10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
	For the quarterly period ended	April 30, 2014
	OR
o	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
	For the transition period from               to               .
	COMMISSION FILE NUMBER 000-51177

GOLDEN GRAIN ENERGY, LLC

(Exact name of registrant as specified in its charter)

Iowa	02-0575361
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1822 43rd Street SW, Mason City, Iowa 50401
(Address of principal executive offices)
(641) 423-8525
(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.

x Yes     o 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     o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer o	Accelerated Filer  o
Non-Accelerated Filer x	Smaller Reporting Company o

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

o Yes     x No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 

As of June 16, 2014, there were 18,963,000 Class A membership units outstanding and 920,000 Class B membership units outstanding.

1

INDEX

	Page Number
PART I	3
Item 1. Financial Statements	3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3. Quantitative and Qualitative Disclosures About Market Risk	22
Item 4. Controls and Procedures	23
PART II	23
Item 1. Legal Proceedings	23
Item 1A. Risk Factors	23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3. Defaults Upon Senior Securities	24
Item 4. Mine Safety Disclosures	24
Item 5. Other Information	24
Item 6. Exhibits	25
SIGNATURES	25

2

PART I    FINANCIAL INFORMATION

Item 1. Financial Statements

GOLDEN GRAIN ENERGY, LLC

Balance Sheets

ASSETS	April 30, 2014		October 31, 2013
	(Unaudited)
Current Assets
Cash and equivalents	$	26,005,887	$	—
Accounts receivable	2,266,575		4,297,920
Other receivables	830,010		596,166
Derivative instruments	1,701,079		675,631
Inventory	11,634,568		6,974,314
Prepaid expenses and other	1,504,715		1,507,370
Total current assets	43,942,834		14,051,401
Property and Equipment
Land and land improvements	11,666,479		11,666,479
Building and grounds	25,761,752		25,761,752
Grain handling equipment	13,519,305		13,457,627
Office equipment	320,345		320,345
Plant and process equipment	80,212,580		79,854,167
Construction in progress	1,183,472		1,270,164
	132,663,933		132,330,534
Less accumulated depreciation	70,642,192		66,216,333
Net property and equipment	62,021,741		66,114,201
Other Assets
Investments	31,991,313		28,059,657
Other assets	1,045,615		1,272,490
Total other assets	33,036,928		29,332,147
Total Assets	$	139,001,503	$	109,497,749

Notes to Financial Statements are an integral part of these Statements.

3

GOLDEN GRAIN ENERGY, LLC

Balance Sheets

LIABILITIES AND MEMBERS' EQUITY	April 30, 2014		October 31, 2013
	(Unaudited)
Current Liabilities
Outstanding checks in excess of bank balance	$	—	$	563,531
Current portion long-term debt	32,143		37,314
Accounts payable	7,522,382		6,138,295
Accrued expenses	1,318,951		1,140,979
Distribution payable	7,953,200		—
Deferred revenue	373,442		443,407
Total current liabilities	17,200,118		8,323,526
Long-term Liabilities
Deferred compensation	100,679		190,762
Long-term debt, net of current maturities	—		1,583,889
Deferred revenue, net of current portion	453,940		1,510,848
Total long-term liabilities	554,619		3,285,499
Commitments and Contingencies
Members' Equity (19,883,000 units issued and outstanding)	121,246,766		97,888,724
Total Liabilities and Members’ Equity	$	139,001,503	$	109,497,749

Notes to Financial Statements are an integral part of these Statements.

4

GOLDEN GRAIN ENERGY, LLC

Statements of Operations (Unaudited)

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	April 30, 2014			April 30, 2013			April 30, 2014			April 30, 2013
Revenues	$	79,555,311		$	93,880,209		$	152,542,836		$	179,288,371
Cost of Goods Sold	60,966,422			91,745,943			119,560,254			178,119,660
Gross Profit	18,588,889			2,134,266			32,982,582			1,168,711
Operating Expenses	987,521			548,657			1,772,263			1,320,040
Operating Income (Loss)	17,601,368			1,585,609			31,210,319			(151,329		)
Other Income (Expense)
Other income (expense)	363,388			39,735			452,277			39,735
Interest income (expense)	(46,701		)	(170,389		)	(109,986		)	(293,622		)
Equity in net income of investments	4,859,654			1,103,452			9,700,132			1,199,866
Total Other Income (Expense)	5,176,341			972,798			10,042,423			945,979
Net Income	$	22,777,709		$	2,558,407		$	41,252,742		$	794,650
Basic & diluted net income per unit	$	1.15		$	0.13		$	2.07		$	0.04
Weighted average units outstanding for the calculation of basic & diluted net income per unit	19,883,000			19,883,000			19,883,000			21,408,666
Distributions Per Unit	$	0.40		$	—		$	0.90		$	—

Notes to Financial Statements are an integral part of these Statements.

5

GOLDEN GRAIN ENERGY, LLC

Statements of Cash Flows (Unaudited)

	Six Months Ended			Six Months Ended
	April 30, 2014			April 30, 2013
Cash Flows from Operating Activities
Net income	$	41,252,742		$	794,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,837,479			4,744,894
Unrealized (gain) on risk management activities	(1,025,448		)	(1,870,725		)
Amortization of deferred revenue	(226,873		)	(226,518		)
Change in accretion of interest on grant receivable	(8,410		)	(59,923		)
Earnings in excess of distributions from investments	(3,821,656		)	(594,196		)
Deferred compensation expense	35,931			15,216
Change in assets and liabilities
Accounts receivable	2,031,345			(1,448,718		)
Inventory	(4,660,254		)	(3,228,190		)
Prepaid expenses and other	(238,491		)	(155,392		)
Accounts payable	934,087			(1,077,797		)
Accrued expenses	51,958			(34,867		)
Deferred compensation payable	—			(67,891		)
Net cash provided by (used in) operating activities	39,162,410			(3,209,457		)
Cash Flows from Investing Activities
Capital expenditures	(1,189,275		)	(2,648,750		)
Purchase of investments	(110,000		)	—
Net cash (used in) investing activities	(1,299,275		)	(2,648,750		)
Cash Flows from Financing Activities
Increase (decrease) in outstanding checks in excess of bank balance	(563,531		)	292,828
Proceeds from long-term debt	—			22,353,435
Payments for long-term debt	(1,589,060		)	(16,884		)
Payments for debt issuance costs	—			(22,500		)
Redemption of membership units	—			(17,000,000		)
Distributions to members	(9,941,500		)	—
Payment received on deferred contract	—			251,328
Payments received on grant receivable	236,843			—
Net cash (used in) provided by financing activities	(11,857,248		)	5,858,207
Net Increase in Cash and Equivalents	26,005,887			—
Cash and Equivalents – Beginning of Period	—			—
Cash and Equivalents – End of Period	$	26,005,887		$	—
Supplemental Cash Flow Information
Cash paid for interest	$	123,837		$	236,549
Supplemental Disclosure of Noncash Operating, Investing & Financing Activities
Accounts Payable related to construction in process	$	—		$	497,895
Deferred Revenue reclassified as a reduction in fixed assets	450,000			—
Distributions Declared and unpaid	7,953,200			—

Notes to Financial Statements are an integral part of these Statements.

6

GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and notes disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended October 31, 2013, contained in the Company's annual report on Form 10-K for 2013.

In the opinion of management, the interim condensed financial statements reflect all adjustments considered necessary for fair presentation. The adjustments made to these statements consist only of normal recurring adjustments.

Nature of Business

Golden Grain Energy, LLC (Golden Grain Energy) is approximately a 110 million gallon annual production ethanol plant near Mason City, Iowa. The Company sells its production of ethanol, distiller grains with solubles and corn oil primarily in the continental United States. The Company also holds several investments in various companies that focus on ethanol production, marketing and/or logistics.

Organization

Golden Grain Energy is organized as an Iowa limited liability company.  The members' liability is limited as specified in Golden Grain Energy's operating agreement and pursuant to the Iowa Revised Uniform Limited Liability Company Act. 

Accounting Estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles.  Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

Cash and Equivalents

The Company's cash balances are maintained in bank depositories and periodically exceed federally insured limits during the period. The Company has not experienced any losses in connection with these balances.

Receivables

Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at original invoice amount with no allowance for doubtful accounts due to the historical collection rates on these accounts.

Investments

The Company has less than a 20% investment interest in four companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value.

The fiscal years of Renewable Products Marketing Group, LLC (RPMG) and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC and Homeland Energy Solutions, LLC end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's income statement for the quarter ended April 30, 2014 for all companies is based on the investee's results for the three and six month periods ended March 31, 2014.

Revenue and Cost Recognition

Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers.  This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned.

Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the

7

GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold.

Inventory

Inventories are generally valued at the lower of weighted average cost or market.  In the valuation of inventories and purchase commitments, market is based on current replacement values except that it does not exceed net realizable values and is not less than net realizable values reduced by allowances for approximate normal profit margin.

Property & Equipment

Property and equipment are stated at costs. Significant additions and betterments are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 5 and 40 years.

The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Investment in commodities contracts, derivative instruments and hedging activities

The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business.

The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. The Company occasionally also enters into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments.

Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker.

Deferred Compensation

The Company has a deferred compensation plan for certain employees equal to 1% of net income. One-third of the amount is paid in cash immediately and the other two-thirds has a vesting schedule of the lesser of five years from the grant date or seven years of continuous employment with the Company. The amount to be recognized in future years as compensation expense is estimated based on the greater of fair market value or book value of the Company's membership units as of April 30, 2014. Fair value is determined by recent trading activity of the Company's membership units.

Net income per unit

Basic and diluted earnings per unit are computed using the weighted-average number of Class A and B units outstanding during the period.

Fair Value

Financial instruments include cash and equivalents, receivables, accounts payable, accrued expenses, long-term debt and derivative instruments. The fair value of derivative financial instruments is based on quoted market prices. The fair value of the long-term debt is estimated based on level 3 inputs based on the current anticipated interest rate which management believes would currently

8

GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. The fair value of other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments.

Risks and Uncertainties

The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three and six months ended April 30, 2014, ethanol sales accounted for approximately 83% and 81% of total revenue, respectively, distiller grains sales accounted for approximately15% and17% of total revenue, respectively, and corn oil sales accounted for approximately 2% of total revenue while corn costs averaged approximately 71% and 76% of cost of goods sold, respectively.

The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities.

2.    INVENTORY

Inventory consisted of the following as of April 30, 2014 and October 31, 2013:

	April 30, 2014		October 31, 2013
Raw Materials	$	6,058,013	$	4,341,444
Work in Process	1,716,387		1,550,697
Finished Goods	3,860,168		1,082,173
Totals	$	11,634,568	$	6,974,314

3.    BANK FINANCING

The Company has entered into a master loan agreement with Farm Credit Services of America (FLCA) which includes a revolving term loan with original maximum borrowings of $30,000,000 and $5,000,000 which mature on February 1, 2019 and February 1, 2020, respectively. Interest on the term loan is payable monthly at 3.15% above the one-month LIBOR (3.31% as of April 30, 2014). The borrowings are secured by substantially all the assets of the Company. On December 26, 2012, the Company executed an amended credit agreement that increased the total loan availability from $22.5 million to $35 million. The revolving term loan maximum borrowings are reduced by $2,500,000 on a semi-annual basis starting in August 2013.

In addition, the Company is subject to certain financial covenants including but not limited to minimum working capital and net worth requirements and limitations on distributions. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of the outstanding principal balances on the loans and/or imposition of fees or penalties. As of April 30, 2014, the Company had no outstanding borrowings and $30 million additional available to borrow under the credit agreement. As of October 31, 2013, the Company had approximately $1.6 million outstanding.

