1. Desk: 239-390-2885
BIOFUEL MARKETS DAILY December 19, 2011
CBOT ETHANOL RBOB CRUDE HEATING OIL
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Jan 12 2.1120 2.075 0.037 Jan 12 2.4891 2.4870 0.0021 Jan 12 93.88 93.53 0.35 Jan 12 2.7804 2.8005 (0.0201)
Feb 12 2.1080 2.069 0.039 Feb 12 2.4972 2.4949 0.0023 Feb 12 94.05 93.75 0.30 Feb 12 2.7903 2.8106 (0.0203)
Mar 12 2.1290 2.087 0.042 Mar 12 2.5091 2.5073 0.0018 Mar 12 94.25 93.98 0.27 Mar 12 2.7898 2.8088 (0.0190)
Apr 12 2.1420 2.098 0.044 Apr 12 2.6394 2.6391 0.0003 Apr 12 94.45 94.22 0.23 Apr 12 2.7771 2.7946 (0.0175)
May 12 2.1610 2.117 0.044 May 12 2.6386 2.6385 0.0001 May 12 94.56 94.39 0.17 May 12 2.7631 2.7807 (0.0176)
Jun 12 2.1800 2.133 0.047 Jun 12 2.6222 2.6223 (0.0001) Jun 12 94.53 94.43 0.10 Jun 12 2.7524 2.7714 (0.0190)
CORN SOYBEANS WHEAT NATGAS
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Mar 12 601.00 583.00 18.00 Jan 12 1137.00 1130.00 7.00 Mar 12 599.75 583.75 16.00 Jan 12 3.096 3.127 (0.031)
May 12 609.75 591.75 18.00 Mar 12 1146.75 1139.50 7.25 May 12 619.00 603.50 15.50 Feb 12 3.143 3.174 (0.031)
Jul 12 616.25 598.50 17.75 May 12 1157.25 1150.25 7.00 Jul 12 636.00 620.00 16.00 Mar 12 3.177 3.204 (0.027)
Sep 12 581.00 569.25 11.75 Jul 12 1167.25 1159.75 7.50 Sep 12 654.75 639.50 15.25 Apr 12 3.236 3.263 (0.027)
Dec 12 559.00 548.00 11.00 Aug 12 1165.25 1158.00 7.25 Dec 12 675.75 662.00 13.75 May 12 3.282 3.308 (0.026)
Mar 13 571.00 560.25 10.75 Sep 12 1159.75 1153.00 6.75 Mar 13 691.75 678.00 13.75 Jun 12 3.326 3.353 (0.027)
Ethanol Crush Spread Pricing News of Kim Jong Il's death stole market focus from European headlines for a day. After volatile trading in
Jan 12 (0.0964) Q3 11 (0.085) Asia, markets settled down and traded mostly sideways during US trade. Crude had a small gain as
geopolitical tensions keep a bid under the market and the January contract which expires tomorrow closed
Feb 12 (0.1076) Q4 11 (0.042)
up 35 cents at $93.88. Heating oil fell 2.2 cents while RBOB closed mostly flat at $2.4891 as a decline in US
Mar 12 (0.0488) Q1 12 0.099 equities weighed on the products. Ethanol futures rallied, helped by a strong day in corn, and January
Apr 12 (0.0999) Q2 12 0.110 climbed almost 4 cents, settling at $2.112. Spot ethanol did not fare quite as well and gains were limited in
thin market trading ahead of the holidays, Rule 11 was $2.08 and Fob NE on UP traded $1.99. RIN activity
May 12 (0.0467) Q312 (0.003) picked up as traders look to square up into year end. D4's were active from 119 into the low 120 cent
Nationwide Ethanol Indicative Pricing range, D5s moved firmly into the mid 80s and D6 RINs continue to be mired below 50 points. Corn opened
the overnight session on Sunday night and quickly traded up 9 cents, finishing that session up 12 cents on
Location Bid Ask concerns that persistent hot dry weather may stress crops in South America. A bullish weekly export
Argo ITT 2.090 2.110 inspection number this morning provided another leg up for prices with March corn finishing the day higher
New York 2.270 2.300 by 18 cents at $6.01. Today's settle took it back above both the 9 and 20 day moving averages for the first
time since the middle of November. Soybeans lagged the other Agriculture markets on a more favorable
Gulf Coast 2.240 2.260 weather forecast including the potential for rain in some its growing regions. January beans closed higher
Los Angeles 2.200 2.230 f by 7 cents at $11.37 while bean oil reversed early gains to settle lower by 0.5 at 49.05 cents per pound.
