1. Desk: 239-390-2885
BIOFUEL MARKETS DAILY December 27, 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 2.2230 2.185 0.038 Jan 12 2.6888 2.6872 0.0016 Feb 12 101.34 99.68 1.66 Jan 12 2.9085 2.8907 0.0178
Feb 12 2.2210 2.187 0.034 Feb 12 2.6810 2.6781 0.0029 Mar 12 101.46 99.83 1.63 Feb 12 2.9159 2.8995 0.0164
Mar 12 2.2400 2.211 0.029 Mar 12 2.6854 2.6795 0.0059 Apr 12 101.60 99.98 1.62 Mar 12 2.9192 2.8998 0.0194
Apr 12 2.2570 2.228 0.029 Apr 12 2.8010 2.7924 0.0086 May 12 101.62 100.03 1.59 Apr 12 2.9065 2.8844 0.0221
May 12 2.2630 2.234 0.029 May 12 2.7941 2.7854 0.0087 Jun 12 101.48 99.92 1.56 May 12 2.8880 2.8642 0.0238
Jun 12 2.2690 2.240 0.029 Jun 12 2.7714 2.7624 0.0090 Jul 12 101.22 99.68 1.54 Jun 12 2.8723 2.8471 0.0252
CORN SOYBEANS WHEAT NATGAS
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Mar 12 633.25 619.50 13.75 Jan 12 1199.75 1163.00 36.75 Mar 12 644.75 622.00 22.75 Jan 12 3.112 3.114 (0.002)
May 12 641.25 628.00 13.25 Mar 12 1209.50 1172.50 37.00 May 12 662.00 639.50 22.50 Feb 12 3.150 3.147 0.003
Jul 12 647.25 634.00 13.25 May 12 1219.25 1182.25 37.00 Jul 12 676.00 655.50 20.50 Mar 12 3.180 3.184 (0.004)
Sep 12 601.25 593.00 8.25 Jul 12 1228.50 1192.00 36.50 Sep 12 692.25 672.00 20.25 Apr 12 3.244 3.249 (0.005)
Dec 12 577.25 569.00 8.25 Aug 12 1224.50 1189.25 35.25 Dec 12 711.00 691.75 19.25 May 12 3.296 3.302 (0.006)
Mar 13 589.00 581.25 7.75 Sep 12 1214.00 1182.50 31.50 Mar 13 726.50 707.50 19.00 Jun 12 3.345 3.351 (0.006)
Ethanol Crush Spread Pricing Crude oil rallies for the sixth day, the longest stretch in 13 months, and rises as much as 1.9
Jan 12 (0.1081) Q3 11 (0.089) percent as the February delivery rose to $101.46. Higher than estimated consumer confidence
Feb 12 (0.1137) Q4 11 (0.087) levels offset concerns over Europes debt crisis leaves U.S. stocks little changed, also extending
Mar 12 (0.0605) Q1 12 0.095 the Standard and Poors rally to 5 days. The futures markets were up today with the Nymex
January heating oil settling at $2.9055, up about 15cents. Ethanol futures gained as well with Q1
Apr 12 (0.0929) Q2 12 0.126 gaining just above 3cents and the January contract gaining 3.8cents. Corn Futures contracts
May 12 (0.0761) Q312 0.005 were up 14cents as the market settled at 633.4cents/bushel. Soybeans oil was also up, reaching
Nationwide Ethanol Indicative Pricing $51.78, gaining 82cents. Speculation over dry South American weather will limit and potentially
Location Bid Ask put stress on crops over the next 10 days. Physical markets were slow today with many people
still out of the market for the holidays. December Argo was trading low to mid $2.20s and
Argo ITT 2.210 2.230 January was running about $2.18 Fob Nebraska traded a few times at $2.10 for prompt shipped
New York 2.310 2.330 railcars. 2011 code D4 biodiesel rins traded between $1.20 to $1.25 and code D6 ethanol rins
Gulf Coast 2.300 2.330 were offered at 35points. 2011 code D5 advanced fuel rins stayed steady at 80cents.