The Company has other notes payable of approximately $32,000 and $50,000 outstanding as of April 30, 2014 and October 31, 2013, respectively.

4.    RELATED PARTY TRANSACTIONS

The Company purchased corn and materials from members of its Board of Directors or Risk Management Committee that own or manage elevators. Purchases during the three months and six months ended April 30, 2014 totaled approximately $20,412,000

9

GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

and $37,389,000, respectively. Purchases during the three months and six months ended April 30, 2013 totaled approximately $18,776,000 and $38,093,000, respectively. As of April 30, 2014 the amount we owed to related parties was approximately $511,000.

The Company entered into an agreement with Homeland Energy Solutions, LLC in December 2008. Pursuant to the agreement, the companies agreed to share the compensation costs associated with each position covered by the agreement partially in an effort to reduce the costs of administrative overhead. The Company recorded a reduction in expenses related to these shared costs during the three months and six months ended April 30, 2014 of approximately $57,000 and $118,000, respectively and for the same periods of 2013 of $34,000 and $100,000, respectively. On May 16, 2014, the Company terminated the management services agreement with Homeland Energy Solutions, LLC.

5.    COMMITMENTS, CONTINGENCIES AND AGREEMENTS

Ethanol, Distiller Grains and Corn Oil marketing agreements and major customers

The Company has entered into marketing agreements with a marketing company, in which the Company has an investment, for the exclusive rights to market, sell and distribute the entire ethanol, distiller grains and corn oil inventory produced by the Company. The marketing fees are presented net in revenues.

Approximate sales and marketing fees related to the agreements in place are as follows:

	Three Months Ended April 30,				Six Months Ended April 30,
	2014		2013		2014		2013
Sales ethanol, distiller grains & corn oil	$	79,658,000	$	94,910,000	$	156,363,000	$	180,620,000
Marketing fees	104,000		150,000		205,000		296,000
As of	April 30, 2014		October 31, 2013
Amount due from marketer	$	2,255,000	$	4,276,000

6.    RISK MANAGEMENT

The Company's activities expose it to a variety of market risks, including the effects of changes in commodity prices. These financial exposures are monitored and managed by the Company as an integral part of its overall risk-management program. The Company's risk management program focuses on the unpredictability of financial and commodities markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results.

To reduce price risk caused by market fluctuations, the Company generally follows a policy of using exchange traded futures contracts to reduce its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts and uses exchange traded futures contracts to reduce price risk. Exchange-traded futures contracts are valued at market price. Changes in market price of contracts related to corn and natural gas are recorded in cost of goods sold and changes in market prices of contracts related to sale of ethanol are recorded in revenues.

Unrealized gains and losses on forward contracts are deemed "normal purchases" under derivative accounting guidelines and, therefore, are not marked to market in the Company's financial statements. The following table represents the approximate amount of realized and unrealized gains (losses) and changes in fair value recognized in earnings on commodity contracts for periods ended April 30, 2014 and 2013 and the fair value of derivatives as of April 30, 2014 and October 31, 2013:

10

GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

	Income Statement Classification	Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Total Gain (Loss)
Derivatives not designated as hedging instruments:
Commodity Contracts for the	Revenue	$	—		$	1,000		$	1,000
three months ended April 30, 2014	Cost of Goods Sold	(617,000		)	(1,519,000		)	(2,136,000		)
	Total	$	(617,000	)	$	(1,518,000	)	$	(2,135,000	)
Commodity Contracts for the	Revenue	$	(596,000	)	$	(284,000	)	$	(880,000	)
three months ended April 30, 2013	Cost of Goods Sold	(1,248,000		)	(857,000		)	(2,105,000		)
	Total	$	(1,844,000	)	$	(1,141,000	)	$	(2,985,000	)
Commodity Contracts for the	Revenue	$	(2,299,000	)	$	(1,316,000	)	$	(3,615,000	)
six months ended April 30, 2014	Cost of Goods Sold	(2,655,000		)	1,073,000			(1,582,000		)
	Total	$	(4,954,000	)	$	(243,000	)	$	(5,197,000	)
Commodity Contracts for the	Revenue	$	(462,000	)	$	(574,000	)	$	(1,036,000	)
six months ended April 30, 2013	Cost of Goods Sold	(393,000		)	(828,000		)	(1,221,000		)
	Total	$	(855,000	)	$	(1,402,000	)	$	(2,257,000	)

	Balance Sheet Classification	April 30, 2014			October 31, 2013
Futures and option contracts through December 2014
In gain position		$	5,000		$	3,775,000
In loss position		(611,000		)	(4,131,000		)
Cash held by (due to) broker		2,307,000			1,032,000
	Current Asset	$	1,701,000		$	676,000

As of April 30, 2014, the Company had the following approximate outstanding purchase and sale commitments, of which approximately $15,534,000 of the purchase commitments were with related parties.

	Commitments Through	Amount
Distiller Grains - fixed price	July 2014	$	8,498,000
Corn - fixed price	March 2015	14,751,000
Corn - basis contract	October 2014	33,307,000

As of April 30, 2014, the Company has fixed price futures and forward contracts in place for approximately 18% of our anticipated corn needs, 0% of our natural gas needs and 0% of our ethanol sales for the next 12 months with no open positions beyond that period.

7.    FAIR VALUE MEASUREMENTS

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

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GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3: Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Derivative financial instruments: Commodity futures and exchange-traded commodity options contracts are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from markets such as the CME and NYMEX.  Crush swaps are bundled contracts or combined contracts that include a portion of corn, ethanol and natural gas rolled into a single trading instrument. These contracts are reported at fair value utilizing Level 2 inputs and are based on the various trading activity of the components of each segment of the bundled contract.

The following table summarizes financial assets and financial liabilities measured at the approximate fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Total			Level 1			Level 2			Level 3
Derivative financial instruments
April 30, 2014
Assets	$	5,000		$	—		$	5,000		$	—
Liabilities	(611,000		)	(611,000		)	—			—
October 31, 2013
Assets	$	3,775,000		$	2,414,000		$	1,361,000		$	—
Liabilities	(4,131,000		)	(1,861,000		)	(2,270,000		)	—

8. INVESTMENTS

Condensed, combined unaudited financial information of the Company’s investment in Absolute Energy, Homeland Energy Solutions, Guardian Energy and RPMG is as follows (in 000’s)

Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	489,837	$	241,993
Other Assets	278,098		288,159
Current Liabilities	350,769		164,813
Long-term Debt	40,435		32,597
Members’ Equity	376,730		332,744
	Three Months Ended April 30,				Six Months Ended April 30,
Income Statement	2014		2013		2014		2013
Revenue	$	246,580	$	225,713	$	510,150	$	489,447
Gross Profit	57,491		14,535		116,726		21,945
Net Income	53,573		9,743		106,961		12,572

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GOLDEN GRAIN ENERGY, LLC

Notes to Unaudited Financial Statements

April 30, 2014

The following table shows the condensed financial information of Guardian Energy, which represents greater than 10% of the net income for the three months ended April 30, 2014 (in 000's).

Guardian Energy Condensed Financial Information
Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	54,851	$	42,981
Other Assets	61,300		65,556
Current Liabilities	16,421		18,958
Long-term Debt	20,461		24,080
Members’ Equity	79,269		65,499

The Company recorded equity in net income of approximately (in 000's):

	Three Months Ended April 30,				Six Months Ended April 30,
Equity in Net Income	2014		2013		2014		2013
Absolute Energy	$	1,144	$	219	$	2,538	$	311
Guardian Energy	2,360		484		4,657		452
Homeland Energy Solutions	1,158		123		2,158		154
Other	198		277		347		283
Total	$	4,860	$	1,103	$	9,700	$	1,200

Income from investments for the three months and six months ended April 30, 2014 totaled approximately $4,860,000 and $9,700,000, respectively. Income for the three and six months ended April 30, 2013 totaled approximately $1,103,000 and $1,200,000, respectively.

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

Forward Looking Statements

This report contains forward-looking statements that involve future events, our future performance and our expected future operations and actions.  In some cases you can identify forward-looking statements by the use of words such as "may," "will," "should," "anticipate," "believe," "expect," "plan," "future," "intend," "could," "estimate," "predict," "hope," "potential," "continue," or the negative of these terms or other similar expressions.  These forward-looking statements are only our predictions and involve numerous assumptions, risks and uncertainties, including, but not limited to those listed below and those business risks and factors described elsewhere in this report and our other Securities and Exchange Commission filings. 

• Changes in the availability and price of corn and natural gas;

• The effect a reduction or elimination of the Federal Renewable Fuels Standard would have on the market for our ethanol;

• Our ability to transport our finished goods in order to continue to operate our ethanol plant at capacity;

• Our ability to profitably operate the ethanol plant, including the sale of distiller grains and corn oil, and maintain a positive spread between the selling price of our products and our raw material costs;

• The ability of the ethanol industry to generate additional demand through higher level blends of ethanol, including E15 and E85;

• The effect our hedging activities have on our financial performance and cash flows;

• Ethanol, distiller grains and corn oil supply exceeding demand and corresponding price reductions;

• Our ability to generate free cash flow to invest in our business, service our debt and satisfy the financial covenants contained in our credit agreement with our lender;

• Changes in our business strategy, capital improvements or development plans;

• Changes in plant production capacity or technical difficulties in operating the plant;

• Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agriculture, oil or automobile industries;

• Changes and advances in ethanol production technology;

• Changes in interest rates or the lack of credit availability; and

• Our ability to retain key employees and maintain labor relations.

Our actual results or actions could and likely will differ materially from those anticipated in the forward-looking statements for many reasons, including the reasons described in this report.  We are not under any duty to update the forward-looking statements contained in this report.  We cannot guarantee future results, levels of activity, performance or achievements.  We caution you not to put undue reliance on any forward-looking statements, which speak only as of the date of this report.  You should read this report and the documents that we reference in this report and have filed as exhibits, completely and with the understanding that our actual future results may be materially different from what we currently expect.  We qualify all of our forward-looking statements with these cautionary statements. Unless otherwise stated, references in this report to particular years or quarters refer to our fiscal years ended in October and the associated quarters of those fiscal years.

Overview

Golden Grain Energy, LLC was formed as an Iowa limited liability company on March 18, 2002, for the purpose of constructing, owning and operating a fuel-grade ethanol plant near Mason City in north central Iowa. Since December 2004, we have been engaged in the production of ethanol and distiller grains at the plant and have produced corn oil since February 2009. References to "we," "us," "our" and the "Company" refer to Golden Grain Energy, LLC. We have capacity to produce approximately 110 million gallons of ethanol per year.

Our revenue is derived primarily from the sale and distribution of our ethanol, distiller grains and corn oil. We market our products through Renewable Products Marketing Group, Inc. ("RPMG"), a professional third party marketer. We are an equity owner of RPMG, LLC, the parent company of RPMG, which allows us to realize favorable marketing fees in the sale of our ethanol, distiller grains and corn oil.

On December 3, 2013, our board of directors declared a distribution of $0.50 per membership unit for members of record as of December 3, 2013. The total amount of the distribution was $9,941,500 which was paid in January 2014. On April 21, 2014, our board of directors declared a distribution of $0.40 per membership unit for members of record as of April 21, 2014. The total amount of the distribution was $7,953,200 which was paid in May 2014.