DOE Storage (mbbl) F/X NEAR MARKET SUMMARY
Periods Crude Gasoline Distillate USD Index 80.37 Energy
This Week 334.2 218.8 141.5 Brazilian Real 1.867 WTI (Cash) 93.84
Last Week 336.1 215.0 141.0 Canadian Dollar 1.0381 Brent 103.60
Last Year 346.0 214.8 161.3 Euro 1.3002 NYMEX Crude 93.88
Change -1.9 3.8 0.5 Japanese Yen 78.02 B100 SME Chicago 4.79
Front Month Ethanol Crush Spread B100 SME Gulf Coast 4.91
B100 FAME Chicago 4.60
8.00 1.5
B100 FAME Gulf Co. 4.63
Ag Products
7.50 1 White Grease (cnt/lb) 39.60
Yellow Grease (cnt/lb) 34.25
Tallow (cnt/lb) 47.50
7.00 0.5
Soybean Meal 293.00
Soybean Oil 49.05
6.50 0
Canola (CAD Dollar) 507.70
Sugar (cnt/lb) 23.09
Dry DDG-Chicago(wkly 201.50
6.00 -0.5 Market Indices
DJ-Commodity Index 137.260
5.50 -1
DJ Industrials 11766.3
10/10/2011 10/20/2011 10/30/2011 11/9/2011 11/19/2011 11/29/2011 12/9/2011 12/19/2011
NASDAQ 2523.14
EtOH x 2.8 Corn Crush Spread S&P 500 1205.35
Gold 1595.10
This report has been prepared by Progressive Fuels Limited (PFL) personnel for your information only and the views expressed are intended to provide market commentary and are not recommendations. This report is not an offer to sell or a solicitation
of any offer to buy any security. The information contained herein has been compiled by PFL from sources believed to be reliable, but no representation or warranty, express or implied, is made by Progressive Fuels Limited, its affiliates or any other
person as to its accuracy, completeness or correctness. Copyright 2007 Progressive Fuels Limited. All Rights Reserved.

2. PFL BIOFUEL MARKETS DAILY COMMENTARY December 19, 2011
RBOB/Ethanol/RINs
3.00 0.10
2.90 0.09
2.80 0.08
2.70 0.07
2.60 0.06
2.50 0.05
2.40 0.04
2.30 0.03
2.20 0.02
2.10 0.01
2.00 0.00
10-Oct 30-Oct 19-Nov 9-Dec
RBOB Ethanol 10 E RINs 11 E RINS
Ethanol RIN Pricing (cts/RIN) Biodiesel RIN Pricing (cts/RIN)
Year Type Bid Ask Year Type Bid Ask
2010 D6 0.10 0.20 2010 D4 125.00 130.00
2010 D3 90.00 105.00 2010 D5 60.00 70.00
2011 D6 0.25 0.30 2011 D4 118.00 124.00
2011 D3 113.00 113.00 2011 D5 82.00 90.00
2012 D6 3.00 3.20 2012 D4 146.00 150.00
2012 D3 113.00 113.00 2012 D5 95.00 100.00
D6 = Corn Ethanol RIN D4 = Biodiesel RIN
D3 = Cellulosic Ethanol RIN D5 = Advanced Biodiesel or Renewable Diesel RIN
RBOB CBOT Ethanol RBOB/Etoh Ethanol Swaps Nationwide Etoh Pricing
Month(s) Spread CBOT Location Bid Ask
Jan 12 2.4891 2.1120 (0.3771) Month(s) Bid Ask Atlanta/Doraville 2.250 2.270
Feb 12 2.4972 2.1080 (0.3892) Jan-12 2.100 2.115 Chicago Rule 11 2.070 2.090
Mar 12 2.5091 2.1290 (0.3801) Feb-12 2.120 2.135 Dallas 2.120 2.140
Apr 12 2.6394 2.1420 (0.4974) Q1 12 2.120 2.135 FOB NE BN 1.940 1.970
May 12 2.6386 2.1610 (0.4776) Q2 12 2.170 2.195 FOB NE UP 1.960 1.990
Jun 12 2.6222 2.1800 (0.4422) Q3 12 2.140 2.160 Northern California 2.180 2.200
Jul 12 2.6007 2.1930 (0.4077) Q4 12 2.040 2.060 Pacifc Northwest 2.200 2.220
Soybean Oil/Heating Oil/Biodiesl RINs
2.0000
4.30
4.10
1.8000
3.90
1.6000
3.70
3.50 1.4000
26.85
3.30
1.2000
3.10
1.0000
2.90
2.70 0.8000
10-Oct 20-Oct 30-Oct 9-Nov 19-Nov 29-Nov 9-Dec 19-Dec
BO $/gal HO 10 BD 11 BD
This report has been prepared by Progressive Fuels Limited (PFL) personnel for your information only and the views expressed are intended to provide market commentary and are not recommendations. This report is not an offer to sell or a solicitation of any
offer to buy any security. The information contained herein has been compiled by PFL from sources believed to be reliable, but no representation or warranty, express or implied, is made by Progressive Fuels Limited, its affiliates or any other person as to its
accuracy, completeness or correctness. Copyright 2007 Progressive Fuels Limited. All Rights Reserved.

