities	5,873,768	6,113,834
Total long-term liabilities	19,864,006	23,613,702
Commitments and contingencies (Notes 5, 6, 7, and 12)
Members' equity
Total liabilities and members' equity	283,929,901	225,823,047
Capital Unit, Class A
Members' equity
Class A Units, no par value, 30,419,000 units issued and     outstanding at September 30, 2021 and December 31, 2020	$ 107,224,429	$ 94,836,880

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Condensed Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A - shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, shares issued	30,419,000	30,419,000
Common stock, shares outstanding	30,419,000	30,419,000

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenues	$ 147,796,292	$ 104,454,116	$ 431,696,940	$ 296,445,621
Cost of revenues:
Production	8,314,321	7,286,860	23,087,341	22,117,229
Brokerage fees	164,130	168,043	550,888	486,099
Total cost of revenues	131,800,191	102,048,821	405,925,495	285,643,013
Gross profit (loss)	15,996,101	2,405,295	25,771,445	10,802,608
Operating expenses:
Administration	1,220,595	857,116	3,295,243	2,780,612
Operating income (loss)	14,775,506	1,548,179	22,476,202	8,021,996
Other income (expense):
Interest expense	(470,522)	(238,984)	(1,280,832)	(897,325)
Other non-operating income (expense)	162,306	83,534	256,922	(217,798)
Patronage dividend income	0	0	365,147	195,553
Total other income (expense)	(308,216)	(155,450)	(658,763)	(919,570)
Income (loss) before income taxes	14,467,290	1,392,729	21,817,439	7,102,426
Income tax benefit (expense)	0	0	0	0
Net income (loss)	$ 14,467,290	$ 1,392,729	$ 21,817,439	$ 7,102,426
Basic and Diluted Loss Per Capital Unit [Abstract]
Net income (in dollars per share)	$ 0.48	$ 0.05	$ 0.72	$ 0.23
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	30,419,000	30,419,000	30,419,000	30,419,000
Product
Cost of revenues:
Cost of products and services	$ 113,498,309	$ 85,001,018	$ 350,233,888	$ 234,803,800
Freight and rail
Cost of revenues:
Cost of products and services	$ 9,823,431	$ 9,592,900	$ 32,053,378	$ 28,235,885

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Condensed Statement of Changes in Members' Equity Statement - USD ($)	Total	Capital Unit, Class A
Beginning Balances (in shares) at Dec. 31, 2019		30,419,000
Ending Balances (in shares) at Sep. 30, 2020		30,419,000
Beginning Balances at Dec. 31, 2019		$ 85,947,333
Net income (loss)	$ 7,102,426	7,102,426
Distribution to members	(6,692,180)
Ending Balances at Sep. 30, 2020		$ 86,357,579
Beginning Balances (in shares) at Dec. 31, 2020		30,419,000
Ending Balances (in shares) at Sep. 30, 2021		30,419,000
Beginning Balances at Dec. 31, 2020		$ 94,836,880
Net income (loss)	21,817,439	21,817,439
Distribution to members	$ (9,429,890)
Ending Balances at Sep. 30, 2021		$ 107,224,429

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ 21,817,439	$ 7,102,426
Charges and credits to net income not affecting cash:
Depreciation and amortization	3,786,317	3,669,109
Net (gain) loss recognized on derivative activities	(1,919,827)	(34,076)
Gain on sales of property and equipment	(89,150)	(40,356)
Non-cash patronage dividends	(75,411)	(43,405)
Forgiveness of Paycheck Protection Program loan	(10,000)	0
Change in current assets and liabilities	(63,409,164)	(12,082,495)
Net cash provided by (used for) operating activities	(39,899,796)	(1,428,797)
Investing activities
Purchase of investments	0	(404,329)
Retirement of patronage dividends	54,904	66,210
Proceeds from sales of property and equipment	126,060	41,216
Purchase of property and equipment	(7,185,750)	(4,158,360)
Net cash provided by (used for) investing activities	(7,004,786)	(4,455,263)
Financing activities
Change in excess of outstanding checks over bank balances	3,932,394	10,961,501
Net proceeds from seasonal borrowings	48,589,449
Payments for seasonal borrowings		(1,743,029)
Distributions to members	(9,429,890)	(6,692,180)
Payments for debt issue costs	0	(10,000)
Proceeds from long-term debt	11,839,877	17,131,227
Principal payments on long-term debt	(11,343,167)	(10,557,204)
Net cash provided by (used for) financing activities	43,588,663	9,090,315
Net change in cash and cash equivalents	(3,315,919)	3,206,255
Cash and cash equivalents, beginning of period	3,650,950	624,681
Cash and cash equivalents, end of period	335,031	3,830,936
Supplemental disclosures of cash flow information
Interest	1,188,709	908,220
Income taxes	0	0
Soybean meal contributed as investment in related party	$ 0	$ 335,124

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Principal Activity and Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal Activity and Significant Accounting Policies

Principal Activity and Significant Accounting Policies

The unaudited condensed financial statements contained herein have been prepared pursuant to the rules and regulations of the Securities Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although South Dakota Soybean Processors, LLC (the “Company”, “LLC”, “we”, “our”, or “us”) believes that the disclosures made are adequate to make the information not misleading.

In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in the accompanying condensed financial statements. The results of operations and cash flows for interim periods are not necessarily indicative of results for a full year due in part to the seasonal nature of some of the Company’s businesses. The balance sheet data as of December 31, 2020 has been derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America.

These statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2020, included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2021.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue

The Company accounts for all of its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers.