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The ethanol industry is dependent on several incentives to produce ethanol, the most significant of which is the Federal Renewable Fuels Standard (the "RFS"). The RFS requires that in each year, a certain amount of renewable fuels must be used in the United States. The RFS is a national program that does not require that any renewable fuels be used in any particular area or state, allowing refiners to use renewable fuel blends in those areas where it is most cost-effective. Subject to the EPA's ability to reduce the RFS limits, which authority it appears the EPA will use this year as discussed below, the RFS requirement increases incrementally each year until the United States is required to use 36 billion gallons of renewable fuels by 2022.

The RFS for 2013 was approximately 16.55 billion gallons, of which corn based ethanol could be used to satisfy approximately 13.8 billion gallons. The statutory volume requirement of the RFS for 2014 is approximately 18.15 billion gallons, of which corn based ethanol can be used to satisfy approximately 14.4 billion gallons. Recently, there have been proposals in Congress to reduce or eliminate the RFS. In addition, on November 15, 2013, the EPA announced a proposal to significantly reduce the RFS levels for 2014 from the statutory volume requirement of 18.15 billion gallons to 15.21 billion gallons and reduce the renewable volume obligations (RVO) that can be satisfied by corn based ethanol from 14.4 billion gallons to 13 billion gallons. This proposal would also result in a lowering of the 2014 numbers below the 2013 level of 13.8 billion gallons. The EPA proposal was subject to a 60-day public comment period which expired on January 28, 2014. According to the RFS, the EPA only has authority to waive the requirements of the RFS, in whole or in part, provided one of two conditions are met. The conditions are: (1) there is inadequate domestic renewable fuel supply; or (2) implementation of the requirement would severely harm the economy or environment of a state, region or the United States. Many in the ethanol industry believe that neither of these two conditions have been met and therefore any complete or partial waiver of the RFS would be illegal. The EPA is also seeking comment on several petitions it has received for partial waiver of the statutory volumes for 2014. If the EPA's proposal becomes a final rule significantly reducing the RFS or if the RFS were to be otherwise reduced or eliminated by the exercise of the EPA waiver authority or by Congress, the market price and demand for ethanol will likely decrease which will negatively impact our financial performance. Current ethanol production capacity exceeds the EPA's proposed 2014 RVO which can be satisfied by corn based ethanol by approximately 1.8 billion gallons.

The ethanol industry has recently been experiencing difficulty transporting the ethanol which is produced. This difficulty has impacted our operations. Ethanol is typically transported by rail. However, rail shipments recently have been slowed by a number or factors. At times during our 2014 fiscal year, we have been required to reduce production or cease production altogether when we have run out of ethanol storage capacity. Further, our ethanol inventory has increased due to the difficulty we have experienced shipping our ethanol which has negatively impacted our financial performance. The slower rail shipments have been due to a combination of factors including increased shipments of corn, coal and oil by rail, decreased shipment capacity by the railroads due to fewer railcars and railroad crews, and poor weather conditions which have slowed rail travel and loading times. Management anticipates that these slower railcar shipments will continue for some period of time until the rail transportation capacity in the United States increases. While many ethanol producers are impacted by these railroad shipment challenges, ethanol produced abroad may benefit due to higher domestic ethanol prices which could negatively impact demand for domestic supplies of ethanol. Despite the higher domestic prices, we have seen an increase in ethanol exports which has provided support for domestic ethanol prices.

Effective as of May 16, 2014, we terminated the Management Services Agreement with Homeland Energy Solutions, LLC. At the time of the termination, the only management position that was shared between us and Homeland Energy Solutions was the Chief Executive Officer position.

Effective as of May 16, 2014, Walter Wendland submitted his resignation as our President and Chief Executive Officer. Christine Marchand was appointed by our board of directors to serve as the interim Chief Executive Officer. Ms. Marchand currently serves as our Chief Financial Officer.

Results of Operations

Comparison of the Three Months Ended April 30, 2014 and 2013

The following table shows the results of our operations and the percentage of revenues, cost of goods sold, operating expenses and other items to total revenues in our statement of operations for the three months ended April 30, 2014 and 2013:

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	2014			2013
Income Statement Data	Amount		%	Amount		%
Revenue	$	79,555,311	100.0	$	93,880,209	100.0
Cost of Goods Sold	60,966,422		76.6	91,745,943		97.7
Gross Profit	18,588,889		23.4	2,134,266		2.3
Operating Expenses	987,521		1.2	548,657		0.6
Operating Income	17,601,368		22.1	1,585,609		1.7
Other Income	5,176,341		6.5	972,798		1.0
Net Income	$	22,777,709	28.6	$	2,558,407	2.7

Revenues. Our total revenue was lower for our second quarter of 2014 compared to the same period of 2013, primarily due to decreased ethanol and distiller grains revenue. For our second quarter of 2014, ethanol sales accounted for approximately 83% of our total revenue, distiller grains sales accounted for approximately 15% of our total revenue, and corn oil sales accounted for approximately 2% of our total revenue. For our second quarter of 2013, ethanol sales accounted for approximately 76% of our total revenue, distiller grains sales accounted for approximately 21% of our total revenue, and corn oil sales accounted for approximately 3% of our total revenue.

The average price per gallon we received for our ethanol was approximately 4% higher for our second quarter of 2014 compared to the same period of 2013. Management attributes this increase in ethanol prices with recent ethanol supply constraints due to a shortage of locomotives and railcars and difficulty moving railcars. Increased oil production in North Dakota has increased demand for locamotives and railcars capable of carrying ethanol. This shortage of railcars has made it more difficult to secure railcars to ship our ethanol to the markets that need ethanol. Further, due to the unusually long winter and the severe weather that has been experienced in many parts of the United States, rail shipments have been slowed which has impacted ethanol supplies. Management believes that these supply constraints have led to higher ethanol prices, especially in the spot market, as gasoline blenders seek to meet ethanol demands. While these shipping constraints have eased as the weather improves, management anticipates that they will return in the future as we continue to experience a shortage of rail infrastructure to serve current demand.

In May 2013, Brazil increased the percentage of ethanol that is required to be used in its domestic fuel market which decreased the amount of ethanol that was available for export to the U.S. Recently, proposals in Brazil have been introduced to further increase the amount of ethanol that is required to be used in Brazil. These increases in Brazilian ethanol demand could positively impact ethanol prices in the United States. In November 2013, the EPA released its proposed RVO for corn-based ethanol which decreased the corn based ethanol use requirement from the statutory level of 14.4 billion to 13 billion gallons. While this proposed RVO has not yet been adopted by the EPA, if the ethanol use requirement in the RFS is reduced, it may negatively impact demand for ethanol which may negatively impact prices. Management anticipates that ethanol prices will be lower during our 2014 fiscal year as a result of this potential decrease in ethanol demand along with a decrease in market corn prices which typically results in lower ethanol prices. Management anticipates that operating margins will remain positive during our 2014 fiscal year due to the lower corn prices. However, if ethanol prices continue to decline, especially if corn prices increase, we could experience unfavorable operating margins.

We produced approximately 11% less gallons and sold approximately 13% less gallons of ethanol during our second quarter of 2014, compared to the same period of 2013. Due to the unreliability of the rail transportation system, we were forced to slow down production at times during our second quarter of 2014. Management attributes this discrepancy between the gallons of ethanol we sold and the number of gallons produced with difficulty we experienced shipping our ethanol. We experienced an increase in ethanol inventory during our second quarter of 2014 compared to the same period of 2013 as a result of these logistics difficulties. Management anticipates that we may be forced to continue to slow production at times as a result of these logistics issues which may impact our ethanol production. Management anticipates that these logistics issues will continue through the rest of our 2014 fiscal year and therefore, management anticipates that ethanol production will be less during our 2014 fiscal year compared to our 2013 fiscal year.

During our second quarter of 2014, we experienced combined realized and unrealized gains on our ethanol derivatives of approximately $1,000 which increased our revenue. By comparison, we experienced combined realized and unrealized loss on our ethanol derivative instruments of $880,000 during our three months ended April 30, 2013 which decreased our revenue.

The average price per ton we received for our dried distillers grains was approximately 25% less for our second quarter of 2014 compared to the same period of 2013. In addition, the average price per ton we received for our modified/wet distillers grains was approximately 54% less for our second quarter of 2014 compared to the same period of 2013. Management attributes these price decreases with lower market corn prices and higher corn supplies after the 2013 harvest. Distiller grains typically trade

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at a percentage compared to the price of corn. During our 2014 fiscal year, the percentage between the price of distiller grains and corn was larger and in most cases distiller grains were trading at a premium compared to corn. Our distiller grains production was approximately 18% less during our second quarter of 2014 compared to the same period of 2013 due primarily to a decrease in ethanol production and a slight improvement in our conversion rate of corn into ethanol. As we extract more ethanol from a bushel of corn, it results in less total tons of distiller grains produced. Management anticipates that distiller grains production will be lower during the remaining quarters of our 2014 fiscal year compared to our 2013 fiscal year due to lower rates of ethanol production.

We sold approximately 27% less pounds of corn oil during our second quarter of 2014 compared to the same period of 2013. In addition to the decrease in ethanol production, the corn harvested in the fall of 2013 contains less corn oil than last year's corn crop which has impacted the amount of corn oil we can produce per bushel of corn. We also experienced maintenance issues with our corn oil extraction equipment during our second quarter of 2014. Management anticipates that corn oil production will be at a comparable rate per bushel during the remaining quarters of our 2014 fiscal year to our first two fiscal quarters of 2014. The average price per pound we received for our corn oil was approximately 16% less for our second quarter of 2014 compared to the same period of 2013. Management attributes this decline in corn oil prices with increased corn oil supply which has not been met by corresponding increases in corn oil demand. Management anticipates continued lower corn oil prices due to higher corn oil supplies and relatively lower corn oil demand. Particularly, demand for corn oil from the biodiesel industry has not grown as much as many in the industry anticipated which has negatively impacted corn oil prices. A bill was recently introduced which would reinstate a tax incentive relied upon by the biodiesel industry which may increase demand for corn oil. However, the new legislation may not be adopted.

Cost of Goods Sold. Our cost of goods sold was lower for our second quarter of 2014 compared to the same period of 2013 due primarily to lower corn costs offset by higher natural gas costs. Our average cost per bushel of corn was approximately 34% lower during our second quarter of 2014 compared to the same period of 2013. This decrease in our cost per bushel of corn was primarily related to decreased market corn prices. The amount of corn harvested in the fall of 2013 was higher than in recent years. Management anticipates that corn prices will continue to be lower during our 2014 fiscal year compared to our 2013 fiscal year due to increased corn availability and potentially lower corn demand due to the proposed decrease in the ethanol use requirements of the RFS. Despite the fact that local corn production was adversely affected by extreme wet weather in the spring of 2013 causing many local acres to not get planted, management anticipates that corn prices will be lower during our 2014 fiscal year compared to our 2013 fiscal year due to increased corn availability nationally.  Management anticipates that the local corn basis will be stronger than historical basis levels compared to other areas of the country due to the lack of local production in the area.  With the large national crop, corn demand estimates for our 2014 fiscal year are much higher than our 2013 fiscal year which could also support corn basis levels and could make corn somewhat difficult to originate for plant operations.

We consumed approximately 12% less corn during our second quarter of 2014 compared to the same period of 2013 due to decreased production at the ethanol plant. By contrast, we were able to improve our corn conversion rate slightly during our second quarter of 2014 compared to the same period of 2013 which allowed us to produce slightly more of our products per bushel of corn. Management anticipates consistent corn consumption during the rest of our 2014 fiscal year compared to our 2013 fiscal year provided that we can maintain positive operating margins that allow us to continue to operate the ethanol plant at capacity and the turnover of railcars is adequate.

