1. Desk: 239-390-2885
BIOFUEL MARKETS DAILY January 9, 2012
CBOT ETHANOL RBOB CRUDE HEATING OIL
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Feb 12 2.2580 2.223 0.035 Feb 12 2.7590 2.7516 0.0074 Feb 12 101.31 101.56 (0.25) Feb 12 3.0730 3.0702 0.0028
Mar 12 2.2780 2.243 0.035 Mar 12 2.7689 2.7642 0.0047 Mar 12 101.52 101.78 (0.26) Mar 12 3.0682 3.0638 0.0044
Apr 12 2.2970 2.261 0.036 Apr 12 2.9007 2.9003 0.0004 Apr 12 101.78 102.04 (0.26) Apr 12 3.0524 3.0463 0.0061
May 12 2.3200 2.284 0.036 May 12 2.8969 2.8976 (0.0007) May 12 102.06 102.30 (0.24) May 12 3.0336 3.0276 0.0060
Jun 12 2.3370 2.307 0.030 Jun 12 2.8772 2.8781 (0.0009) Jun 12 102.26 102.46 (0.20) Jun 12 3.0211 3.0150 0.0061
Jul 12 2.3570 2.330 0.027 Jul 12 2.8521 2.8536 (0.0015) Jul 12 102.35 102.50 (0.15) Jul 12 3.0200 3.0131 0.0069
CORN SOYBEANS WHEAT NATGAS
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Mar 12 652.00 643.50 8.50 Jan 12 1225.75 1189.50 36.25 Mar 12 641.75 624.75 17.00 Feb 12 3.011 3.062 (0.051)
May 12 659.50 650.75 8.75 Mar 12 1233.00 1196.50 36.50 May 12 660.75 643.75 17.00 Mar 12 3.050 3.098 (0.048)
Jul 12 664.50 655.75 8.75 May 12 1242.00 1206.00 36.00 Jul 12 676.75 660.25 16.50 Apr 12 3.115 3.154 (0.039)
Sep 12 610.25 602.25 8.00 Jul 12 1250.50 1214.50 36.00 Sep 12 695.00 676.50 18.50 May 12 3.172 3.208 (0.036)
Dec 12 583.50 575.25 8.25 Aug 12 1244.25 1209.50 34.75 Dec 12 714.25 697.75 16.50 Jun 12 3.227 3.260 (0.033)
Mar 13 595.25 587.25 8.00 Sep 12 1232.25 1199.25 33.00 Mar 13 728.00 711.50 16.50 Jul 12 3.283 3.316 (0.033)
Ethanol Crush Spread Pricing Weak economic news out of Europe weighed on commodities but was countered by a pullback in the dollar
Feb 12 (0.1976) Q3 11 (0.110) index which lost about 0.25 to trade near the 81 level. Energy markets declined on speculation the Iran situation
will not continue to escalate and a European and Asian slowdown in 2012 will slow demand growth. WTI crude
Mar 12 (0.1416) Q4 11 (0.049) for February closed at $101.31, its lowest level of the year while Brent crude eased 88 cents to $112.18.
Apr 12 (0.0884) Q1 12 (0.053) Products were marginally higher as heating oil settled at $3.073 and RBOB at $2.759. Ethanol futures climbed
following corn markets higher. February futures settled at $2.258, a 50 cent discount to same month RBOB.
May 12 (0.0990) Q2 12 0.120
Physical markets inched higher with Rule 11 at $2.21, Argo at $2.20 and FOB NE on BN $2.09. D6 and D4 RINs
Jun 12 (0.0514) Q312 0.013 for 2012 continue to trade at significant premiums to 2011 values, while D5s trade near similar levels regardless
Nationwide Ethanol Indicative Pricing of vintage. Increasing drought concerns in Argentina and Brasil helped propel corn and soybeans to gains.
Temperatures in the triple digits for Argentina's corn growing regions added stress to an already dry crop. Rain
Location Bid Ask and cooler temperatures are expected in the coming days but many believe it may be too late to reverse
Argo ITT 2.190 2.200 drought damage. 2012 corn futures all gained 8 cents or more with front month March finishing at $6.52 up 8.5
cents but 11 off its high. Soybeans were the standout, moving higher by 36.5 cents to $12.33 for March delivery
New York 2.340 2.360 and closing just shy of its $12.35 high of the day. Traders are positioning ahead of Thursday's updated USDA
Gulf Coast 2.290 2.310 reports which could see corn ending stocks revised down by 100 million bushels while soybean ending stocks
are seen as little changed to slightly higher versus December's 230 million estimate.