The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed balance sheets. These customer prepayments totaled $1,463,601 and $1,728,407 as of September 30, 2021 and December 31, 2020, respectively. Of the $1,728,407 balance as of December 31, 2020, contract liabilities recognized as revenues were $414,729 and $1,309,540 for the three and nine months ended September 30, 2021, respectively. Of the $313,347 customer prepayments as of December 31, 2019, the Company recognized $0 and $313,347 of contract liabilities as revenues during the three and nine months ended September 30, 2020, respectively.

The following table presents a disaggregation of revenue from contracts with customers for the three and nine month periods ended September 30, 2021 and 2020, by product type:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Soybean meal and hulls	$	81,331,885	$	63,195,149	$	252,047,044	$	187,220,101
Soybean oil and oil byproducts	66,464,407		41,258,967		179,649,896		109,225,520
Totals	$	147,796,292	$	104,454,116	$	431,696,940	$	296,445,621

Recent accounting pronouncements

Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.

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Accounts Receivable

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any.

The following table presents the aging analysis of trade receivables as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Past due:
Less than 30 days past due	$	8,479,115	$	4,827,150
30-60 days past due	948,394		85,177
60-90 days past due	72,899		11,366
Greater than 90 days past due	12,642		43,524
Total past due	9,513,050		4,967,217
Current	26,373,245		24,023,438
Totals	$	35,886,295	$	28,990,655

The following table provides information regarding the Company's allowance for doubtful accounts receivable as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Balances, beginning of period	$	—	$	—
Amounts charged (credited) to costs and expenses	31,331		—
Additions (deductions)	(31,331)		—
Balances, end of period	$	—	$	—

In general, cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1.5% per month on past due receivables.

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Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

The Company’s inventories consist of the following at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Finished goods	$	57,831,451	$	35,502,780
Raw materials	70,596,078		33,824,265
Supplies & miscellaneous	293,377		266,428
Totals	$	128,720,906	$	69,593,473

Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. Supplies and other inventories are stated at the lower of cost or net realizable value.

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Property and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The following is a summary of the Company's property and equipment at September 30, 2021 and December 31, 2020:

	2021						2020
	Cost		Accumulated Depreciation		Net		Net
Land	$	516,326	$	—	$	516,326	$	516,326
Land improvements	2,406,915		(872,249)		1,534,666		1,647,052
Buildings and improvements	22,443,026		(10,477,266)		11,965,760		12,391,726
Machinery and equipment	88,543,029		(48,618,957)		39,924,072		41,674,080
Railroad cars	5,852,292		(235,793)		5,616,499		5,704,283
Company vehicles	151,682		(104,589)		47,093		59,613
Furniture and fixtures	1,387,880		(1,034,436)		353,444		408,288
Construction in progress	7,639,518		—		7,639,518		1,829,826
Totals	$	128,940,668	$	(61,343,290)	$	67,597,378	$	64,231,194

Depreciation of property and equipment was $1,254,004 and $1,234,580 for the three months ended September 30, 2021 and 2020, respectively, and $3,782,656 and $3,665,676 for the nine months ended September 30, 2021 and 2020, respectively.

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Note Payable - Seasonal Loan	9 Months Ended
	Sep. 30, 2021
Notes Payable Seasonal Loan [Abstract]
Note Payable - Seasonal Loan	Note Payable – Seasonal LoanThe Company has entered into a revolving credit agreement with CoBank which expires December 1, 2021. The purpose of the credit agreement is to finance the operating needs of the Company. Under this agreement, the Company could borrow up to $70 million, and advances on the revolving credit agreement are secured. Interest accrues at a variable rate (2.29% at September 30, 2021). The Company pays a 0.20% annual commitment fee on any funds not borrowed. There were advances outstanding of $48,589,449 and $0 at September 30, 2021 and December 31, 2020, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement were $21.4 million as of September 30, 2021.

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Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

The following is a summary of the Company's long-term debt at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Revolving term loan from CoBank, interest at variable rates (2.54% and 2.60% at September 30, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023.	$	18,000,000	$	17,503,291
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022.	—		10,000
Total debt before debt issuance costs	18,000,000		17,513,291
Less current maturities	(4,000,000)		—
Less debt issuance costs, net of amortization of $14,238 and $10,577 as of September 30, 2021 and December 31, 2020, respectively	(9,762)		(13,423)
Total long-term debt	$	13,990,238	$	17,499,868

The Company entered into an agreement as of January 28, 2020 with CoBank to amend and restate its Credit Agreement, which includes both the revolving term and seasonal loans. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $26,000,000 on the revolving term loan with a variable effective interest rate of 2.54%. The amount available for borrowing on the revolving term loan, however, will decrease by $2,000,000 every six months beginning on March 20, 2020, with a scheduled balloon payment for the remaining balance on the loan's maturity date of September 20, 2023. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of $24,000 paid by the Company on this amendment will be amortized over the term of loan. The principal balance outstanding on the revolving term loan was $18,000,000 and $17,503,291 as of September 30, 2021 and December 31, 2020, respectively. There were no remaining commitments available to borrow on the revolving term loan as of September 30, 2021.

Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of September 30, 2021.

On April 20, 2020, the Company entered into an unsecured promissory note for $1,215,700 under the U.S. Small Business Administration's Paycheck Protection Program (“PPP Loan“), a loan program created under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act“). The PPP Loan is being made through First Bank & Trust, N.A. The PPP Loan was scheduled to mature on July 20, 2022 and had a 1% interest rate. The Company submitted to the SBA a loan forgiveness application on November 20, 2020, with the amount which may be forgiven equal to the sum of qualifying expenses such as payroll, rent obligations, and covered utility payments. The forgiveness application was approved by the SBA for $1,205,700 on November 25, 2020 and $10,000 on February 19, 2021.