Our natural gas costs increased by approximately 105% during our second quarter of 2014 compared to the same period of 2013. The average price we paid per MMBtu of natural gas was approximately 133% greater during our second quarter of 2014 compared to the same period of 2013. Management attributes this increase in natural gas prices with higher commodity prices. In addition, natural gas prices increased significantly during the winter months when the Canadian natural gas industry had an explosion and the colder than normal temperatures during the winter months which led to significant volatility during our second quarter of 2014. Management anticipates that natural gas will return to a more historic price range during the remaining quarters of our 2014 fiscal year as compared to 2013 as long as the summer is not unseasonably warm. Our natural gas consumption during our second quarter of 2014 was approximately 12% lower compared to the same period of 2013. Management attributes this decrease in our natural gas consumption with decreased production and improved production efficiency at the plant.

We experienced approximately $2,136,000 of combined realized and unrealized losses for our second quarter of 2014 related to our corn and natural gas derivative instruments which increased our cost of goods sold. By comparison, we experienced approximately $2,105,000 of combined realized and unrealized losses for the same period of 2013 related to our corn and natural gas derivative instruments which increased our cost of goods sold. We recognize the gains or losses that result from the changes in the value of our derivative instruments from corn and natural gas in cost of goods sold as the changes occur.  As corn and natural gas prices fluctuate, the value of our derivative instruments is impacted, which affects our financial performance.

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Operating Expenses. Our operating expenses were higher during our second quarter of 2014 compared to the same period of 2013 primary due to increases in the accrued bonuses and dues and subscriptions. Management anticipates that our operating expenses will be higher during the remaining quarters of our 2014 fiscal year compared to our 2013 fiscal year due to an increase in administrative wages for bonuses.

Other Income (Expense). Other income was greater for our second quarter of 2014 compared to the same period of 2013 due to an increase in our portion of the net income generated by our investments. Our investments are in other companies involved in the ethanol industry which experienced favorable operating margins during our second quarter of 2014. We had less interest expense during our second quarter of 2014 compared to the same period of 2013 due to less outstanding borrowing on our revolving loan.

Comparison of the Six Months Ended April 30, 2014 and 2013

The following table shows the results of our operations and the percentage of revenues, cost of goods sold, operating expenses and other items to total revenues in our statement of operations for the six months ended April 30, 2014 and 2013:

	2014			2013
Income Statement Data	Amount		%	Amount			%
Revenue	$	152,542,836	100.0	$	179,288,371		100.0
Cost of Goods Sold	119,560,254		78.4	178,119,660			99.3
Gross Profit	32,982,582		21.6	1,168,711			0.7
Operating Expenses	1,772,263		1.2	1,320,040			0.7
Operating Income (Loss)	31,210,319		20.5	(151,329		)	(0.1	)
Other Income	10,042,423		6.6	945,979			0.5
Net Income	$	41,252,742	27.0	$	794,650		0.4

Revenues. Our total revenue was lower for our six months ended April 30, 2014 compared to the same period of 2013, primarily due to decreased ethanol and distiller grains revenue. For our six months ended April 30, 2014, ethanol sales accounted for approximately 81% of our total revenue, distiller grains sales accounted for approximately 17% of our total revenue, and corn oil sales accounted for approximately 2% of our total revenue. For our six months ended April 30, 2013, ethanol sales accounted for approximately 74% of our total revenue, distiller grains sales accounted for approximately 23% of our total revenue, and corn oil sales accounted for approximately 3% of our total revenue.

The average price per gallon we received for our ethanol was approximately the same for our six months ended April 30, 2014 compared to the same period of 2013. Ethanol prices saw little change during the six months periods despite the fact that the industry was producing more gallons during the first six months of 2014 as compared to the same period of 2013. Management thinks that prices did not fall during 2014 with the increases in supply because of the poor rail performance and an increase in ethanol exports.

We produced approximately 4% less gallons of ethanol during the six months ended April 30, 2014, compared to the same period of 2013. We sold approximately 6% less gallons of ethanol in the six months ended April 30, 2014, compared to the same period of 2013. Management attributes this discrepancy between the gallons of ethanol we sold and the number of gallons produced with difficulty we experienced shipping our ethanol. We experienced an increase in ethanol inventory during our six months ended April 30, 2014 compared to the same period of 2013 as a result of these logistics difficulties.

During our six months ended April 30, 2014, we experienced combined realized and unrealized losses on our ethanol derivatives of approximately $3,615,000 which decreased our revenue. By comparison, we experienced combined realized and unrealized loss on our ethanol derivative instruments of approximately $1,036,000 during our six months ended April 30, 2013 which decreased our revenue.

The average price per ton we received for our dried distillers grains was approximately 27% less for our six months ended April 30, 2014 compared to the same period of 2013. In addition, the average price per ton we received for our modified/wet distillers grains was approximately 42% less for our six months ended April 30, 2014 compared to the same period of 2013. Management attributes these price decreases with lower corn prices and higher corn supplies after the 2013 harvest. Distillers grains typically trade at a discount compared to the price of corn. During our 2014 fiscal year, the price of distiller grains has actually traded at a premium to corn. Our distiller grains production was approximately 12% less during our six months ended

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April 30, 2014 compared to the same period of 2013 due to the reduction in ethanol production as a result of the logistic issues we experienced during our 2014 fiscal year.

We sold approximately 15% less pounds of corn oil during our six months ended April 30, 2014 compared to the same period of 2013. In addition to the the logistic difficulties which have caused us to reduce production, the corn harvested in the fall of 2013 contains less corn oil than last year's corn crop which has impacted the amount of corn oil we can produce per bushel of corn. The average price per pound we received for our corn oil was approximately 10% less for our six months ended April 30, 2014 compared to the same period of 2013. Management attributes this decline in corn oil prices with increased corn oil supply which has not been met by corresponding increases in corn oil demand.

Cost of Goods Sold. Our cost of goods sold was lower for our six months ended April 30, 2014 compared to the same period of 2013 due primarily to lower corn costs offset by higher natural gas costs. Our average cost per bushel of corn was approximately 37% lower during our six months ended April 30, 2014 compared to the same period of 2013. This decrease in our cost per bushel of corn was primarily related to decreased market corn prices. The amount of corn harvested in the fall of 2013 was higher than in recent years. Management anticipates that corn prices will continue to be lower during our 2014 fiscal year compared to our 2013 fiscal year due to increased corn availability nationwide and potentially lower corn demand due to the proposed decrease in the ethanol use requirements of the RFS.

We consumed approximately 4% less corn during our six months ended April 30, 2014 compared to the same period of 2013 due to decreased production at the ethanol plant. Management anticipates consistent corn consumption during the rest of our 2014 fiscal year compared to our 2013 fiscal year provided that we can maintain positive operating margins that allow us to continue to operate the ethanol plant at capacity and the turnover of railcars is adequate.

Our natural gas costs increased by approximately 67% during our six months ended April 30, 2014 compared to the same period of 2013. The average price we paid per MMBtu of natural gas was approximately 76% greater during our six months ended April 30, 2014 compared to the same period of 2013. Our natural gas consumption during our second quarter of 2014 was approximately 5% lower compared to our six months ended April 30, 2013. Management attributes this decrease in our natural gas consumption with decreased production.

We experienced approximately $1,582,000 of combined realized and unrealized loss for our six months ended April 30, 2014 related to our corn and natural gas derivative instruments which increased our cost of goods sold. By comparison, we experienced approximately $1,221,000 of combined realized and unrealized loss for our six months ended April 30, 2013 related to our corn and natural gas derivative instruments which increased our cost of goods sold. We recognize the gains or losses that result from the changes in the value of our derivative instruments from corn and natural gas in cost of goods sold as the changes occur.  As corn and natural gas prices fluctuate, the value of our derivative instruments is impacted, which affects our financial performance.

Operating Expenses. Our operating expenses were higher during our six months ended April 30, 2014 compared to the same period of 2013 primarily due to an increase in dues and subscriptions and accrual of employee bonuses. Management anticipates that our operating expenses will be slightly higher during the remaining quarters of our 2014 fiscal year compared to our 2013 fiscal year.

Other Income (Expense). Other income was greater for our six months ended April 30, 2014 compared to the same period of 2013 due to an increase in our portion of the net income generated by our investments. Our investments are in other companies involved in the ethanol industry which experienced favorable operating margins during the six months ended April 30, 2014. We had less interest expense during our six months ended April 30, 2014 compared to the same period of 2013 due to less outstanding borrowing on our revolving loan.

Changes in Financial Condition for the Six Months Ended April 30, 2014 and 2013

Current Assets. We had a significant increase of cash and equivalents at April 30, 2014 compared to outstanding checks in excess of bank balance on October 31, 2013. This increase in our cash position is due to increased profitability during the year and cash we received from our investments. The decrease in our accounts receivable and increase in inventory at April 30, 2014 compared to October 31, 2013 was due to us not being able to load and ship railcars due to disruptions in service from the railroad.

Property and Equipment. The net value of our property and equipment was lower at April 30, 2014 compared to October 31, 2013 due to depreciation. We had approximately $1.2 million in construction in progress at April 30, 2014 related to various capital projects we were conducting during our 2014 fiscal year.

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Other Assets. Our other assets were higher at April 30, 2014 compared to October 31, 2013 due mainly to an increase in the value of our various investments caused by earnings recorded in excess of distributions received for the six months ended April 30, 2014.

Current Liabilities. For the period ended October 31, 2013, our outstanding checks in excess of our bank balance are checks that we have issued which have not yet been presented for payment to our bank. When these checks are presented for payment, they are paid from our revolving loan provided we do not have available cash. Our accounts payable balance was higher at April 30, 2014 compared to October 31, 2013 due mainly to a higher amount of corn payable as of April 30, 2014 than as of October 31, 2014.

Long-term Liabilities. Our long-term debt was lower at April 30, 2014 compared to October 31, 2013 due to loan repayments we made during our six months ended April 30, 2014. We had lower deferred revenue at April 30, 2014 compared to October 31, 2013 due to the continuing amortization of our county economic development grant revenue and reclassification of deferred revenue into fixed assets.

Liquidity and Capital Resources

Based on financial forecasts performed by our management, we anticipate that we will have sufficient cash from our current credit facilities and cash from our operations to continue to operate the ethanol plant at capacity for the next 12 months and beyond. As of April 30, 2014, we had approximately $30.0 million available pursuant to our revolving term loan.

We do not anticipate securing any additional equity or debt financing for working capital or other purposes in the next 12 months. However, should we experience unfavorable operating conditions in the future, we may have to secure additional sources of capital.

We do not currently anticipate any significant purchases of property and equipment, that would require us to secure additional capital in the next 12 months. However, management continues to evaluate conditions in the ethanol industry and explore opportunities to improve the efficiency and profitability of our operations which may require capital expenditures.

We are in the process of evaluating our options for investing our excess cash in short-term liquid investments which allow us to access the cash when we need it and preserve our capital while limiting our loss exposure. Only a portion of our cash balances are federally insured when they are deposited with our lender. As a result, we are evaluating our options for decreasing the risk we face because we are concentrating our cash balances with one financial institution.