Los Angeles 2.240 2.280 f
DOE Storage (mbbl) F/X NEAR MARKET SUMMARY
Periods Crude Gasoline Distillate USD Index 79.80 Energy
This Week 323.6 218.4 139.1 Brazilian Real 1.861 WTI (Cash) 101.35
Last Week 334.2 218.8 141.5 Canadian Dollar 1.0189 Brent 109.03
Last Year 340.7 217.2 160.7 Euro 1.3067 NYMEX Crude 101.34
Change -10.6 -1.0 -2.4 Japanese Yen 77.85 B100 SME Chicago 4.65
Front Month Ethanol Crush Spread B100 SME Gulf Coast 4.80
B100 FAME Chicago 4.51
8.00 1.5
B100 FAME Gulf Co. 4.60
Ag Products
7.50 1 White Grease (cnt/lb) 38.94
Yellow Grease (cnt/lb) 333.50
Tallow (cnt/lb) 47.50
7.00 0.5
Soybean Meal 307.70
Soybean Oil 51.84
6.50 0
Canola (CAD Dollar) 521.20
Sugar (cnt/lb) 23.61
Dry DDG-Chicago(wkly 201.50
6.00 -0.5 Market Indices
DJ-Commodity Index 142.130
5.50 -1
DJ Industrials 12291.7
10/17/2011 10/27/2011 11/6/2011 11/16/2011 11/26/2011 12/6/2011 12/16/2011 12/26/2011
NASDAQ 2625.20
EtOH x 2.8 Corn Crush Spread S&P 500 1265.44
Gold 1595.00
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 27, 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
17-Oct 6-Nov 26-Nov 16-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 130.00 135.00
2010 D3 90.00 105.00 2010 D5 60.00 70.00
2011 D6 0.30 0.35 2011 D4 122.00 125.00
2011 D3 113.00 113.00 2011 D5 79.00 81.00
2012 D6 2.10 2.50 2012 D4 145.00 155.00
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 2.6888 2.2230 (0.4658) Month(s) Bid Ask Atlanta/Doraville 2.310 2.330
Feb 12 2.6810 2.2210 (0.4600) Jan-12 2.215 2.230 Chicago Rule 11 2.180 2.200
Mar 12 2.6854 2.2400 (0.4454) Feb-12 2.235 2.250 Dallas 2.250 2.270
Apr 12 2.8010 2.2570 (0.5440) Q1 12 2.230 2.245 FOB NE BN 2.070 2.090
May 12 2.7941 2.2630 (0.5311) Q2 12 2.265 2.280 FOB NE UP 2.090 2.110
Jun 12 2.7714 2.2690 (0.5024) Q3 12 2.225 2.245 Northern California 2.280 2.300
Jul 12 2.7440 2.2880 (0.4560) Q4 12 2.110 2.130 Pacifc Northwest 2.260 2.280
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
17-Oct 27-Oct 6-Nov 16-Nov 26-Nov 6-Dec 16-Dec 26-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 27, 2011
ETHANOL CHART CORN
R3 2.390 660 R3 666.6
2.800 R2 2.340 650 R2 656.9
2.700 R1 2.292 640
R1 646.2
630
2.600 S1 2.158 620
S1 620.8
2.500 S2 2.117 610 S2 610.1
2.400 S3 2.078 600 S3 600.8
2.300 5DMA 2.176 590
5DMA 618.5
580
2.200
20DMA 2.224 570
20DMA 604.6
2.100
100DMA 2.596 560 100DMA 639.1
2.000 2-Nov 17-Nov 2-Dec 17-Dec
9-Nov 24-Nov 9-Dec 24-Dec
RBOB SOYBEANS
2.8
R3 2.8604 1240
R3 1265.6
2.75
R2 2.8008 R2 1242.0
1220
R1 2.7720 R1 1224.2
2.7
1200
S1 2.6105 S1 1176.2
2.65
S2 2.5608 1180 S2 1160.3
2.6
S3 2.5129 1160 S3 1134.0
2.55
5DMA 2.6437 1140
5DMA 1168.0
2.5
20DMA 2.5918 20DMA 1146.2
1120
2.45 100DMA 2.6837 100DMA 1219.2
1100
2.4
2-Nov 17-Nov 2-Dec 17-Dec
2-Nov 17-Nov 2-Dec 17-Dec
.
CRUDE WHEAT
R3 112.60 665
R3 696.3
102
R2 107.81 655 R2 685.9
R1 104.47 645 R1 671.6
97 S1 98.39 635
S1 620.0
625
S2 95.60 S2 608.3
615
92 S3 92.13 605
S3 752.2
5DMA 99.33 595
5DMA 623.6
87 20DMA 98.02 585 20DMA 605.1
100DMA 94.05 575 100DMA 637.5
82 565
2-Nov 14-Nov 26-Nov 8-Dec 20-Dec 2-Nov 17-Nov 2-Dec 17-Dec
HEATING OIL NATURAL GAS
3.2 R3 3.0762 R3 3.383
3.15 R2 2.9907 3.9 R2 3.276
3.1
R1 2.9453 3.8 R1 3.176
3.05
S1 2.8726 3.7 S1 3.051
3
2.95
S2 2.8376 3.6 S2 2.964
2.9 S3 2.7660 3.5 S3 2.918
2.85 5DMA 2.8897 3.4 5DMA 3.132
2.8 20DMA 2.9135 3.3
20DMA 3.262
3.2
2.75 100DMA 2.9660 100DMA 3.635
2.7 3.1
2-Nov 17-Nov 2-Dec 17-Dec 28-Oct 12-Nov 27-Nov 12-Dec 27-Dec
WEATHER
City H/L The Southeast Atlantic Coast states expect some rain, wind and
Chicago 39/19 thunderstorms today with the Carolina Coast and southward
New York 49/41 seeing some severe storms. Snow showers across Upper Michigan
Houston 64/37 and northern Wisconsin are expected today with some heavier
showers also moving into the Northern Plains today, spreading into
Los Angeles 68/49 Mississippi Valley tonight. Some locally heavy rain spreads up the
Washington D.C. 47/39 Northeast coast tonight into Maine. The Pacific Northwest will
St. Louis 45/28 experience some rain and snow showers today also with some
Naples, Florida 78/64 breezy/windy conditions.
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.