The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended September 30:

2022	$	4,000,000
2023	14,000,000
Total	$	18,000,000

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Operating Leases (Notes)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Operating Leases

Operating LeasesThe Company has several operating leases for railcars. These leases have terms ranging from 3-18 years and do not have renewal terms provided. The leases require the Company to maintain the condition of the railcars, restrict

the use of the railcars to specified products, such as soybean meal, hulls or oil, limit usage to the continental United States, Canada or Mexico, require approval to sublease to other entities, and require the Company's submission of its financial statements. Lease expense for all railcars was $765,469 and $847,671 for the three months ended September 30, 2021 and 2020, respectively, and $2,309,436 and $2,371,586 for the nine months ended September 30, 2021 and 2020, respectively.

The following is a schedule of the Company's operating leases for railcars as of September 30, 2021:

Lessor	Quantity of Railcars	Commencement Date	Maturity Date	Monthly Payment
American Railcar Leasing	13	6/1/2021	5/31/2024	$	7,150
Andersons Railcar Leasing Co.	10	7/1/2018	6/30/2023	5,000
Andersons Railcar Leasing Co.	20	7/1/2019	6/30/2026	11,300
Farm Credit Leasing	87	9/1/2020	8/31/2032	34,929
Farm Credit Leasing	8	6/1/2021	5/31/2033	5,966
GATX Corporation	14	7/1/2020	6/30/2024	4,200
Midwest Railcar Corporation	64	1/1/2015	12/31/2021	27,200
Trinity Capital	29	11/1/2020	10/31/2023	17,255
Trinity Capital	20	11/1/2020	10/31/2023	11,900
Trinity Capital	24	6/1/2021	5/31/2026	10,440
Wells Fargo Rail	112	8/1/2017	7/31/2022	52,557
Wells Fargo Rail	107	1/1/2018	12/31/2022	35,845
Wells Fargo Rail	7	1/1/2004	12/31/2021	2,926
Wells Fargo Rail	15	1/1/2004	12/31/2021	5,850
Wells Fargo Rail	8	1/1/2015	12/31/2021	3,600
	538			$	236,118

The Company also has a number of other operating leases for machinery and equipment. These leases have terms ranging from 3-7 years; however, most of these leases have automatic renewal terms. These leases require monthly payments of $3,779. Rental expense under these other operating leases was $168,239 and $11,013 for the three months ended September 30, 2021 and 2020, respectively, and $226,843 and $30,088 for the nine-month periods ended September 30, 2021 and 2020, respectively.

On March 19, 2020, the Company entered into an agreement with an entity in the western United States to provide storage and handling services for the Company's soybean meal. The Company paid the entity $3,300,000, which is included in current operating lease liabilities on the Company's balance sheet, after the entity's construction of additional storage and handling facilities. The agreement began May 1, 2021 and will mature on April 30, 2027 but includes an additional seven-year renewal period at the sole discretion of the Company.

Operating leases are included in right-to-use lease assets, current operating lease liabilities, and long-term lease liabilities on the condensed balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the condensed balance sheet.

Lease expense for these operating leases is recognized on a straight-line basis over the lease terms. The components of lease costs recognized within our condensed statements of operations for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenues - Freight and rail	$	765,469	$	847,671	$	2,309,436	$	2,371,586
Cost of revenues - Production	165,856		8,631		219,693		22,004
Administration expenses	2,383		2,382		7,150		8,084
Total operating lease costs	$	935,729	$	860,704	$	2,536,279	$	2,401,674

The following summarizes the supplemental cash flow information for the three and nine-month periods ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in measurement of lease liabilities	$	689,988	$	743,763	$	5,485,025	$	2,298,049
Supplemental non-cash information:
Right-of-use assets obtained in exchange for lease liabilities	$	—	$	5,337,749	$	1,250,115	$	8,823,499

The following summarizes the weighted-average remaining lease term and weighted-average discount rate:

	September 30, 2021
Weighted-average remaining lease-term - operating leases (in years)	8.0
Weighted-average discount rate - operating leases	3.0	%

The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of September 30, 2021:

	Railcars		Other		Total
Twelve-month periods ended September 30:
2022	$	2,383,878	$	278,062	$	2,661,940
2023	1,401,974		275,355		1,677,329
2024	887,534		258,597		1,146,131
2025	763,379		242,722		1,006,101
2026	683,799		236,918		920,717
Thereafter	2,957,231		2,023,214		4,980,445
Total lease payments	9,077,795		3,314,868		12,392,663
Less amount of lease payments representing interest	(1,269,761)		(7,893)		(1,277,654)
Total present value of lease payments	$	7,808,034	$	3,306,975	$	11,115,009

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Member Distribution	9 Months Ended
	Sep. 30, 2021
Member Distribution [Abstract]
Member Distribution	Member DistributionOn February 2, 2021, the Company’s Board of Managers approved a cash distribution of approximately $9.4 million, or 31.0¢ per capital unit. The distribution was paid in accordance with the Company’s operating agreement and distribution policy on February 4, 2021.

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Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. These contracts are recorded on the Company’s condensed balance sheets at fair value as discussed in Note 10, Fair Value.

As of September 30, 2021 and December 31, 2020, the value of the Company’s open futures, options and forward contracts was approximately $(10,409,778) and $(13,523,064), respectively.

		As of September 30, 2021
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	13,222,084	$	23,410,734
Foreign exchange contracts	Current Assets/Liabilities	65,558		32,086
Interest rate caps and floors	Current Assets/Liabilities	227,471		482,071
Totals		$	13,515,113	$	23,924,891

		As of December 31, 2020
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	28,365,908	$	41,196,628
Foreign exchange contracts	Current Assets/Liabilities	50,979		48,539
Interest rate caps and floors	Current Assets/Liabilities	793		695,577
Totals		$	28,417,680	$	41,940,744

During the three and nine-month periods ended September 30, 2021 and 2020, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:

	Net Gain (Loss) Recognized  on Derivative Activities for the				Net Gain (Loss) Recognized  on Derivative Activities for the
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Derivatives not designated as hedging instruments:
Commodity contracts	$	14,581,706	$	(6,632,699)	$	1,749,894	$	498,472
Foreign exchange contracts	5,892		(222,464)		35,013		(43,805)
Interest rate swaps, caps and floors	62,763		38,147		134,920		(420,591)
Totals	$	14,650,361	$	(6,817,016)	$	1,919,827	$	34,076

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Fair Value

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value

Fair Value

ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, this guidance establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The three levels of hierarchy and examples are as follows:

•Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange and commodity derivative contracts listed on the Chicago Board of Trade (“CBOT”).