3. PFL BIOFUEL MARKETS DAILY COMMENTARY December 19, 2011
ETHANOL CHART CORN
R3 2.271 660 R3 632.6
2.800 R2 2.223 650 R2 623.4
2.700 R1 2.177 640
R1 613.3
630
2.600 S1 2.050 620
S1 589.2
2.500 S2 2.011 610 S2 579.0
2.400 S3 1.974 600 S3 570.2
2.300 5DMA 2.085 590
5DMA 588.7
580
2.200
20DMA 2.305 570
20DMA 594.7
2.100
100DMA 2.627 560 100DMA 641.2
2.000 26-Oct 10-Nov 25-Nov 10-Dec
2-Nov 17-Nov 2-Dec 17-Dec
RBOB SOYBEANS
2.8
R3 2.6480 1300
R3 1199.4
2.75
R2 2.5928 1280 R2 1177.0
R1 2.5661 1260 R1 1160.2
2.7
S1 2.4166 1240 S1 1114.7
2.65 1220
S2 2.3706 S2 1099.6
2.6 1200
S3 2.3263 1180
S3 1074.7
2.55
5DMA 2.5110 1160 5DMA 1124.4
2.5
20DMA 2.5549 1140 20DMA 1132.5
2.45 100DMA 2.6879 1120 100DMA 1225.0
1100
2.4
26-Oct 10-Nov 25-Nov 10-Dec
26-Oct 10-Nov 25-Nov 10-Dec
.
CRUDE WHEAT
R3 104.31 665
R3 647.7
102
R2 99.87 655 R2 638.0
R1 96.78 645 R1 624.7
97 S1 91.15 635
S1 576.7
625
S2 88.57 S2 565.8
615
92 S3 85.35 605
S3 752.2
5DMA 95.00 595
5DMA 589.0
87 20DMA 97.07 585 20DMA 592.6
100DMA 93.49 575 100DMA 639.1
82 565
26-Oct 7-Nov 19-Nov 1-Dec 13-Dec 26-Oct 10-Nov 25-Nov 10-Dec
HEATING OIL NATURAL GAS
3.2 R3 2.9407 R3 3.365
3.15 R2 2.8590 3.9 R2 3.259
3.1
R1 2.8156 3.8 R1 3.159
3.05
S1 2.7461 3.7 S1 3.035
3
2.95
S2 2.7126 3.6 S2 2.949
2.9 S3 2.6442 3.5 S3 2.903
2.85 5DMA 2.8260 3.4 5DMA 3.159
2.8 20DMA 2.9256 3.3
20DMA 3.345
3.2
2.75 100DMA 2.9736 100DMA 3.687
2.7 3.1
26-Oct 10-Nov 25-Nov 10-Dec 21-Oct 5-Nov 20-Nov 5-Dec
WEATHER
City H/L The Southern Plains will see some rain and thunderstorms today with a
Chicago 41/30 chance of snow and possible near blizzard conditions expected in parts of
Texas and Oklahoma Panhandles. Rain today will stretch from the central
New York 46/36
Great Lakes and the Ohio Valley into the Lower Missouri Valley today and
Houston 73/59 tonight. Eastern New Mexico expects some near blizzard conditions and
Los Angeles 62/47 the rest of the Four Corners will see some rain, snow and some wind today
and tonight. Stagnant air with locally poor air quality continues in the
Washington D.C. 50/40 valleys of the interior Pacific Northwest, where air stagnation advisories
St. Louis 53/40 are posted. Northern New England will see some snow showers today and
Naples, Florida 78/55 tonight with some rain showers in the interior mixed with snow.
This report has been prepared by Progressive Fuels Limited (PFL) personnel for your information only and the views expressed are intended to provide market commentary and are
not recommendations. This report is not an offer to sell or a solicitation of any offer to buy any security. The information contained herein has been compiled by PFL from sources
believed to be reliable, but no representation or warranty, express or implied, is made by Progressive Fuels Limited, its affiliates or any other person as to its accuracy, completeness
or correctness. Copyright 2007 Progressive Fuels Limited. All Rights Reserved.