The following table shows our cash flows for the six months ended April 30, 2014 and 2013:

	Six Months Ended April 30,
	2014			2013
Net cash provided by (used in) operating activities	$	39,162,410		$	(3,209,457	)
Net cash (used in) investing activities	(1,299,275		)	(2,648,750		)
Net cash (used in) provided by financing activities	(11,857,248		)	5,858,207

Cash Flow From Operations

Our cash flows from operations for the six months ended April 30, 2014 were higher compared to the same period of 2013 due primarily to higher net income during the 2014 period. Due to improved operating margins, we generated more cash from our operations compared to the same period of 2013.

Cash Flow From Investing Activities

We used less cash for investing activities during our six months ended April 30, 2014 compared to the same period of 2013 primarily due to fewer capital expenditure projects during our 2014 fiscal year. During our six months ended April 30, 2013, we used cash primarily for our grain handling upgrade and expansion projects.

Cash Flow From Financing Activities.

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During our six months ended April 30, 2014, we primarily used cash for financing activities related to a distribution we paid to members and payments on our long-term debt. During our six months ended April 30, 2013, we used significantly more cash for redemption of membership units offset by proceeds from our long-term debt.

Short-Term and Long-Term Debt Sources

We have a credit facility with Farm Credit with an initial availability of $35 million, which currently has a availability of $30.0 million. In exchange for this credit facility, we executed a mortgage in favor of Farm Credit covering all of our real property and granted Farm Credit a security interest in all of our equipment and other assets. In the event we default on our loans with Farm Credit, Farm Credit may foreclose on our assets, including both our real property and our machinery and equipment. We increased the amount available to us pursuant to our Farm Credit loans during our 2013 fiscal year in order to complete a repurchase of membership units in exchange for $17 million that closed in December 2012.

Variable Line of Credit

We have a long-term revolving line of credit. Interest on this loan accrues at 3.15% above the One-Month London Interbank Offered Rate (LIBOR). The interest rate is subject to weekly adjustment. We may elect to enter into a fixed interest rate on this loan at various times throughout the term of the loan as provided in the loan agreements. The maximum principal amount of this loan decreases by $2.5 million semi-annually starting on August 1, 2013 and continuing until February 1, 2019. After February 1, 2019, we will have $5 million available pursuant to this long-term revolving line of credit until it matures on February 1, 2020. In the event any amount is outstanding on this loan in excess of the new credit limit after these periodic reductions, we agreed to repay principal on the loan until we reach the new credit limit. We agreed to pay an annual fee of 0.6% of the unused portion of this loan. As of April 30, 2014, we had $0 outstanding on this loan with an accrued interest rate of 3.31% per year. As of April 30, 2014, we had approximately $30.0 million available to be drawn on this loan.

Administrative Agency Agreement

As part of the Farm Credit loan closing, we entered into an Administrative Agency Agreement with CoBank, ACP ("CoBank"). CoBank purchased a participation interest in the Farm Credit loans and was appointed the administrative agent for the purpose of servicing the loans. As a result, CoBank will act as the agent for Farm Credit with respect to our loans. We agreed to pay CoBank an annual fee of $5,000 as the agent for Farm Credit.

Covenants

Our credit agreements with Farm Credit are subject to numerous covenants requiring us to maintain various financial ratios. As of April 30, 2014, we were in compliance with all of our loan covenants with Farm Credit. Based on current management projections, we anticipate that we will be in compliance with our loan covenants for the next 12 months and beyond.

Grants and Government Programs

In December 2006, we received the first payment from our semi-annual economic development grants equal to the amount of the tax assessments imposed on our ethanol plant by Cerro Gordo County, the county in which our ethanol plant is located. Based on our 2009 assessment, the total amount of these grants is expected to be approximately $9 million, which will be paid semi-annually over a 10-year period with the final payment being made in 2019.

Critical Accounting Policies

Management uses estimates and assumptions in preparing our financial statements in accordance with U.S. generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Of the significant accounting policies described in the notes to our financial statements, we believe that the following are the most critical:

Revenue Recognition

Revenue from the sale of our products is recognized at the time title to the goods and all risks of ownership transfer to the customers.  The time of transfer is defined in the specific sales agreement; however, it generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between us and our customers. Interest income is recognized as earned.

21

Shipping costs incurred by us in the sale of ethanol and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol and corn oil are recorded based on the net selling price reported to us from our marketer. Shipping costs incurred by us in the sale of distiller grain products are included in cost of goods sold.

Investment in Commodities Contracts, Derivative Instruments and Hedging Activities

We evaluate contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business.

We enter into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. We occasionally also enter into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of our risk management process, we use futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage our risk related to pricing of inventories. All of our derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments.

Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments.

Investments

The Company has less than a 20% investment interest in four companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value.

Off-Balance Sheet Arrangements.

We currently have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to the impact of market fluctuations associated with commodity prices as discussed below. We have no exposure to interest rate changes as we did not have any amounts outstanding on our variable interest rate loans as of April 30, 2014. We have no exposure to foreign currency risk as all of our business is conducted in U.S. Dollars. We use derivative financial instruments as part of an overall strategy to manage market risk. We use cash, futures and option contracts to hedge changes to the commodity prices of corn, natural gas and ethanol. We do not enter into these derivative financial instruments for trading or speculative purposes, nor do we designate these contracts as hedges for accounting purposes.

Commodity Price Risk

We seek to minimize the risks from fluctuations in the prices of raw material inputs, such as corn and natural gas, and finished products, such as ethanol and distiller grains, through the use of hedging instruments. In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate. Although we believe our hedge positions accomplish an economic hedge against our future purchases and sales, management has chosen not to use hedge accounting, which would match the gain or loss on our hedge positions to the specific commodity purchase being hedged. We are using fair value accounting for our hedge positions, which means as the current market price of our hedge positions changes, the realized or unrealized gains and losses are immediately recognized in our cost of goods sold or as an offset to revenues. The immediate recognition of hedging gains and losses under fair value accounting can cause net income to be volatile from quarter to quarter due to the timing of the change in value of the derivative instruments relative to the cost and use of the commodity being hedged.

22

As of April 30, 2014, we had price protection in place for approximately 18% of our anticipated corn needs, none of our natural gas needs and none of our ethanol sales for the next 12 months.

A sensitivity analysis has been prepared to estimate our exposure to ethanol, corn and natural gas price risk. Market risk related to these factors is estimated as the potential change in income resulting from a hypothetical 10% adverse change in the average cost of our corn and natural gas prices and average ethanol price as of April 30, 2014, net of the forward and future contracts used to hedge our market risk for corn and natural gas usage requirements. The volumes are based on our expected use and sale of these commodities for a one year period from April 30, 2014. The results of this analysis, which may differ from actual results, are as follows:

	Estimated Volume Requirements for the next 12 months (net of forward and futures contracts)	Unit of Measure	Hypothetical Adverse Change in Price	Approximate Adverse Change to Income
Natural Gas	3,335,000	MMBTU	10%	$	1,596,000
Ethanol	114,666,500	Gallons	10%	29,228,000
Corn	32,846,000	Bushels	10%	16,381,000

Liability Risk

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

Item 4.  Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit pursuant to the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures.

Our management, including our interim President and Chief Executive Officer (the principal executive officer) and our Chief Financial Officer, (the principal financial officer), Christine Marchand, has reviewed and evaluated the effectiveness of our disclosure controls and procedures as of April 30, 2014. Based on this review and evaluation, this officer believes that our disclosure controls and procedures are effective in ensuring that material information related to us is recorded, processed, summarized and reported within the time periods required by the forms and rules of the Securities and Exchange Commission.

For the fiscal quarter ended April 30, 2014, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

The following risk factors are provided due to material changes from the risk factors previously disclosed in our annual report on Form 10-K. The risk factors set forth below should be read in conjunction with the risk factors section and the Management's Discussion and Analysis section for the fiscal year ended October 31, 2013, included in our annual report on Form 10-K.

23

Government incentives for ethanol production may be reduced or eliminated in the future, which could hinder our ability to operate at a profit. The ethanol industry is assisted by various federal incentives, most importantly the RFS set forth in the Energy Policy Act of 2005. The RFS helps support a market for ethanol that might disappear without this incentive. Recently, there have been proposals in Congress to reduce or eliminate the RFS. In addition, on November 15, 2013, the EPA announced a proposal to significantly reduce the RFS levels for 2014 from the statutory volume requirement of 18.15 billion gallons to 15.21 billion gallons and reduce the renewable volume obligations that can be satisfied by corn based ethanol from 14.4 billion gallons to 13 billion gallons. This proposal would also result in a lowering of the 2014 numbers below the 2013 level of 13.8 billion gallons. The EPA is also seeking comments on several petitions it has received for partial waiver of the statutory volumes for 2014. According to the RFS, the EPA only has authority to waive the requirements of the RFS, in whole or in part, provided one of two conditions are met. The conditions are: (1) there is inadequate domestic renewable fuel supply; or (2) implementation of the requirement would severely harm the economy or environment of a state, region or the United States. Many in the ethanol industry believe that neither of these two conditions have been met. Any challenge to a reduction in the RFS may take time to work through the courts and the waiver may be implemented despite the legal challenges. If the EPA's proposal becomes a final rule which significantly reduces the RFS or if the RFS were to be otherwise reduced or eliminated, it may lead to a significant decrease in ethanol demand which could negatively impact our results of operations.

Lack of rail transportation infrastructure and delayed rail shipments could negatively impact our financial performance. The ethanol industry has recently been experiencing difficulty transporting the ethanol which is produced. This difficulty has impacted our operations. Ethanol is typically transported by rail. At times during our 2014 fiscal year, we have been required to reduce production or cease production altogether when we have run out of ethanol storage capacity. Further, our ethanol inventory has increased due to the difficulty we have experienced shipping our ethanol which has impacted our financial performance. The slower rail shipments have been due to a combination of factors including increased shipments of corn, coal and oil by rail, decreased shipment capacity by the railroads due to fewer railcars and railroad crews, and poor weather conditions which have slowed rail travel and loading times. Management anticipates that these slower railcar shipments will continue at least until the weather improves but may continue for some period of time until the rail transportation capacity in the United States increases. These delays in shipping our products have resulted in decreased revenue and have required us to reduce the amount of ethanol we produce which has a negative impact on our financial performance. If these rail shipment challenges continue, they may negatively impact our ability to operate the ethanol plant profitably which could reduce the value of our units

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures.

None.

Item 5.Other Information

None.

24

Item 6. Exhibits.

(a) The following exhibits are filed as part of this report.

Exhibit No.	Exhibit
31.1	Certificate Pursuant to 17 CFR 240.13a-14(a)*
31.2	Certificate Pursuant to 17 CFR 240.13a-14(a)*
32.1	Certificate Pursuant to 18 U.S.C. Section 1350*
32.2	Certificate Pursuant to 18 U.S.C. Section 1350*
101	The following financial information from Golden Grain Energy, LLC's Quarterly Report on Form 10-Q for the quarter ended April 30, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets as of April 30, 2014 and October 31, 2013, (ii) Statements of Operations for the three and six months ended April 30, 2014 and 2013, (iii) Statements of Cash Flows for the six months ended April 30, 2014 and 2013, and (iv) the Notes to Condensed Financial Statements.**

*    Filed herewith.