•Level 2 – Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, such as commodity prices using forward future prices.

•Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of September 30, 2021 and December 31, 2020:

	Fair Value as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	128,205,139	$	—	$	128,205,139
Commodity derivative instruments	$	—	$	(10,409,778)	$	—	$	(10,409,778)
Margin deposits (deficits)	$	14,631,549	$	—	$	—	$	14,631,549

	Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	69,127,700	$	—	$	69,127,700
Commodity derivative instruments	$	—	$	(13,523,064)	$	—	$	(13,523,064)
Margin deposits	$	6,018,001	$	—	$	—	$	6,018,001

The Company enters into various commodity derivative instruments, including futures, options, swaps and other agreements. The fair value of the Company’s commodity derivatives is determined using unadjusted quoted prices for identical instruments on the CBOT. The Company estimates the fair market value of their finished goods and raw materials inventories using the market price quotations of similar forward future contracts listed on the CBOT and adjusts for the local market adjustments derived from other grain terminals in our area.

The Company considers the carrying amount of significant classes of financial instruments on the balance sheets, including cash, accounts receivable, and accounts payable, to be reasonable estimates of fair value due to their

length or maturity. The fair value of the Company’s long-term debt approximates the carrying value. The interest rates on the long-term debt are similar to rates the Company would be able to obtain currently in the market.

The Company has patronage investments in other cooperatives and common and preferred stock holdings in privately held entities. There is no market for their patronage credits or the entity’s common and preferred holdings, and it is impracticable to estimate the fair value of the Company’s investments. These investments are carried on the balance sheet at original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received.

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Related Party Transactions (Notes)

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The Company has equity investments in Prairie AquaTech, LLC, Prairie AquaTech Manufacturing, LLC and Prairie AquaTech Investments, LLC. The Company sold soybean products to Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC totaling $1,885,669 and $282,877 during the three months ended September 30, 2021 and 2020, respectively, and $3,837,003 and $342,136 during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, Prairie AquaTech, LLC and Prairie AquaTech Manufacturing, LLC owed the Company $0 and $339,967, respectively.

The Company has entered into agreements with Prairie AquaTech Manufacturing, LLC to perform various management services and to serve as the owner's representative during the construction of its new manufacturing facility adjacent to the Company's plant in Volga, South Dakota. The Company received a total of $1.72 million in compensation for those services, which was recorded in deferred liabilities on the Company's condensed balance sheet. The Company recognized revenues from management services of $0 and $0 during the three months ended September 30, 2021 and 2020, respectively, and $0 and $121,111 during the nine months ended September 30, 2021 and 2020, respectively.

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Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	ContingenciesFrom time to time in the ordinary course of our business, the Company may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual dispute. The Company carries insurance that provides protection against general commercial liability claims, claims against our directors, officer and employees, business interruption, automobile liability, and workers' compensation. The Company is not currently involved in any material legal proceedings and are not aware of any potential claims.

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Subsequent Event	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventThe Company evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in its financial statements or disclosed in the notes to its financial statements.

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Principal Activity and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates, Policy

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue, Policy

Revenue

The Company accounts for all of its revenues from contracts with customers under ASC 606, Revenue from Contracts with Customers.

The Company principally generates revenue from merchandising and transporting manufactured agricultural products used as ingredients in food, feed, energy and industrial products. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any amounts collected on behalf of third parties (e.g. - taxes). The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product to a customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms). Shipping and handling costs related to contracts with customers for sale of goods are accounted for as a fulfillment activity and are included in cost of revenues. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Payments received in advance to the transfer of goods, or "contract liabilities", are included in "Deferred liabilities - current" on the Company's condensed balance sheets. These customer prepayments totaled $1,463,601 and $1,728,407 as of September 30, 2021 and December 31, 2020, respectively. Of the $1,728,407 balance as of December 31, 2020, contract liabilities recognized as revenues were $414,729 and $1,309,540 for the three and nine months ended September 30, 2021, respectively. Of the $313,347 customer prepayments as of December 31, 2019, the Company recognized $0 and $313,347 of contract liabilities as revenues during the three and nine months ended September 30, 2020, respectively.

Recent Accounting Pronouncements

Recent accounting pronouncements

Any recent accounting pronouncements are not expected to have a material impact on our condensed financial statements.

