1. Desk: 239-390-2885
BIOFUEL MARKETS DAILY December 20, 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 2.1400 2.112 0.028 Jan 12 2.5787 2.4891 0.0896 Jan 12 97.22 93.88 3.34 Jan 12 2.8494 2.7804 0.0690
Feb 12 2.1400 2.108 0.032 Feb 12 2.5840 2.4972 0.0868 Feb 12 97.24 94.05 3.19 Feb 12 2.8592 2.7903 0.0689
Mar 12 2.1600 2.129 0.031 Mar 12 2.5946 2.5091 0.0855 Mar 12 97.42 94.25 3.17 Mar 12 2.8593 2.7898 0.0695
Apr 12 2.1750 2.142 0.033 Apr 12 2.7229 2.6394 0.0835 Apr 12 97.59 94.45 3.14 Apr 12 2.8475 2.7771 0.0704
May 12 2.1890 2.161 0.028 May 12 2.7206 2.6386 0.0820 May 12 97.67 94.56 3.11 May 12 2.8324 2.7631 0.0693
Jun 12 2.2060 2.180 0.026 Jun 12 2.7026 2.6222 0.0804 Jun 12 97.59 94.53 3.06 Jun 12 2.8194 2.7524 0.0670
CORN SOYBEANS WHEAT NATGAS
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Mar 12 607.00 601.00 6.00 Jan 12 1144.50 1137.00 7.50 Mar 12 607.75 599.75 8.00 Jan 12 3.128 3.096 0.032
May 12 615.75 609.75 6.00 Mar 12 1154.50 1146.75 7.75 May 12 626.75 619.00 7.75 Feb 12 3.170 3.143 0.027
Jul 12 622.25 616.25 6.00 May 12 1164.75 1157.25 7.50 Jul 12 643.75 636.00 7.75 Mar 12 3.208 3.177 0.031
Sep 12 584.50 581.00 3.50 Jul 12 1174.75 1167.25 7.50 Sep 12 661.75 654.75 7.00 Apr 12 3.271 3.236 0.035
Dec 12 563.50 559.00 4.50 Aug 12 1173.25 1165.25 8.00 Dec 12 682.00 675.75 6.25 May 12 3.319 3.282 0.037
Mar 13 576.00 571.00 5.00 Sep 12 1168.75 1159.75 9.00 Mar 13 698.00 691.75 6.25 Jun 12 3.365 3.326 0.039
Ethanol Crush Spread Pricing A slew of positive news out of Europe set a bullish tone for markets out of the gate. Oil
Jan 12 (0.0780) Q3 11 (0.056) was further supported by concerns that Iran could retaliate against coordinated
Feb 12 (0.0780) Q4 11 (0.025) sanctions. February crude climbed $3.19 to $97.24 while RBOB gained 8.7 cents and
Mar 12 (0.0220) Q1 12 0.134 heating oil added 6.9 cents as the whole energy complex posted strong gains. Ethanol
Apr 12 (0.0675) Q2 12 0.138 futures climbed about 3 cents with February delivery settling at $2.14. Spot market
May 12 (0.0283) Q312 0.017 pricing perked up with Argo trading as high as $2.18. D4 RINs were well bid today trading
into the upper 120 cents, D5s were steady in the lower 80s and E11 RINs were flat near
Nationwide Ethanol Indicative Pricing
40 points. March corn spent the day session in an 8 cent range from $6.01 to $6.09
Location Bid Ask closing near the highs at $6.07, a gain of 6 cents. Bullish outside markets and a weaker
Argo ITT 2.170 2.190 dollar help place a bid under the market but corn was unable to break above its early
New York 2.260 2.290 high that was set 15 minutes into the session. A strong canola crop estimate out of
Gulf Coast 2.240 2.260 Australia limited gains in bean oil which climbed 0.33 to 49.38. Soybeans as a result
Los Angeles 2.210 2.240 f lagged other Agriculture gains on a percentage basis climbing 7.5 cents to $11.445.