**    Furnished herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		GOLDEN GRAIN ENERGY, LLC
Date:	June 16, 2014	/s/ Christine Marchand
		Christine Marchand
		Interim President and Chief Executive Officer
		(Principal Executive Officer)
Date:	June 16, 2014	/s/ Christine Marchand
		Christine Marchand
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

25

EX-31

CERTIFICATIONS

I, Christine Marchand, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Golden Grain Energy, LLC;

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(s) 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 Exchange Act Rules 13a-15(f) and 15d-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, including its consolidated subsidiaries, 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; and

5. The registrant's other certifying officer(s) 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 information; 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:	June 16, 2014	/s/ Christine Marchand
		Christine Marchand, Interim President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

CERTIFICATIONS

I, Christine Marchand, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Golden Grain Energy, LLC;

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(s) 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 Exchange Act Rules 13a-15(f) and 15d-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, including its consolidated subsidiaries, 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; and

5. The registrant's other certifying officer(s) 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 information; 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:	June 16, 2014	/s/ Christine Marchand
		Christine Marchand, Chief Financial Officer (Principal Financial Officer)

EX-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 on Form 10-Q of Golden Grain Energy, LLC (the “Company”) for the fiscal quarter ended April 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christine Marchand, Interim Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Christine Marchand
	Christine Marchand
	Interim President and Chief Executive Officer
Dated:	June 16, 2014

EX-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 on Form 10-Q of Golden Grain Energy, LLC (the “Company”) for the fiscal quarter ended April 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christine Marchand, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Christine Marchand
	Christine Marchand
	Chief Financial Officer
Dated:	June 16, 2014

XML

Investments (Details) (USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013	Mar. 31, 2014	Sep. 30, 2013
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	$ 4,859,654	$ 1,103,452	$ 9,700,132	$ 1,199,866
Absolute Energy [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	1,144,061	219,393	2,538,000	310,510
Guardian Energy [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Current Assets					54,851,000	42,981,000
Equity Method Investment, Other Assets					61,300,000	65,556,000
Equity Method Investment, Current Liabilities					16,421,000	18,958,000
Equity Method Investment, Long-term Debt					20,461,000	24,080,000
Equity Method Investment, Members' Equity					79,269,000	65,499,000
Equity in net income of investments	2,359,908	484,248	4,657,000	451,762
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Current Assets					489,837,000	241,993,000
Equity Method Investment, Other Assets					278,098,000	288,159,000
Equity Method Investment, Current Liabilities					350,769,000	164,813,000
Equity Method Investment, Long-term Debt					40,435,000	32,597,000
Equity Method Investment, Members' Equity					376,730,000	332,744,000
Equity Method Investment, Revenue	246,580,000	225,713,000	510,150,000	489,447,000
Equity Method Investment, Gross Profit	57,491,000	14,535,000	116,726,000	21,945,000
Equity Method Investment, Net Income	53,573,000	9,743,000	106,961,000	12,572,000
Homeland Energy Solutions [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	1,158,231	123,185	2,158,000	154,172
Other Investee [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income of investments	$ 197,554	$ 276,626	$ 347,000	$ 283,422

XML

Bank Financing Long Term Debt (Details) (Farm Credit Services of America [Member], USD $)	Apr. 30, 2014	Oct. 31, 2013	Dec. 26, 2012
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 30,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Debt Instrument, Interest Rate at Period End	3.31%
Debt Instrument, Borrowing Amount Available		35,000,000	22,500,000
Long-term Debt	0	1,570,775
Debt Instrument, Unused Borrowing Capacity, Amount	30,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	5,000,000
Debt Instrument, Periodic Reduction	$ 2,500,000

XML

Related Party Transactions

6 Months Ended

Apr. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Company purchased corn and materials from members of its Board of Directors or Risk Management Committee that own or manage elevators. Purchases during the three months and six months ended April 30, 2014 totaled approximately $20,412,000 and $37,389,000, respectively. Purchases during the three months and six months ended April 30, 2013 totaled approximately $18,776,000 and $38,093,000, respectively. As of April 30, 2014 the amount we owed to related parties was approximately $511,000.

The Company entered into an agreement with Homeland Energy Solutions, LLC in December 2008. Pursuant to the agreement, the companies agreed to share the compensation costs associated with each position covered by the agreement partially in an effort to reduce the costs of administrative overhead. The Company recorded a reduction in expenses related to these shared costs during the three months and six months ended April 30, 2014 of approximately $57,000 and $118,000, respectively and for the same periods of 2013 of $34,000 and $100,000, respectively. On May 16, 2014, the Company terminated the management services agreement with Homeland Energy Solutions, LLC.

XML

Risk Management Derivative Instruments - Income Statement (Details) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member], USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	$ (617,000)	$ (1,844,000)	$ (4,954,000)	$ (855,000)
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	(1,518,000)	(1,141,000)	(243,000)	(1,402,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	(2,135,000)	(2,985,000)	(5,197,000)	(2,257,000)
Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	0	(596,000)	(2,299,000)	(462,000)
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	1,000	(284,000)	(1,316,000)	(574,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	1,000	(880,000)	(3,615,000)	(1,036,000)
Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Realized Gain (Loss) Recognized in Income, Net	(617,000)	(1,248,000)	(2,655,000)	(393,000)
Derivative Instruments, Unrealized Gain (Loss) Recognized in Income, Net	(1,519,000)	(857,000)	1,073,000	(828,000)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (2,136,000)	$ (2,105,000)	$ (1,582,000)	$ (1,221,000)

XML

Commitments, Contingencies and Agreements (Details) (Investee [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013	Oct. 31, 2013
Investee [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 79,658	$ 94,910	$ 156,363	$ 180,620
Related Party Transaction, Expenses from Transactions with Related Party	104	150	205	296
Related Party Transaction, Due from (to) Related Party	$ 2,255		$ 2,255		$ 4,276

XML

Risk Management Derivative Instruments - Balance Sheet Location (Details) (USD $)	Apr. 30, 2014	Oct. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Instruments and Hedges, Assets	$ 1,701,079	$ 675,631
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Liability [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Current	(611,000)	(4,131,000)
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets, Current	5,000	3,775,000
Restricted Cash and Cash Equivalents	2,307,000	1,032,000
Derivative Instruments and Hedges, Assets	$ 1,701,000	$ 676,000

XML

Risk Management Long Term Purchase Commitments (Details) (USD $)				6 Months Ended
	Apr. 30, 2014 Fixed Price [Member] Distillers Grains [Member]	Apr. 30, 2014 Fixed Price [Member] Corn [Member]	Apr. 30, 2014 Basis Contract [Member] Corn [Member]	Apr. 30, 2014 Forward Contracts [Member] Natural Gas [Member]	Apr. 30, 2014 Forward Contracts [Member] Corn [Member]	Apr. 30, 2014 Forward Contracts [Member] Ethanol [Member]	Oct. 31, 2013 Affiliated Entity [Member]
Long-term Purchase Commitment [Line Items]
Supply Commitment, Remaining Minimum Amount Committed	$ 8,498,000
Purchase Obligation							15,534,023
Purchase Commitment, Remaining Minimum Amount Committed		$ 14,751,000	$ 33,307,000
Product usage, percentage				0.00%	18.00%	0.00%

XML

Bank Financing

6 Months Ended

Apr. 30, 2014

Bank Financing [Abstract]

Bank Financing

BANK FINANCING

The Company has entered into a master loan agreement with Farm Credit Services of America (FLCA) which includes a revolving term loan with original maximum borrowings of $30,000,000 and $5,000,000 which mature on February 1, 2019 and February 1, 2020, respectively. Interest on the term loan is payable monthly at 3.15% above the one-month LIBOR (3.31% as of April 30, 2014). The borrowings are secured by substantially all the assets of the Company. On December 26, 2012, the Company executed an amended credit agreement that increased the total loan availability from $22.5 million to $35 million. The revolving term loan maximum borrowings are reduced by $2,500,000 on a semi-annual basis starting in August 2013.

In addition, the Company is subject to certain financial covenants including but not limited to minimum working capital and net worth requirements and limitations on distributions. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of the outstanding principal balances on the loans and/or imposition of fees or penalties. As of April 30, 2014, the Company had no outstanding borrowings and $30 million additional available to borrow under the credit agreement. As of October 31, 2013, the Company had approximately $1.6 million outstanding.

The Company has other notes payable of approximately $32,000 and $50,000 outstanding as of April 30, 2014 and October 31, 2013, respectively.

XML

Fair Value Measurements (Details) (Commodity Contract [Member], Fair Value, Measurements, Recurring [Member], USD $)	Apr. 30, 2014	Oct. 31, 2013
Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Current	$ 5,000	$ 3,775,000
Other Current Assets [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Current	5,000	3,775,000
Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Current	0	2,414,000
Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Current	5,000	1,361,000
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Current	0	0
Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	(611,000)	(4,131,000)
Liability [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	(611,000)	(4,131,000)
Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	(611,000)	(1,861,000)
Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	0	(2,270,000)
Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Current	$ 0	$ 0

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Balance Sheet (USD $)	Apr. 30, 2014	Oct. 31, 2013
Current Assets
Cash and equivalents	$ 26,005,887	$ 0
Accounts receivable	2,266,575	4,297,920
Other receivables	830,010	596,166
Derivative instruments	1,701,079	675,631
Inventory	11,634,568	6,974,314
Prepaid expenses and other	1,504,715	1,507,370
Total current assets	43,942,834	14,051,401
Property and Equipment
Land and land improvements	11,666,479	11,666,479
Building and grounds	25,761,752	25,761,752
Grain handling equipment	13,519,305	13,457,627
Office equipment	320,345	320,345
Plant and process equipment	80,212,580	79,854,167
Construction in progress	1,183,472	1,270,164
Gross property and equipment	132,663,933	132,330,534
Less accumulated depreciation	70,642,192	66,216,333
Net property and equipment	62,021,741	66,114,201
Other Assets
Investments	31,991,313	28,059,657
Other assets	1,045,615	1,272,490
Total other assets	33,036,928	29,332,147
Total Assets	139,001,503	109,497,749
Current Liabilities
Outstanding checks in excess of bank balance	0	563,531
Current portion long-term debt	32,143	37,314
Accounts payable	7,522,382	6,138,295
Accrued expenses	1,318,951	1,140,979
Distribution payable	7,953,200	0
Deferred revenue	373,442	443,407
Total current liabilities	17,200,118	8,323,526
Long-term Liabilities
Deferred compensation	100,679	190,762
Long-term debt, net of current maturities	0	1,583,889
Deferred revenue, net of current portion	453,940	1,510,848
Total long-term liabilities	554,619	3,285,499
Commitments and Contingencies
Members' Equity (19,883,000 units issued and outstanding)	121,246,766	97,888,724
Total Liabilities and Members’ Equity	$ 139,001,503	$ 109,497,749

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Summary of Significant Accounting Policies

6 Months Ended

Apr. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and notes disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended October 31, 2013, contained in the Company's annual report on Form 10-K for 2013.

In the opinion of management, the interim condensed financial statements reflect all adjustments considered necessary for fair presentation. The adjustments made to these statements consist only of normal recurring adjustments.

Nature of Business

Golden Grain Energy, LLC (Golden Grain Energy) is approximately a 110 million gallon annual production ethanol plant near Mason City, Iowa. The Company sells its production of ethanol, distiller grains with solubles and corn oil primarily in the continental United States. The Company also holds several investments in various companies that focus on ethanol production, marketing and/or logistics.

Organization

Golden Grain Energy is organized as an Iowa limited liability company.  The members' liability is limited as specified in Golden Grain Energy's operating agreement and pursuant to the Iowa Revised Uniform Limited Liability Company Act. 

Accounting Estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles.  Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

Cash and Equivalents

The Company's cash balances are maintained in bank depositories and periodically exceed federally insured limits during the period. The Company has not experienced any losses in connection with these balances.

Receivables

Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at original invoice amount with no allowance for doubtful accounts due to the historical collection rates on these accounts.

