- The document is a daily market report on biofuel and energy commodities that provides pricing and trading data. - Ethanol, corn, soybean, crude oil, and natural gas futures prices mostly rose slightly or were little changed at the close of trading. - Concerns about dry weather affecting crops in Argentina and Brazil supported higher prices for corn, soybeans, and related products.

1. Desk: 239-390-2885
BIOFUEL MARKETS DAILY January 4, 2012
CBOT ETHANOL RBOB CRUDE HEATING OIL
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Jan 12 2.2280 2.240 (0.012) Feb 12 2.7852 2.7486 0.0366 Feb 12 103.22 102.96 0.26 Feb 12 3.0899 3.0382 0.0517
Feb 12 2.2550 2.267 (0.012) Mar 12 2.7949 2.7534 0.0415 Mar 12 103.40 103.14 0.26 Mar 12 3.0828 3.0288 0.0540
Mar 12 2.2760 2.289 (0.013) Apr 12 2.9194 2.8683 0.0511 Apr 12 103.60 103.32 0.28 Apr 12 3.0648 3.0094 0.0554
Apr 12 2.2920 2.305 (0.013) May 12 2.9149 2.8635 0.0514 May 12 103.78 103.42 0.36 May 12 3.0439 2.9869 0.0570
May 12 2.3300 2.328 0.002 Jun 12 2.8930 2.8414 0.0516 Jun 12 103.82 103.35 0.47 Jun 12 3.0275 2.9676 0.0599
Jun 12 2.3530 2.346 0.007 Jul 12 2.8666 2.8142 0.0524 Jul 12 103.71 103.15 0.56 Jul 12 3.0224 2.9607 0.0617
CORN SOYBEANS WHEAT NATGAS
Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg Month Settle Prev Chg
Mar 12 658.50 658.50 0.00 Jan 12 1221.50 1218.25 3.25 Mar 12 650.00 657.00 (7.00) Feb 12 3.096 2.993 0.103
May 12 666.75 667.00 (0.25) Mar 12 1230.00 1227.50 2.50 May 12 668.00 676.00 (8.00) Mar 12 3.127 3.022 0.105
Jul 12 673.00 673.75 (0.75) May 12 1239.50 1237.25 2.25 Jul 12 684.00 691.75 (7.75) Apr 12 3.185 3.084 0.101
Sep 12 617.75 618.00 (0.25) Jul 12 1248.50 1246.75 1.75 Sep 12 700.00 707.50 (7.50) May 12 3.238 3.138 0.100
Dec 12 589.75 590.00 (0.25) Aug 12 1243.75 1242.00 1.75 Dec 12 721.75 726.75 (5.00) Jun 12 3.289 3.189 0.100
Mar 13 601.75 602.00 (0.25) Sep 12 1230.50 1229.25 1.25 Mar 13 736.50 739.50 (3.00) Jul 12 3.346 3.249 0.097
Ethanol Crush Spread Pricing Markets were little changed after Germany successfully auctioned 5 billion in Euro denominated 10
Jan 12 (0.3466) Q3 11 (0.244) year government bonds allaying fears of a failed auction. Crude spent much of the day a little lower
Feb 12 (0.2710) Q4 11 (0.142) consolidating yesterday's large gain but rallied into the close when EU governments announced they
would consider harsher sanctions against Iran. February WTI crude futures closed up 26 cents at
Mar 12 (0.2122) Q1 12 0.057 $103.22, its best settle since May 2011. RBOB and heating oil also reversed early declines to close up on
Apr 12 (0.2499) Q2 12 0.084 the day with RBOB adding 3.66 cents to $2.7852 and heating oil settling at $3.0899 up over 5 cents.
May 12 (0.1435) Q312 (0.028) Ethanol futures came under pressure midday, finishing lower by a little over a penny on the front end
of the curve. D6 and D4 RIN markets remain in a two‐tiered pricing scheme with 2012 commanding
Nationwide Ethanol Indicative Pricing large premiums over 2011; however, in the D5 market both 2011 and 2012 vintage are trading near
Location Bid Ask parity around the 80 cent level. A late rally in the last few minutes of trade erased earlier losses in
Argo ITT 2.230 2.250 March corn. Corn had spent almost the entire day session trading flat to lower, but traded up to
$6.5975 from $6.54 in the last 10 minutes and settled at $6.585, unchanged on the day. Analysts are
New York 2.370 2.400 revising down Argentina corn yield estimates as a result of the prolonged dry weather and are also
Gulf Coast 2.310 2.330 reducing total planted acres as well. Soybean prices rose on similar weather concerns affecting the
Los Angeles 2.330 2.370 f Brasilian crop and March beans rose 2.5 cents to $12.30 after trading as high as $12.3575.