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Principal Activity and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disaggregation of Revenue

The following table presents a disaggregation of revenue from contracts with customers for the three and nine month periods ended September 30, 2021 and 2020, by product type:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Soybean meal and hulls	$	81,331,885	$	63,195,149	$	252,047,044	$	187,220,101
Soybean oil and oil byproducts	66,464,407		41,258,967		179,649,896		109,225,520
Totals	$	147,796,292	$	104,454,116	$	431,696,940	$	296,445,621

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Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Past Due Financing Receivables

The following table presents the aging analysis of trade receivables as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Past due:
Less than 30 days past due	$	8,479,115	$	4,827,150
30-60 days past due	948,394		85,177
60-90 days past due	72,899		11,366
Greater than 90 days past due	12,642		43,524
Total past due	9,513,050		4,967,217
Current	26,373,245		24,023,438
Totals	$	35,886,295	$	28,990,655

Schedule of Allowance for Doubtful Accounts Receivable

The following table provides information regarding the Company's allowance for doubtful accounts receivable as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Balances, beginning of period	$	—	$	—
Amounts charged (credited) to costs and expenses	31,331		—
Additions (deductions)	(31,331)		—
Balances, end of period	$	—	$	—

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Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The Company’s inventories consist of the following at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Finished goods	$	57,831,451	$	35,502,780
Raw materials	70,596,078		33,824,265
Supplies & miscellaneous	293,377		266,428
Totals	$	128,720,906	$	69,593,473

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Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following is a summary of the Company's property and equipment at September 30, 2021 and December 31, 2020:

	2021						2020
	Cost		Accumulated Depreciation		Net		Net
Land	$	516,326	$	—	$	516,326	$	516,326
Land improvements	2,406,915		(872,249)		1,534,666		1,647,052
Buildings and improvements	22,443,026		(10,477,266)		11,965,760		12,391,726
Machinery and equipment	88,543,029		(48,618,957)		39,924,072		41,674,080
Railroad cars	5,852,292		(235,793)		5,616,499		5,704,283
Company vehicles	151,682		(104,589)		47,093		59,613
Furniture and fixtures	1,387,880		(1,034,436)		353,444		408,288
Construction in progress	7,639,518		—		7,639,518		1,829,826
Totals	$	128,940,668	$	(61,343,290)	$	67,597,378	$	64,231,194

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Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of the Company's long-term debt at September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Revolving term loan from CoBank, interest at variable rates (2.54% and 2.60% at September 30, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023.	$	18,000,000	$	17,503,291
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022.	—		10,000
Total debt before debt issuance costs	18,000,000		17,513,291
Less current maturities	(4,000,000)		—
Less debt issuance costs, net of amortization of $14,238 and $10,577 as of September 30, 2021 and December 31, 2020, respectively	(9,762)		(13,423)
Total long-term debt	$	13,990,238	$	17,499,868

Schedule of Maturities of Long-term Debt

The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended September 30:

2022	$	4,000,000
2023	14,000,000
Total	$	18,000,000

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Operating Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Operating Leases for Railcars

The following is a schedule of the Company's operating leases for railcars as of September 30, 2021:

Lessor	Quantity of Railcars	Commencement Date	Maturity Date	Monthly Payment
American Railcar Leasing	13	6/1/2021	5/31/2024	$	7,150
Andersons Railcar Leasing Co.	10	7/1/2018	6/30/2023	5,000
Andersons Railcar Leasing Co.	20	7/1/2019	6/30/2026	11,300
Farm Credit Leasing	87	9/1/2020	8/31/2032	34,929
Farm Credit Leasing	8	6/1/2021	5/31/2033	5,966
GATX Corporation	14	7/1/2020	6/30/2024	4,200
Midwest Railcar Corporation	64	1/1/2015	12/31/2021	27,200
Trinity Capital	29	11/1/2020	10/31/2023	17,255
Trinity Capital	20	11/1/2020	10/31/2023	11,900
Trinity Capital	24	6/1/2021	5/31/2026	10,440
Wells Fargo Rail	112	8/1/2017	7/31/2022	52,557
Wells Fargo Rail	107	1/1/2018	12/31/2022	35,845
Wells Fargo Rail	7	1/1/2004	12/31/2021	2,926
Wells Fargo Rail	15	1/1/2004	12/31/2021	5,850
Wells Fargo Rail	8	1/1/2015	12/31/2021	3,600
	538			$	236,118

Lease Cost, Supplemental Cash Flow Information and Weighted-average Lease Terms and Discount Rates

The components of lease costs recognized within our condensed statements of operations for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenues - Freight and rail	$	765,469	$	847,671	$	2,309,436	$	2,371,586
Cost of revenues - Production	165,856		8,631		219,693		22,004
Administration expenses	2,383		2,382		7,150		8,084
Total operating lease costs	$	935,729	$	860,704	$	2,536,279	$	2,401,674

The following summarizes the supplemental cash flow information for the three and nine-month periods ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in measurement of lease liabilities	$	689,988	$	743,763	$	5,485,025	$	2,298,049
Supplemental non-cash information:
Right-of-use assets obtained in exchange for lease liabilities	$	—	$	5,337,749	$	1,250,115	$	8,823,499

The following summarizes the weighted-average remaining lease term and weighted-average discount rate:

	September 30, 2021
Weighted-average remaining lease-term - operating leases (in years)	8.0
Weighted-average discount rate - operating leases	3.0	%

Lessee, Operating Lease, Liability, Maturity

The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of September 30, 2021:

	Railcars		Other		Total
Twelve-month periods ended September 30:
2022	$	2,383,878	$	278,062	$	2,661,940
2023	1,401,974		275,355		1,677,329
2024	887,534		258,597		1,146,131
2025	763,379		242,722		1,006,101
2026	683,799		236,918		920,717
Thereafter	2,957,231		2,023,214		4,980,445
Total lease payments	9,077,795		3,314,868		12,392,663
Less amount of lease payments representing interest	(1,269,761)		(7,893)		(1,277,654)
Total present value of lease payments	$	7,808,034	$	3,306,975	$	11,115,009

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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments

As of September 30, 2021 and December 31, 2020, the value of the Company’s open futures, options and forward contracts was approximately $(10,409,778) and $(13,523,064), respectively.