DOE Storage (mbbl) F/X NEAR MARKET SUMMARY
Periods Crude Gasoline Distillate USD Index 79.84 Energy
This Week 334.2 218.8 141.5 Brazilian Real 1.842 WTI (Cash) 97.37
Last Week 336.1 215.0 141.0 Canadian Dollar 1.0303 Brent 103.64
Last Year 346.0 214.8 161.3 Euro 1.3082 NYMEX Crude 97.22
Change -1.9 3.8 0.5 Japanese Yen 77.86 B100 SME Chicago 4.85
Front Month Ethanol Crush Spread B100 SME Gulf Coast 4.95
B100 FAME Chicago 4.59
8.00 1.5
B100 FAME Gulf Co. 4.62
Ag Products
7.50 1 White Grease (cnt/lb) 38.79
Yellow Grease (cnt/lb) 34.00
Tallow (cnt/lb) 47.50
7.00 0.5
Soybean Meal 295.20
Soybean Oil 49.38
6.50 0
Canola (CAD Dollar) 510.50
Sugar (cnt/lb) 23.49
Dry DDG-Chicago(wkly 201.50
6.00 -0.5 Market Indices
DJ-Commodity Index 139.570
5.50 -1
DJ Industrials 12103.6
10/11/2011 10/21/2011 10/31/2011 11/10/2011 11/20/2011 11/30/2011 12/10/2011 12/20/2011
NASDAQ 2603.73
EtOH x 2.8 Corn Crush Spread S&P 500 1241.30
Gold 1617.30
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 20, 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
11-Oct 31-Oct 20-Nov 10-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 129.00 134.00
2010 D3 90.00 105.00 2010 D5 60.00 70.00
2011 D6 0.35 0.45 2011 D4 123.00 128.00
2011 D3 113.00 113.00 2011 D5 80.00 85.00
2012 D6 3.20 3.60 2012 D4 147.00 151.00
2012 D3 113.00 113.00 2012 D5 90.00 95.00
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 2.5787 2.1400 (0.4387) Month(s) Bid Ask Atlanta/Doraville 2.280 2.300
Feb 12 2.5840 2.1400 (0.4440) Jan-12 2.135 2.150 Chicago Rule 11 2.100 2.130
Mar 12 2.5946 2.1600 (0.4346) Feb-12 2.155 2.170 Dallas 2.160 2.180
Apr 12 2.7229 2.1750 (0.5479) Q1 12 2.150 2.165 FOB NE BN 1.940 1.970
May 12 2.7206 2.1890 (0.5316) Q2 12 2.195 2.210 FOB NE UP 1.960 1.990
Jun 12 2.7026 2.2060 (0.4966) Q3 12 2.170 2.190 Northern California 2.190 2.210
Jul 12 2.6802 2.2220 (0.4582) Q4 12 2.065 2.085 Pacifc Northwest 2.210 2.230
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
11-Oct 21-Oct 31-Oct 10-Nov 20-Nov 30-Nov 10-Dec 20-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 20, 2011
ETHANOL CHART CORN
R3 2.301 660 R3 638.9
2.800 R2 2.253 650 R2 629.7
2.700 R1 2.206 640
R1 619.4
630
2.600 S1 2.078 620
S1 595.1
2.500 S2 2.038 610 S2 584.8
2.400 S3 2.000 600 S3 575.9
2.300 5DMA 2.091 590
5DMA 595.0
580
2.200
20DMA 2.285 570
20DMA 596.0
2.100
100DMA 2.620 560 100DMA 640.4
2.000 27-Oct 11-Nov 26-Nov 11-Dec
3-Nov 18-Nov 3-Dec 18-Dec
RBOB SOYBEANS
2.8
R3 2.7433 1300
R3 1207.3
2.75
R2 2.6861 1280 R2 1184.8
R1 2.6585 1260 R1 1167.9
2.7
S1 2.5036 1240 S1 1122.1
2.65 1220
S2 2.4559 S2 1106.9
2.6 1200
S3 2.4100 1180
S3 1081.8
2.55
5DMA 2.5336 1160 5DMA 1131.1
2.5
20DMA 2.5572 1140 20DMA 1133.6
2.45 100DMA 2.6857 1120 100DMA 1223.3
1100
2.4
27-Oct 11-Nov 26-Nov 11-Dec
27-Oct 11-Nov 26-Nov 11-Dec
.
CRUDE WHEAT
R3 108.02 665
R3 656.3
102
R2 103.43 655 R2 646.5
R1 100.23 645 R1 633.1
97 S1 94.39 635
S1 584.4
625
S2 91.72 S2 573.3
615
92 S3 88.38 605
S3 752.2
5DMA 95.74 595
5DMA 595.2
87 20DMA 97.09 585 20DMA 594.2
100DMA 93.57 575 100DMA 638.4
82 565
27-Oct 8-Nov 20-Nov 2-Dec 14-Dec 27-Oct 11-Nov 26-Nov 11-Dec
HEATING OIL NATURAL GAS
3.2 R3 3.0136 R3 3.400
3.15 R2 2.9300 3.9 R2 3.293
3.1
R1 2.8855 3.8 R1 3.192
3.05
S1 2.8142 3.7 S1 3.067
3
2.95
S2 2.7799 3.6 S2 2.979
2.9 S3 2.7098 3.5 S3 2.933
2.85 5DMA 2.8338 3.4 5DMA 3.149
2.8 20DMA 2.9184 3.3
20DMA 3.324
3.2
2.75 100DMA 2.9711 100DMA 3.676
2.7 3.1
27-Oct 11-Nov 26-Nov 11-Dec 24-Oct 8-Nov 23-Nov 8-Dec
WEATHER
City H/L The Lower Mississippi Valley through much of the Southeast will see some
Chicago 38/35 rain, thunderstorms and some breezy conditions today and into tonight
with overall mild temperatures expected for the region. Snow is possible
New York 44/39
from western Kansas to southern Wisconsin. Rain with a potential mix of
Houston 70/42 snow moves into the Mid‐Atlantic today, spreading northward into New
Los Angeles 66/48 York and Pennsylvania tonight. Wind and snow tapers off today in New
Mexico and Colorado. A new system moving into the Pacific Northwest,
Washington D.C. 50/41 Northern Rockies and Northern High Plains brings rain and snow showers
St. Louis 48/38 as far south as the northern Great Basin by tonight. Potential stagnant air
Naples, Florida 80/61 and fog is possible again this morning in the Pacific Northwest
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.