DOE Storage (mbbl) F/X NEAR MARKET SUMMARY
Periods Crude Gasoline Distillate USD Index 80.10 Energy
This Week 327.5 217.7 140.4 Brazilian Real 1.821 WTI (Cash) 103.34
Last Week 323.6 218.4 139.1 Canadian Dollar 1.0127 Brent 113.60
Last Year 339.4 214.9 161.0 Euro 1.2936 NYMEX Crude 103.22
Change 3.9 -0.7 1.3 Japanese Yen 76.74 B100 SME Chicago 4.74
Front Month Ethanol Crush Spread B100 SME Gulf Coast 4.82
B100 FAME Chicago 4.50
8.00 1.5
B100 FAME Gulf Co. 4.62
Ag Products
7.50 1 White Grease (cnt/lb) 36.92
Yellow Grease (cnt/lb) 33.00
Tallow (cnt/lb) 45.50
7.00 0.5
Soybean Meal 317.50
Soybean Oil 52.73
6.50 0
Canola (CAD Dollar) 520.60
Sugar (cnt/lb) 24.42
Dry DDG-Chicago(wkly 201.50
6.00 -0.5 Market Indices
DJ-Commodity Index 144.490
5.50 -1
DJ Industrials 12418.4
10/24/2011 11/3/2011 11/13/2011 11/23/2011 12/3/2011 12/13/2011 12/23/2011 1/2/2012
NASDAQ 2648.36
EtOH x 2.8 Corn Crush Spread S&P 500 1277.30
Gold 1613.40
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 4, 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
24-Oct 13-Nov 3-Dec 23-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 0.15 2010 D4 130.00 135.00
2010 D3 90.00 105.00 2010 D5 60.00 70.00
2011 D6 0.33 0.38 2011 D4 123.00 126.00
2011 D3 113.00 113.00 2011 D5 77.00 82.00
2012 D6 2.00 2.15 2012 D4 153.00 156.00
2012 D3 113.00 113.00 2012 D5 79.00 81.00
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 2.7852 2.2280 (0.5572) Month(s) Bid Ask Atlanta/Doraville 2.330 2.350
Feb 12 2.7949 2.2550 (0.5399) Feb-12 2.270 2.285 Chicago Rule 11 2.240 2.270
Mar 12 2.9194 2.2760 (0.6434) Mar-12 2.285 2.300 Dallas 2.270 2.300
Apr 12 2.9149 2.2920 (0.6229) Q2 12 2.340 2.350 FOB NE BN 2.090 2.110
May 12 2.8930 2.3300 (0.5630) Q3 12 2.285 2.300 FOB NE UP 2.110 2.130
Jun 12 2.8666 2.3530 (0.5136) Q4 12 2.135 2.155 Northern California 2.330 2.350
Jul 12 2.8391 2.3530 (0.4861) Q1 13 2.130 2.150 Pacifc Northwest 2.310 2.330
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
24-Oct 3-Nov 13-Nov 23-Nov 3-Dec 13-Dec 23-Dec 2-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 4, 2012
ETHANOL CHART CORN
R3 2.396 660 R3 693.2
2.800 R2 2.345 650 R2 683.1
2.700 R1 2.297 640
R1 671.9
630
2.600 S1 2.163 620
S1 645.6
2.500 S2 2.122 610 S2 634.4
2.400 S3 2.082 600 S3 624.8
2.300 5DMA 2.221 590
5DMA 648.3
580
2.200
20DMA 2.154 570
20DMA 622.4
2.100
100DMA 2.571 560 100DMA 640.0
2.000 9-Nov 24-Nov 9-Dec 24-Dec
16-Nov 1-Dec 16-Dec 31-Dec
RBOB SOYBEANS
2.8
R3 2.9630 1240
R3 1288.5
2.75
R2 2.9013 R2 1264.5
1220
R1 2.8713 R1 1246.4
2.7
1200
S1 2.7041 S1 1197.5
2.65
S2 2.6526 1180 S2 1181.3
2.6
S3 2.6030 1160 S3 1154.5
2.55
5DMA 2.7246 1140
5DMA 1205.3
2.5
20DMA 2.6411 20DMA 1169.7
1120
2.45 100DMA 2.6864 100DMA 1217.7
1100
2.4
9-Nov 24-Nov 9-Dec 24-Dec
9-Nov 24-Nov 9-Dec 24-Dec
.
CRUDE WHEAT
R3 114.69 665
R3 701.9
104 R2 109.81 655 R2 691.5
102 R1 106.41 645 R1 677.1
100 S1 100.21 635
S1 625.0
625
98 S2 97.38 S2 613.2
615
96
S3 93.84 605
S3 752.2
5DMA 101.39 595
5DMA 648.1
94
20DMA 99.20 585 20DMA 623.3
92
100DMA 94.70 575 100DMA 638.7
90 565
9-Nov 21-Nov 3-Dec 15-Dec 27-Dec 9-Nov 24-Nov 9-Dec 24-Dec
HEATING OIL NATURAL GAS
3.2 R3 3.2680 R3 3.365
3.15 R2 3.1773 3.9 R2 3.259
3.1
R1 3.1290 R1 3.159
3.05 3.7
S1 3.0518 S1 3.035
3
2.95
S2 3.0145 3.5 S2 2.949
2.9 S3 2.9386 S3 2.903
3.3
2.85 5DMA 2.9991 5DMA 3.054
2.8 20DMA 2.9417 3.1 20DMA 3.174
2.75 100DMA 2.9670 100DMA 3.578
2.7 2.9
9-Nov 24-Nov 9-Dec 24-Dec 4-Nov 19-Nov 4-Dec 19-Dec 3-Jan
WEATHER
City H/L Chilly temperatures hit the Southeast this Morning with several spots,
Chicago 37/26 mainly Florida, reaching near record lows. A few stray showers will
New York 28/25 make landfall along the Texas coast. Some flurries or snow showers are
expected in the interior Northeast late today into tonight, with greatest
Houston 70/48 chances of snowfall downwind of the Great Lakes. Breezy conditions are
Los Angeles 82/50 possible at times today in the Plains. An upper level system in the Pacific
Washington D.C. 36/31 Northwest will bring some rain and mountain snow to the region today
and into tonight. Some spots around the Central Valley of California
St. Louis 46/31 expect some poor air quality.
Naples, Florida 63/35
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.