		As of September 30, 2021
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	13,222,084	$	23,410,734
Foreign exchange contracts	Current Assets/Liabilities	65,558		32,086
Interest rate caps and floors	Current Assets/Liabilities	227,471		482,071
Totals		$	13,515,113	$	23,924,891

		As of December 31, 2020
	Balance Sheet Classification	Asset Derivatives		Liability Derivatives
Derivatives not designated as hedging instruments:
Commodity contracts	Current Assets/Liabilities	$	28,365,908	$	41,196,628
Foreign exchange contracts	Current Assets/Liabilities	50,979		48,539
Interest rate caps and floors	Current Assets/Liabilities	793		695,577
Totals		$	28,417,680	$	41,940,744

Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments

During the three and nine-month periods ended September 30, 2021 and 2020, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:

	Net Gain (Loss) Recognized  on Derivative Activities for the				Net Gain (Loss) Recognized  on Derivative Activities for the
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Derivatives not designated as hedging instruments:
Commodity contracts	$	14,581,706	$	(6,632,699)	$	1,749,894	$	498,472
Foreign exchange contracts	5,892		(222,464)		35,013		(43,805)
Interest rate swaps, caps and floors	62,763		38,147		134,920		(420,591)
Totals	$	14,650,361	$	(6,817,016)	$	1,919,827	$	34,076

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth financial assets and liabilities measured at fair value in the condensed balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of September 30, 2021 and December 31, 2020:

	Fair Value as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	128,205,139	$	—	$	128,205,139
Commodity derivative instruments	$	—	$	(10,409,778)	$	—	$	(10,409,778)
Margin deposits (deficits)	$	14,631,549	$	—	$	—	$	14,631,549

	Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Inventory	$	—	$	69,127,700	$	—	$	69,127,700
Commodity derivative instruments	$	—	$	(13,523,064)	$	—	$	(13,523,064)
Margin deposits	$	6,018,001	$	—	$	—	$	6,018,001

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Principal Activity and Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 1,463,601		$ 1,463,601		$ 1,728,407	$ 313,347
Contract with customer, revenue recognized	414,729	$ 0	1,309,540	$ 313,347
Long-term liabilities	19,864,006		19,864,006		23,613,702
Present value of remaining lease payments	12,392,663		12,392,663
Right-of-use asset	$ 11,115,009		$ 11,115,009		$ 11,960,289

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Principal Activity and Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 147,796,292	$ 104,454,116	$ 431,696,940	$ 296,445,621
Soybean meal and hulls
Disaggregation of Revenue [Line Items]
Revenue	81,331,885	63,195,149	252,047,044	187,220,101
Soybean oil and oil byproducts
Disaggregation of Revenue [Line Items]
Revenue	$ 66,464,407	$ 41,258,967	$ 179,649,896	$ 109,225,520

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Accounts Receivable - Aging of Past Due Receivables (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Accounts receivable	$ 35,886,295	$ 28,990,655
Less than 30 days past due
Financing Receivable, Past Due [Line Items]
Accounts receivable	8,479,115	4,827,150
30-60 days past due
Financing Receivable, Past Due [Line Items]
Accounts receivable	948,394	85,177
60-90 days past due
Financing Receivable, Past Due [Line Items]
Accounts receivable	72,899	11,366
Greater than 90 days past due
Financing Receivable, Past Due [Line Items]
Accounts receivable	12,642	43,524
Total past due
Financing Receivable, Past Due [Line Items]
Accounts receivable	9,513,050	4,967,217
Current
Financing Receivable, Past Due [Line Items]
Accounts receivable	$ 26,373,245	$ 24,023,438

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Accounts Receivable - Allowance for Doubtful Accounts Receivable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balances, beginning of period	$ 0	$ 0
Amounts charged (credited) to costs and expenses	31,331	0
Additions (deductions)	(31,331)	$ 0
Balances, end of period	$ 0

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Accounts Receivable (Details Textual)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Percentage of late fee on past due receivables	1.50%

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Inventories (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 57,831,451	$ 35,502,780
Raw materials	70,596,078	33,824,265
Supplies & miscellaneous	293,377	266,428
Totals	$ 128,720,906	$ 69,593,473

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Property and Equipment (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Cost	$ 128,940,668	$ 122,195,099
Accumulated Depreciation	(61,343,290)	(57,963,905)
Total property and equipment, net	67,597,378	64,231,194
Land
Property, Plant and Equipment [Line Items]
Cost	516,326
Accumulated Depreciation	0
Total property and equipment, net	516,326	516,326
Land improvements
Property, Plant and Equipment [Line Items]
Cost	2,406,915
Accumulated Depreciation	(872,249)
Total property and equipment, net	1,534,666	1,647,052
Buildings and improvements
Property, Plant and Equipment [Line Items]
Cost	22,443,026
Accumulated Depreciation	(10,477,266)
Total property and equipment, net	11,965,760	12,391,726
Machinery and equipment
Property, Plant and Equipment [Line Items]
Cost	88,543,029
Accumulated Depreciation	(48,618,957)
Total property and equipment, net	39,924,072	41,674,080
Railroad cars
Property, Plant and Equipment [Line Items]
Cost	5,852,292
Accumulated Depreciation	(235,793)
Total property and equipment, net	5,616,499	5,704,283
Company vehicles
Property, Plant and Equipment [Line Items]
Cost	151,682
Accumulated Depreciation	(104,589)
Total property and equipment, net	47,093	59,613
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Cost	1,387,880
Accumulated Depreciation	(1,034,436)
Total property and equipment, net	353,444	408,288
Construction in progress
Property, Plant and Equipment [Line Items]
Cost	7,639,518
Accumulated Depreciation	0
Total property and equipment, net	$ 7,639,518	$ 1,829,826

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Property and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,254,004	$ 1,234,580	$ 3,782,656	$ 3,665,676

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Note Payable - Seasonal Loan (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Line of credit facility, expiration date	Dec. 01, 2021
Advances outstanding	$ 18,000,000	$ 17,503,291
Seasonal Loan
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 70,000,000
Interest rate	2.29%
Commitment fee percentage	0.20%
Advances outstanding	$ 48,589,449	$ 0
Remaining available funds to borrow	$ 21,400,000