Investments

The Company has less than a 20% investment interest in four companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value.

The fiscal years of Renewable Products Marketing Group, LLC (RPMG) and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC and Homeland Energy Solutions, LLC end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's income statement for the quarter ended April 30, 2014 for all companies is based on the investee's results for the three and six month periods ended March 31, 2014.

Revenue and Cost Recognition

Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers.  This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned.

Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold.

Inventory

Inventories are generally valued at the lower of weighted average cost or market.  In the valuation of inventories and purchase commitments, market is based on current replacement values except that it does not exceed net realizable values and is not less than net realizable values reduced by allowances for approximate normal profit margin.

Property & Equipment

Property and equipment are stated at costs. Significant additions and betterments are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 5 and 40 years.

The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Investment in commodities contracts, derivative instruments and hedging activities

The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business.

The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. The Company occasionally also enters into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments.

Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker.

Deferred Compensation

The Company has a deferred compensation plan for certain employees equal to 1% of net income. One-third of the amount is paid in cash immediately and the other two-thirds has a vesting schedule of the lesser of five years from the grant date or seven years of continuous employment with the Company. The amount to be recognized in future years as compensation expense is estimated based on the greater of fair market value or book value of the Company's membership units as of April 30, 2014. Fair value is determined by recent trading activity of the Company's membership units.

Net income per unit

Basic and diluted earnings per unit are computed using the weighted-average number of Class A and B units outstanding during the period.

Fair Value

Financial instruments include cash and equivalents, receivables, accounts payable, accrued expenses, long-term debt and derivative instruments. The fair value of derivative financial instruments is based on quoted market prices. The fair value of the long-term debt is estimated based on level 3 inputs based on the current anticipated interest rate which management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. The fair value of other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments.

Risks and Uncertainties

The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three and six months ended April 30, 2014, ethanol sales accounted for approximately 83% and 81% of total revenue, respectively, distiller grains sales accounted for approximately15% and17% of total revenue, respectively, and corn oil sales accounted for approximately 2% of total revenue while corn costs averaged approximately 71% and 76% of cost of goods sold, respectively.

The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities.

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Summary of Significant Accounting Policies Deferred Compensation (Details)	6 Months Ended
	Apr. 30, 2014
Summary of Significant Accounting Policies [Abstract]
Share-Based Compensation, Percentage of Net Income	1.00%

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Inventory (Details) (USD $)	Apr. 30, 2014	Oct. 31, 2013
Inventory [Abstract]
Raw Materials	$ 6,058,013	$ 4,341,444
Work in Process	1,716,387	1,550,697
Finished Goods	3,860,168	1,082,173
Inventory	$ 11,634,568	$ 6,974,314

XML

Inventory

6 Months Ended

Apr. 30, 2014

Inventory [Abstract]

Inventory

INVENTORY

Inventory consisted of the following as of April 30, 2014 and October 31, 2013:

	April 30, 2014		October 31, 2013
Raw Materials	$	6,058,013	$	4,341,444
Work in Process	1,716,387		1,550,697
Finished Goods	3,860,168		1,082,173
Totals	$	11,634,568	$	6,974,314

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Balance Sheet Parenthetical	Apr. 30, 2014	Oct. 31, 2013
Members' Equity, units issued and outstanding	19,883,000	19,883,000

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Risk Management (Tables)

6 Months Ended

Apr. 30, 2014

Risk Management [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

	Income Statement Classification	Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Total Gain (Loss)
Derivatives not designated as hedging instruments:
Commodity Contracts for the	Revenue	$	—		$	1,000		$	1,000
three months ended April 30, 2014	Cost of Goods Sold	(617,000		)	(1,519,000		)	(2,136,000		)
	Total	$	(617,000	)	$	(1,518,000	)	$	(2,135,000	)
Commodity Contracts for the	Revenue	$	(596,000	)	$	(284,000	)	$	(880,000	)
three months ended April 30, 2013	Cost of Goods Sold	(1,248,000		)	(857,000		)	(2,105,000		)
	Total	$	(1,844,000	)	$	(1,141,000	)	$	(2,985,000	)
Commodity Contracts for the	Revenue	$	(2,299,000	)	$	(1,316,000	)	$	(3,615,000	)
six months ended April 30, 2014	Cost of Goods Sold	(2,655,000		)	1,073,000			(1,582,000		)
	Total	$	(4,954,000	)	$	(243,000	)	$	(5,197,000	)
Commodity Contracts for the	Revenue	$	(462,000	)	$	(574,000	)	$	(1,036,000	)
six months ended April 30, 2013	Cost of Goods Sold	(393,000		)	(828,000		)	(1,221,000		)
	Total	$	(855,000	)	$	(1,402,000	)	$	(2,257,000	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

	Balance Sheet Classification	April 30, 2014			October 31, 2013
Futures and option contracts through December 2014
In gain position		$	5,000		$	3,775,000
In loss position		(611,000		)	(4,131,000		)
Cash held by (due to) broker		2,307,000			1,032,000
	Current Asset	$	1,701,000		$	676,000

Long-term Purchase Commitment

	Commitments Through	Amount
Distiller Grains - fixed price	July 2014	$	8,498,000
Corn - fixed price	March 2015	14,751,000
Corn - basis contract	October 2014	33,307,000

XML

Document and Entity Information Document	6 Months Ended
	Apr. 30, 2014	Jun. 16, 2014
Entity Information [Line Items]
Entity Registrant Name	GOLDEN GRAIN ENERGY, LLC
Entity Central Index Key	0001206942
Current Fiscal Year End Date	--10-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		19,883,000

XML

Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2014

Fair Value Measurements [Abstract]

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

	Total			Level 1			Level 2			Level 3
Derivative financial instruments
April 30, 2014
Assets	$	5,000		$	—		$	5,000		$	—
Liabilities	(611,000		)	(611,000		)	—			—
October 31, 2013
Assets	$	3,775,000		$	2,414,000		$	1,361,000		$	—
Liabilities	(4,131,000		)	(1,861,000		)	(2,270,000		)	—

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Statement of Operations (USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013
Revenues	$ 79,555,311	$ 93,880,209	$ 152,542,836	$ 179,288,371
Cost of Goods Sold	60,966,422	91,745,943	119,560,254	178,119,660
Gross Profit	18,588,889	2,134,266	32,982,582	1,168,711
Operating Expenses	987,521	548,657	1,772,263	1,320,040
Operating Income (Loss)	17,601,368	1,585,609	31,210,319	(151,329)
Other Income (Expense)
Other income (expense)	363,388	39,735	452,277	39,735
Interest income (expense)	(46,701)	(170,389)	(109,986)	(293,622)
Equity in net income of investments	4,859,654	1,103,452	9,700,132	1,199,866
Total Other Income (Expense)	5,176,341	972,798	10,042,423	945,979
Net Income	$ 22,777,709	$ 2,558,407	$ 41,252,742	$ 794,650
Basic & diluted net income per unit	$ 1.15	$ 0.13	$ 2.07	$ 0.04
Weighted average units outstanding for the calculation of basic & diluted net income per unit	19,883,000	19,883,000	19,883,000	21,408,666
Distribution Per Unit	$ 0.40	$ 0.00	$ 0.90	$ 0.00

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Fair Value Measurements

6 Months Ended

Apr. 30, 2014

Fair Value Measurements [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3: Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Derivative financial instruments: Commodity futures and exchange-traded commodity options contracts are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from markets such as the CME and NYMEX.  Crush swaps are bundled contracts or combined contracts that include a portion of corn, ethanol and natural gas rolled into a single trading instrument. These contracts are reported at fair value utilizing Level 2 inputs and are based on the various trading activity of the components of each segment of the bundled contract.

The following table summarizes financial assets and financial liabilities measured at the approximate fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	Total			Level 1			Level 2			Level 3
Derivative financial instruments
April 30, 2014
Assets	$	5,000		$	—		$	5,000		$	—
Liabilities	(611,000		)	(611,000		)	—			—
October 31, 2013
Assets	$	3,775,000		$	2,414,000		$	1,361,000		$	—
Liabilities	(4,131,000		)	(1,861,000		)	(2,270,000		)	—

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Risk Management

6 Months Ended

Apr. 30, 2014

Risk Management [Abstract]

Risk Management

RISK MANAGEMENT

The Company's activities expose it to a variety of market risks, including the effects of changes in commodity prices. These financial exposures are monitored and managed by the Company as an integral part of its overall risk-management program. The Company's risk management program focuses on the unpredictability of financial and commodities markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results.

To reduce price risk caused by market fluctuations, the Company generally follows a policy of using exchange traded futures contracts to reduce its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts and uses exchange traded futures contracts to reduce price risk. Exchange-traded futures contracts are valued at market price. Changes in market price of contracts related to corn and natural gas are recorded in cost of goods sold and changes in market prices of contracts related to sale of ethanol are recorded in revenues.

Unrealized gains and losses on forward contracts are deemed "normal purchases" under derivative accounting guidelines and, therefore, are not marked to market in the Company's financial statements. The following table represents the approximate amount of realized and unrealized gains (losses) and changes in fair value recognized in earnings on commodity contracts for periods ended April 30, 2014 and 2013 and the fair value of derivatives as of April 30, 2014 and October 31, 2013:

	Income Statement Classification	Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Total Gain (Loss)
Derivatives not designated as hedging instruments:
Commodity Contracts for the	Revenue	$	—		$	1,000		$	1,000
three months ended April 30, 2014	Cost of Goods Sold	(617,000		)	(1,519,000		)	(2,136,000		)
	Total	$	(617,000	)	$	(1,518,000	)	$	(2,135,000	)
Commodity Contracts for the	Revenue	$	(596,000	)	$	(284,000	)	$	(880,000	)
three months ended April 30, 2013	Cost of Goods Sold	(1,248,000		)	(857,000		)	(2,105,000		)
	Total	$	(1,844,000	)	$	(1,141,000	)	$	(2,985,000	)
Commodity Contracts for the	Revenue	$	(2,299,000	)	$	(1,316,000	)	$	(3,615,000	)
six months ended April 30, 2014	Cost of Goods Sold	(2,655,000		)	1,073,000			(1,582,000		)
	Total	$	(4,954,000	)	$	(243,000	)	$	(5,197,000	)
Commodity Contracts for the	Revenue	$	(462,000	)	$	(574,000	)	$	(1,036,000	)
six months ended April 30, 2013	Cost of Goods Sold	(393,000		)	(828,000		)	(1,221,000		)
	Total	$	(855,000	)	$	(1,402,000	)	$	(2,257,000	)

	Balance Sheet Classification	April 30, 2014			October 31, 2013
Futures and option contracts through December 2014
In gain position		$	5,000		$	3,775,000
In loss position		(611,000		)	(4,131,000		)
Cash held by (due to) broker		2,307,000			1,032,000
	Current Asset	$	1,701,000		$	676,000

As of April 30, 2014, the Company had the following approximate outstanding purchase and sale commitments, of which approximately $15,534,000 of the purchase commitments were with related parties.

	Commitments Through	Amount
Distiller Grains - fixed price	July 2014	$	8,498,000
Corn - fixed price	March 2015	14,751,000
Corn - basis contract	October 2014	33,307,000

As of April 30, 2014, the Company has fixed price futures and forward contracts in place for approximately 18% of our anticipated corn needs, 0% of our natural gas needs and 0% of our ethanol sales for the next 12 months with no open positions beyond that period.

