Recent dramatic growth in corn-based bio-refining has generated considerable growth in the by-product of this process, distiller’s grains. Distiller’s grains are rapidly becoming important livestock feed ingredient sources. However, little public market information is available on distiller’s grain. This study determines spatial and temporal price relationships among distiller’s grain markets. Results indicate spatial distiller’s grain markets operate somewhat independently suggesting potential arbitrage opportunities and indicating distiller’s grain markets are information starved. Furthermore, available futures markets are not viable price risk transfer tools for distiller’s grains.