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Long-Term Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revolving term loan from CoBank, interest at variable rates (2.54% and 2.60% at September 30, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023.	$ 18,000,000	$ 17,503,291
Total debt before debt issuance costs	18,000,000	17,513,291
Less current maturities	(4,000,000)	0
Less debt issuance costs, net of amortization of $14,238 and $10,577 as of September 30, 2021 and December 31, 2020, respectively	(9,762)	(13,423)
Total long-term debt	13,990,238	17,499,868
Accumulated amortization	14,238	$ 10,577
Revolving Term Loan
Debt Instrument [Line Items]
Revolving term loan from CoBank, interest at variable rates (2.54% and 2.60% at September 30, 2021 and December 31, 2020, respectively), secured by substantially all property and equipment. Loan matures September 20, 2023.	$ 26,000,000
Interest variable rate	2.54%	2.60%
Paycheck Protection Program
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%	1.00%
Paycheck Protection Program | Notes Payable, Other Payables
Debt Instrument [Line Items]
Note payable to U.S. Small Business Authority, due in monthly principal and interest installments, interest rate at 1.00%, unsecured. Note matures July 20, 2022.	$ 0	$ 10,000

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Long-Term Debt (Details 1)	Sep. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021	$ 4,000,000
2022	14,000,000
Long-term Debt	$ 18,000,000

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Long-Term Debt (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Feb. 19, 2021	Dec. 31, 2020	Nov. 25, 2020
Line of Credit Facility [Line Items]
Advances outstanding	$ 18,000,000	$ 18,000,000			$ 17,503,291
Periodic payment, principal		$ 2,000,000
Periodic payment period		6 months
Annual commitment fee percentage on unused capacity		0.40%
Debt issuance cost		$ 0	$ 10,000
Revolving Term Loan
Line of Credit Facility [Line Items]
Advances outstanding	26,000,000	$ 26,000,000
Variable effective interest rate		2.54%
Maturity date		Sep. 20, 2023
Debt issuance cost	24,000
Remaining borrowing capacity	$ 0	$ 0
Paycheck Protection Program
Line of Credit Facility [Line Items]
Principal amount				$ 10,000		$ 1,205,700
Interest rate, stated percentage	1.00%	1.00%			1.00%
Paycheck Protection Program | Notes Payable, Other Payables
Line of Credit Facility [Line Items]
Principal amount	$ 1,215,700	$ 1,215,700

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Operating Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 19, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 765,469	$ 847,671	$ 2,309,436	$ 2,371,586
Operating lease, required monthly payments			3,779
Current operating lease liabilities	$ 2,039,455		$ 2,039,455		$ 5,846,456	$ 3,300,000
Operating lease renewal term						7 years
Railcars | Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	3 years		3 years
Railcars | Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	18 days		18 days
Machinery and equipment
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 168,239	$ 11,013	$ 226,843	$ 30,088
Machinery and equipment | Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	3 days		3 days
Machinery and equipment | Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	7 days		7 days

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Operating Leases - Schedule of Operating Leases (Details)	9 Months Ended
	Sep. 30, 2021 USD ($) railcar
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	538
Monthly Payment | $	$ 236,118
American Railcar Leasing, Maturity Date Jun 30, 2021
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	13
Monthly Payment | $	$ 7,150
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2023
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	10
Monthly Payment | $	$ 5,000
Andersons Railcar Leasing Co. Maturity Date Jun 30, 2026
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	20
Monthly Payment | $	$ 11,300
Farm Credit Leasing, Maturity Date Aug 31, 2032
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	87
Monthly Payment | $	$ 34,929
Farm Credit Leasing, Maturity Date May 31, 2033
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	8
Monthly Payment | $	$ 5,966
GATX Corporation, Maturity Date Jun 30, 2020
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	14
Monthly Payment | $	$ 4,200
Midwest Railcar Corporation, Maturity Date Dec 31, 2021
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	64
Monthly Payment | $	$ 27,200
Trinity Capital, Maturity Date Oct 31, 2023 With Monthly Payment $17255
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	29
Monthly Payment | $	$ 17,255
Trinity Capital, Maturity Date Oct 31, 2023 With Monthly Payment $11900
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	20
Monthly Payment | $	$ 11,900
Trinity Capital, Maturity Date May 31, 2026 With Monthly Payment $10440
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	24
Monthly Payment | $	$ 10,440
Wells Fargo Rail, Maturity Date July 31, 2022
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	112
Monthly Payment | $	$ 52,557
Wells Fargo Rail, Maturity Date Dec 31, 2022
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	107
Monthly Payment | $	$ 35,845
Wells Fargo Rail, Maturity Date Dec, 31, 2011 With Monthly Payment $2926
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	7
Monthly Payment | $	$ 2,926
Wells Fargo Rail, Maturity Date Dec 31, 2021 With Monthly Payment $5850
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	15
Monthly Payment | $	$ 5,850
Wells Fargo Rail, Maturity Date Dec 31, 2021 With Monthly Payment $3600
Lessee, Lease, Description [Line Items]
Quantity of Railcars | railcar	8
Monthly Payment | $	$ 3,600

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Operating Leases - Components of Operating Lease Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 935,729	$ 860,704	$ 2,536,279	$ 2,401,674
Cost of revenues - Freight and rail
Lessee, Lease, Description [Line Items]
Operating lease costs	765,469	847,671	2,309,436	2,371,586
Cost of revenues - Production
Lessee, Lease, Description [Line Items]
Operating lease costs	165,856	8,631	219,693	22,004
Administration expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 2,383	$ 2,382	$ 7,150	$ 8,084