Los Angeles 2.310 2.330 f
DOE Storage (mbbl) F/X NEAR MARKET SUMMARY
Periods Crude Gasoline Distillate USD Index 80.99 Energy
This Week 329.7 220.2 143.6 Brazilian Real 1.841 WTI (Cash) 101.37
Last Week 327.5 217.7 140.4 Canadian Dollar 1.0233 Brent 112.38
Last Year 335.3 218.1 162.1 Euro 1.2767 NYMEX Crude 101.31
Change 2.2 2.5 3.2 Japanese Yen 76.84 B100 SME Chicago 4.70
Front Month Ethanol Crush Spread B100 SME Gulf Coast 4.82
B100 FAME Chicago 4.51
8.00 1.5
B100 FAME Gulf Co. 4.59
Ag Products
7.50 1 White Grease (cnt/lb) 37.62
Yellow Grease (cnt/lb) 33.50
Tallow (cnt/lb) 45.50
7.00 0.5
Soybean Meal 320.20
Soybean Oil 52.02
6.50 0
Canola (CAD Dollar) 526.30
Sugar (cnt/lb) 23.34
Dry DDG-Chicago(wkly 201.50
6.00 -0.5 Market Indices
DJ-Commodity Index 143.080
5.50 -1
DJ Industrials 12392.7
10/27/2011 11/6/2011 11/16/2011 11/26/2011 12/6/2011 12/16/2011 12/26/2011 1/5/2012
NASDAQ 2676.56
EtOH x 2.8 Corn Crush Spread S&P 500 1280.70
Gold 1611.70
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 January 9, 2012
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
27-Oct 16-Nov 6-Dec 26-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 0.25 0.30 2011 D4 130.00 135.00
2011 D3 113.00 113.00 2011 D5 71.00 75.00
2012 D6 1.55 1.80 2012 D4 156.00 160.00
2012 D3 113.00 113.00 2012 D5 72.00 76.00
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
Feb 12 2.7590 2.2580 (0.5010) Month(s) Bid Ask Atlanta/Doraville 2.330 2.360
Mar 12 2.7689 2.2780 (0.4909) Feb-12 2.270 2.285 Chicago Rule 11 2.200 2.220
Apr 12 2.9007 2.2970 (0.6037) Mar-12 2.290 2.305 Dallas 2.240 2.260
May 12 2.8969 2.3200 (0.5769) Q2 12 2.330 2.345 FOB NE BN 2.090 2.110
Jun 12 2.8772 2.3370 (0.5402) Q3 12 2.285 2.300 FOB NE UP 2.110 2.130
Jul 12 2.8521 2.3570 (0.4951) Q4 12 2.135 2.155 Northern California 2.310 2.330
Aug 12 2.8253 2.3550 (0.4703) Q1 13 2.130 2.150 Pacifc Northwest 2.290 2.310
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
27-Oct 6-Nov 16-Nov 26-Nov 6-Dec 16-Dec 26-Dec 5-Jan
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 January 9, 2012
ETHANOL CHART CORN
R3 2.428 660 R3 686.3
2.700
R2 2.377 650 R2 676.3
2.600
R1 2.328 640
R1 665.3
630
2.500 S1 2.192 620
S1 639.2
2.400 S2 2.150 610 S2 628.1
2.300 S3 2.110 600 S3 618.6
2.200
5DMA 2.227 590
5DMA 647.6
580
20DMA 2.165 570
20DMA 628.6
2.100
100DMA 2.554 560 100DMA 640.3
2.000 14-Nov 29-Nov 14-Dec 29-Dec
21-Nov 6-Dec 21-Dec 5-Jan
RBOB SOYBEANS
2.8
R3 2.9351 1240
R3 1293.0
2.75
R2 2.8740 R2 1268.9
1220
R1 2.8443 R1 1250.8
2.7
1200
S1 2.6786 S1 1201.7
2.65
S2 2.6276 1180 S2 1185.4
2.6
S3 2.5785 1160 S3 1158.6
2.55
5DMA 2.7438 1140
5DMA 1208.0
2.5
20DMA 2.6693 20DMA 1179.3
1120
2.45 100DMA 2.6900 100DMA 1217.2
1100
2.4
14-Nov 29-Nov 14-Dec 29-Dec
14-Nov 29-Nov 14-Dec 29-Dec
.
CRUDE WHEAT
R3 112.57 665
R3 693.0
104 R2 107.78 655 R2 682.7
102 R1 104.44 645 R1 668.5
100 S1 98.36 635
S1 617.1
625
98 S2 95.58 S2 605.4
615
96
S3 92.10 605
S3 752.2
5DMA 101.46 595
5DMA 638.0
94
20DMA 99.81 585 20DMA 625.6
92
100DMA 95.10 575 100DMA 638.4
90 565
14-Nov 26-Nov 8-Dec 20-Dec 1-Jan 14-Nov 29-Nov 14-Dec 29-Dec
HEATING OIL NATURAL GAS
3.2 R3 3.2501 R3 3.273
3.15 R2 3.1599 3.9 R2 3.169
3.1
R1 3.1119 R1 3.072
3.05 3.7
S1 3.0351 S1 2.952
3
2.95
S2 2.9980 3.5 S2 2.868
2.9 S3 2.9225 S3 2.823
3.3
2.85 5DMA 3.0454 5DMA 3.031
2.8 20DMA 2.9729 3.1 20DMA 3.133
2.75 100DMA 2.9725 100DMA 3.545
2.7 2.9
14-Nov 29-Nov 14-Dec 29-Dec 9-Nov 24-Nov 9-Dec 24-Dec 8-Jan
WEATHER
City H/L A storm system organizing in the Texas delivers some heavy rain and
Chicago 46/30 thunderstorms from central Texas to the lower Mississippi Valley today.
New York 43/34 Rainfall of up to 3 inches is possible for the area. A new storm also moves
into the Northwest bringing rain and mountain snow to the region. Santa
Houston 69/50 Ana winds in Southern California may gust above 30 MPH this morning
Los Angeles 79/52 with the wids expected to tame off into the afternoon. A few snow
flurries fly from northern New York to northern Maine. Another storm
Washington D.C. 47/36 system in the Midwest churns up wind and some snow mixed with rain
St. Louis 50/34 from northern Minnesota through Michigan today. Dry conditions are
Naples, Florida 79/55 expected from the Plains to the Ohio valley.
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.