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Concentration Risk (Details)	3 Months Ended	6 Months Ended
	Apr. 30, 2014	Apr. 30, 2014
Sales Revenue, Product Line [Member] | Ethanol [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	83.00%	81.00%
Sales Revenue, Product Line [Member] | Distillers Grains [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	17.00%
Sales Revenue, Product Line [Member] | Corn Oil [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		2.00%
Cost of Goods, Total [Member] | Corn [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	71.00%	76.00%

XML

Investments (Tables)

6 Months Ended

Apr. 30, 2014

Investments [Abstract]

Schedule of Equity Method Investments

Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	489,837	$	241,993
Other Assets	278,098		288,159
Current Liabilities	350,769		164,813
Long-term Debt	40,435		32,597
Members’ Equity	376,730		332,744
	Three Months Ended April 30,				Six Months Ended April 30,
Income Statement	2014		2013		2014		2013
Revenue	$	246,580	$	225,713	$	510,150	$	489,447
Gross Profit	57,491		14,535		116,726		21,945
Net Income	53,573		9,743		106,961		12,572

The following table shows the condensed financial information of Guardian Energy, which represents greater than 10% of the net income for the three months ended April 30, 2014 (in 000's).

Guardian Energy Condensed Financial Information
Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	54,851	$	42,981
Other Assets	61,300		65,556
Current Liabilities	16,421		18,958
Long-term Debt	20,461		24,080
Members’ Equity	79,269		65,499

The Company recorded equity in net income of approximately (in 000's):

	Three Months Ended April 30,				Six Months Ended April 30,
Equity in Net Income	2014		2013		2014		2013
Absolute Energy	$	1,144	$	219	$	2,538	$	311
Guardian Energy	2,360		484		4,657		452
Homeland Energy Solutions	1,158		123		2,158		154
Other	198		277		347		283
Total	$	4,860	$	1,103	$	9,700	$	1,200

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Inventory (Tables)

6 Months Ended

Apr. 30, 2014

Inventory [Abstract]

Schedule of Inventory

	April 30, 2014		October 31, 2013
Raw Materials	$	6,058,013	$	4,341,444
Work in Process	1,716,387		1,550,697
Finished Goods	3,860,168		1,082,173
Totals	$	11,634,568	$	6,974,314

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Investments

6 Months Ended

Apr. 30, 2014

Investments [Abstract]

Investments

INVESTMENTS

Condensed, combined unaudited financial information of the Company’s investment in Absolute Energy, Homeland Energy Solutions, Guardian Energy and RPMG is as follows (in 000’s)

Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	489,837	$	241,993
Other Assets	278,098		288,159
Current Liabilities	350,769		164,813
Long-term Debt	40,435		32,597
Members’ Equity	376,730		332,744
	Three Months Ended April 30,				Six Months Ended April 30,
Income Statement	2014		2013		2014		2013
Revenue	$	246,580	$	225,713	$	510,150	$	489,447
Gross Profit	57,491		14,535		116,726		21,945
Net Income	53,573		9,743		106,961		12,572

The following table shows the condensed financial information of Guardian Energy, which represents greater than 10% of the net income for the three months ended April 30, 2014 (in 000's).

Guardian Energy Condensed Financial Information
Balance Sheet	3/31/2014		9/30/2013
Current Assets	$	54,851	$	42,981
Other Assets	61,300		65,556
Current Liabilities	16,421		18,958
Long-term Debt	20,461		24,080
Members’ Equity	79,269		65,499

The Company recorded equity in net income of approximately (in 000's):

	Three Months Ended April 30,				Six Months Ended April 30,
Equity in Net Income	2014		2013		2014		2013
Absolute Energy	$	1,144	$	219	$	2,538	$	311
Guardian Energy	2,360		484		4,657		452
Homeland Energy Solutions	1,158		123		2,158		154
Other	198		277		347		283
Total	$	4,860	$	1,103	$	9,700	$	1,200

Income from investments for the three months and six months ended April 30, 2014 totaled approximately $4,860,000 and $9,700,000, respectively. Income for the three and six months ended April 30, 2013 totaled approximately $1,103,000 and $1,200,000, respectively.

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Accounting Policies

6 Months Ended

Apr. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Accounting Estimates

Accounting Estimates

Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles.  Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

Cash and Equivalents

Cash and Equivalents

The Company's cash balances are maintained in bank depositories and periodically exceed federally insured limits during the period. The Company has not experienced any losses in connection with these balances.

Receivables

Receivables

Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at original invoice amount with no allowance for doubtful accounts due to the historical collection rates on these accounts.

Investments

Investments

The Company has less than a 20% investment interest in four companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The investments are evaluated for indications of impairment on a regular basis. A loss would be recognized when the fair value is determined to be less than the carrying value.

The fiscal years of Renewable Products Marketing Group, LLC (RPMG) and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC and Homeland Energy Solutions, LLC end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's income statement for the quarter ended April 30, 2014 for all companies is based on the investee's results for the three and six month periods ended March 31, 2014.

Revenue and Cost Recognition

Revenue and Cost Recognition

Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers.  This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned.

Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold.

Inventory

Inventory

Inventories are generally valued at the lower of weighted average cost or market.  In the valuation of inventories and purchase commitments, market is based on current replacement values except that it does not exceed net realizable values and is not less than net realizable values reduced by allowances for approximate normal profit margin.

Property and Equipment

Property & Equipment

Property and equipment are stated at costs. Significant additions and betterments are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 5 and 40 years.

The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Investment in commodities contracts, derivative instruments and hedging activities

Investment in commodities contracts, derivative instruments and hedging activities

The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business.

The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. The Company occasionally also enters into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments.

Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker.

Deferred Compensation

Deferred Compensation

The Company has a deferred compensation plan for certain employees equal to 1% of net income. One-third of the amount is paid in cash immediately and the other two-thirds has a vesting schedule of the lesser of five years from the grant date or seven years of continuous employment with the Company. The amount to be recognized in future years as compensation expense is estimated based on the greater of fair market value or book value of the Company's membership units as of April 30, 2014. Fair value is determined by recent trading activity of the Company's membership units.

Net income (loss) per unit

Net income per unit

Basic and diluted earnings per unit are computed using the weighted-average number of Class A and B units outstanding during the period.

Fair Value

Fair Value

Financial instruments include cash and equivalents, receivables, accounts payable, accrued expenses, long-term debt and derivative instruments. The fair value of derivative financial instruments is based on quoted market prices. The fair value of the long-term debt is estimated based on level 3 inputs based on the current anticipated interest rate which management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. The fair value of other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments.

Risks and Uncertainties

Risks and Uncertainties

The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol and distiller grains to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the three and six months ended April 30, 2014, ethanol sales accounted for approximately 83% and 81% of total revenue, respectively, distiller grains sales accounted for approximately15% and17% of total revenue, respectively, and corn oil sales accounted for approximately 2% of total revenue while corn costs averaged approximately 71% and 76% of cost of goods sold, respectively.

The Company's operating and financial performance is largely driven by the prices at which ethanol is sold and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities.

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Commitments, Contingencies and Agreements (Tables)

6 Months Ended

Apr. 30, 2014

Commitments, Contingencies and Agreements [Abstract]

Schedule of Related Party Transactions

	Three Months Ended April 30,				Six Months Ended April 30,
	2014		2013		2014		2013
Sales ethanol, distiller grains & corn oil	$	79,658,000	$	94,910,000	$	156,363,000	$	180,620,000
Marketing fees	104,000		150,000		205,000		296,000
As of	April 30, 2014		October 31, 2013
Amount due from marketer	$	2,255,000	$	4,276,000

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Property and Equipment (Details) (Property, Plant and Equipment [Member])	6 Months Ended
	Apr. 30, 2014
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	40

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Bank Financing Short Term Debt (Details) (Notes Payable, Other Payables [Member], USD $)	Apr. 30, 2014	Oct. 31, 2013
Notes Payable, Other Payables [Member]
Short-term Debt [Line Items]
Notes Payable, Current	$ 32,000	$ 50,000

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Statement of Cash Flows (USD $)	6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013
Cash Flows from Operating Activities
Net Income	$ 41,252,742	$ 794,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,837,479	4,744,894
Unrealized (gain) on risk management activities	(1,025,448)	(1,870,725)
Amortization of deferred revenue	(226,873)	(226,518)
Change in accretion amounts of interest on grant receivable	(8,410)	(59,923)
Earnings in excess of distributions from investments	(3,821,656)	(594,196)
Deferred compensation expense	35,931	15,216
Change in assets and liabilities
Accounts receivable	2,031,345	(1,448,718)
Inventory	(4,660,254)	(3,228,190)
Prepaid expenses and other	(238,491)	(155,392)
Accounts payable	934,087	(1,077,797)
Accrued expenses	51,958	(34,867)
Deferred compensation payable	0	(67,891)
Net cash provided by (used in) operating activities	39,162,410	(3,209,457)
Cash Flows from Investing Activities
Capital expenditures	(1,189,275)	(2,648,750)
Purchase of investments	(110,000)	0
Net cash (used in) investing activities	(1,299,275)	(2,648,750)
Cash Flows from Financing Activities
Increase (decrease) in outstanding checks in excess of bank balance	(563,531)	292,828
Proceeds from long-term debt	0	22,353,435
Payments for long-term debt	(1,589,060)	(16,884)
Payments for debt issuance costs	0	(22,500)
Redemption of membership units	0	(17,000,000)
Distributions to members	(9,941,500)	0
Payment received on deferred contract	0	251,328
Payments received on grant receivable	236,843	0
Net cash (used in) provided by financing activities	(11,857,248)	5,858,207
Net Increase in Cash and Equivalents	26,005,887	0
Cash and Equivalents – Beginning of Period	0	0
Cash and Equivalents – End of Period	26,005,887	0
Supplemental Cash Flow Information
Cash paid for interest	123,837	236,549
Supplemental Disclosure of Noncash Operating, Investing & Financing Activities
Accounts Payable related to Construction in Process	0	497,895
Deferred Revenue reclassified as a reduction in fixed assets	450,000	0
Distributions Declared and unpaid	$ 7,953,200	$ 0

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Commitments, Contingencies and Agreements

6 Months Ended

Apr. 30, 2014

Commitments, Contingencies and Agreements [Abstract]

Commitments, Contingencies and Agreements

COMMITMENTS, CONTINGENCIES AND AGREEMENTS

Ethanol, Distiller Grains and Corn Oil marketing agreements and major customers

The Company has entered into marketing agreements with a marketing company, in which the Company has an investment, for the exclusive rights to market, sell and distribute the entire ethanol, distiller grains and corn oil inventory produced by the Company. The marketing fees are presented net in revenues.

Approximate sales and marketing fees related to the agreements in place are as follows:

	Three Months Ended April 30,				Six Months Ended April 30,
	2014		2013		2014		2013
Sales ethanol, distiller grains & corn oil	$	79,658,000	$	94,910,000	$	156,363,000	$	180,620,000
Marketing fees	104,000		150,000		205,000		296,000
As of	April 30, 2014		October 31, 2013
Amount due from marketer	$	2,255,000	$	4,276,000

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Related Party Transactions (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2014	Apr. 30, 2013
Related Party Transaction [Line Items]
Due to Related Parties, Current	$ 511		$ 511
Director [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	20,412	18,776	37,389	38,093
Limited Liability Company [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 57	$ 34	$ 118	$ 100

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Summary of Significant Accounting Policies (Details)	6 Months Ended
	Apr. 30, 2014 gal
Product Information [Line Items]
Equity Method Investments, Number of Entities	4
Ethanol [Member]
Product Information [Line Items]
Annual Production Capacity	110,000,000