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Operating Leases - Supplemental Cash Flow Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in measurement of lease liabilities	$ 689,988	$ 743,763	$ 5,485,025	$ 2,298,049
Right-of-use assets obtained in exchange for lease liabilities	$ 0	$ 5,337,749	$ 1,250,115	$ 8,823,499

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Operating Leases - Additional Lease Information (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease-term - operating leases (in years)	8 years
Weighted-average discount rate - operating leases	3.00%

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Operating Leases - Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Details)	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Twelve-month periods ended September 30, 2021	$ 2,661,940
Twelve-month periods ended September 30, 2022	1,677,329
Twelve-month periods ended September 30, 2023	1,146,131
Twelve-month periods ended September 30, 2024	1,006,101
Twelve-month periods ended September 30, 2025	920,717
Thereafter	4,980,445
Total lease payments	12,392,663
Less amount of lease payments representing interest	(1,277,654)
Total present value of lease payments	11,115,009
Railcars
Lessee, Lease, Description [Line Items]
Twelve-month periods ended September 30, 2021	2,383,878
Twelve-month periods ended September 30, 2022	1,401,974
Twelve-month periods ended September 30, 2023	887,534
Twelve-month periods ended September 30, 2024	763,379
Twelve-month periods ended September 30, 2025	683,799
Thereafter	2,957,231
Total lease payments	9,077,795
Less amount of lease payments representing interest	(1,269,761)
Total present value of lease payments	7,808,034
Other
Lessee, Lease, Description [Line Items]
Twelve-month periods ended September 30, 2021	278,062
Twelve-month periods ended September 30, 2022	275,355
Twelve-month periods ended September 30, 2023	258,597
Twelve-month periods ended September 30, 2024	242,722
Twelve-month periods ended September 30, 2025	236,918
Thereafter	2,023,214
Total lease payments	3,314,868
Less amount of lease payments representing interest	(7,893)
Total present value of lease payments	$ 3,306,975

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Member Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Feb. 02, 2021	Sep. 30, 2021
Member Distribution [Abstract]
Declaration date		Feb. 02, 2021
Cash distributions paid	$ 9.4
Distributions paid, per unit (USD per share)	$ 0.310
Distribution date		Feb. 04, 2021

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Derivative Instruments and Hedging Activities (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets (liabilities), at fair value, net	$ (10,409,778)		$ (10,409,778)		$ (13,523,064)
Gains (losses) recorded in cost of goods sold related to commodity derivative instruments	$ 14,650,361	$ (6,817,016)	$ 1,919,827	$ 34,076

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Derivative Instruments and Hedging Activities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Derivatives not designated as hedging instruments:
Asset Derivatives		$ 13,515,113	$ 28,417,680
Liability Derivatives		$ 23,924,891	41,940,744
Commodity contracts
Derivatives not designated as hedging instruments:
Balance Sheet Classification	Current Assets/Liabilities	Current Assets/Liabilities
Asset Derivatives		$ 13,222,084	28,365,908
Liability Derivatives		$ 23,410,734	41,196,628
Foreign exchange contracts
Derivatives not designated as hedging instruments:
Balance Sheet Classification	Current Assets/Liabilities	Current Assets/Liabilities
Asset Derivatives		$ 65,558	50,979
Liability Derivatives		$ 32,086	48,539
Interest rate caps and floors
Derivatives not designated as hedging instruments:
Balance Sheet Classification	Current Assets/Liabilities	Current Assets/Liabilities
Asset Derivatives		$ 227,471	793
Liability Derivatives		$ 482,071	$ 695,577

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Derivative Instruments and Hedging Activities (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives not designated as hedging instruments:
Net Gain (Loss) Recognized on Derivative Activities	$ 14,650,361	$ (6,817,016)	$ 1,919,827	$ 34,076
Commodity contracts
Derivatives not designated as hedging instruments:
Net Gain (Loss) Recognized on Derivative Activities	14,581,706	(6,632,699)	1,749,894	498,472
Foreign exchange contracts
Derivatives not designated as hedging instruments:
Net Gain (Loss) Recognized on Derivative Activities	5,892	(222,464)	35,013	(43,805)
Interest rate caps and floors
Derivatives not designated as hedging instruments:
Net Gain (Loss) Recognized on Derivative Activities	$ 62,763	$ 38,147	$ 134,920	$ (420,591)

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Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Inventory	$ 128,205,139	$ 69,127,700
Margin deposits (deficits)	14,631,549
Margin deposits	14,631,549	6,018,001
Commodity contracts
Financial assets:
Commodity derivative instruments	(10,409,778)	(13,523,064)
Fair Value, Inputs, Level 1
Financial assets:
Inventory	0	0
Margin deposits (deficits)	14,631,549
Margin deposits		6,018,001
Fair Value, Inputs, Level 1 | Commodity contracts
Financial assets:
Commodity derivative instruments	0	0
Fair Value, Inputs, Level 2
Financial assets:
Inventory	128,205,139	69,127,700
Margin deposits (deficits)	0
Margin deposits		0
Fair Value, Inputs, Level 2 | Commodity contracts
Financial assets:
Commodity derivative instruments	(10,409,778)	(13,523,064)
Fair Value, Inputs, Level 3
Financial assets:
Inventory	0	0
Margin deposits (deficits)	0
Margin deposits		0
Fair Value, Inputs, Level 3 | Commodity contracts
Financial assets:
Commodity derivative instruments	$ 0	$ 0

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Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Prairie AquaTech, LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 1,885,669	$ 282,877	$ 3,837,003	$ 342,136
Due from related parties	0		0		$ 339,967
Prairie Aqua Tech Manufacturing, LLC
Related Party Transaction [Line Items]
Due from related parties, cumulative, current	1,720,000		1,720,000
Management Services | Prairie Aqua Tech Manufacturing, LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 0	$ 0	$ 0	$ 121,111