PFL MARKETS DAILY

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CBOT ETHANOL
Month
Nov 15

Settle

Prev

1.5880

RBOB
Chg

1.586

Settle

Month

0.002 Nov 15

1.3480

October 29, 2015

NYH ULSD Futures

CRUDE

Prev

Chg

1.3496

Month

(0.0016) Dec 15

Settle

Prev

45.66

46.06

Chg

Month

(0.40) Nov 15

Settle

Prev

1.4675

1.4748

Chg
(0.0073)

Dec 15

1.5750

1.570

0.005 Dec 15

1.3364

1.3394

(0.0030) Jan 16

46.52

46.90

(0.38) Dec 15

1.4911

1.4984

(0.0073)

Jan 16

1.5550

1.549

0.006 Jan 16

1.3413

1.3450

(0.0037) Feb 16

47.26

47.64

(0.38) Jan 16

1.5259

1.5288

(0.0029)

Feb 16

1.5510

1.545

0.006 Feb 16

1.3629

1.3605

0.0024 Mar 16

48.31

48.29

0.02 Feb 16

1.5457

1.5482

(0.0025)

Mar 16

1.5570

1.551

0.006 Mar 16

1.3931

1.3910

0.0021 Apr 16

48.89

48.88

0.01 Mar 16

1.5546

1.5565

(0.0019)

Apr 16

1.5690

1.564

0.005 Apr 16

1.6110

1.6076

0.0034 May 16

49.06

49.37

(0.31) Apr 16

1.5559

1.5571

(0.0012)

CORN
Month

SOYBEANS
Month

Chg

WHEAT
Month

Chg

NATGAS

Settle

Prev

Settle

Prev

Settle

Prev

Dec 15

380.00

376.00

4.00 Nov 15

878.75

881.50

(2.75) Dec 15

515.00

506.00

Chg

9.00 Dec 15

Settle
2.240

2.257

(0.017)

Mar 16

389.75

386.00

3.75 Jan 16

880.25

882.75

(2.50) Mar 16

519.50

511.75

7.75 Jan 16

2.403

2.423

(0.020)

Month

Prev

Chg

May 16

395.75

392.25

3.50 Mar 16

883.25

886.50

(3.25) May 16

523.50

516.50

7.00 Feb 16

2.416

2.445

(0.029)

Jul 16

400.00

396.50

3.50 May 16

889.00

891.75

(2.75) Jul 16

525.00

518.75

6.25 Mar 16

2.409

2.430

(0.021)

897.25

(2.75) Sep 16

533.00

527.25

5.75 Apr 16

2.376

2.391

(0.015)

Sep 16

400.00

396.00

4.00 Jul 16

894.50

Dec 16

406.50

402.00

4.50 Aug 16

893.25

Ethanol Crush Spread Pricing (per Bu.)

0.8052
0.7675
0.7095
0.6004
0.6178

Nov 15
Dec 15
Jan 16
Feb 16
Mar 16

0.624
0.541
0.443
0.321
0.205

Q4 14
Q1 15
Q2 15
Q3 15
Q4 15

Nationwide Ethanol Indicative Pricing

Location

Ask

Bid

Argo ITT

1.596

1.598

NYH Barge

1.690

1.730

Houston

1.700

1.710

NorCal

1.760

1.780

895.75
(2.50) Dec 16
544.75 539.50
5.25 May 16
2.424
2.462
(0.038)
RINs were very active in the e15s today as the range was $0.75 wide from 39.75-40.25. The market
was a bit of a roller coaster today as it rose early and made its way down, only to rise again in the PM.
The b15s saw action between 54/55 and heard traded @54. The ethanol RINs have lead the way, but
historically they both seem to move together. After a bullish article on D3s was released the market is
up a couple of cents with trades going through just under $1.00. The d5 domestic RINs are in the
market more and more with the Brazilian sugars not as prevalent. The LCFS market was heard to be
83/90 today as it seems to keep moving up. Crude oil closed up on the session just above $46/bbl.
Bakken UHC and Guernsey differentials both remained unchanged on the day. Ethanol closed up .001
at 1.57. The US Dollar felt pressure today posting moderate losses just over .500 index points.
Commodities for the most part felt pressure despite a weaker dollar. Nat gas, heating oil, brent, and
gasoline all closed lower on the day with what appears to be lethargic back and forth trade. Its a big
week for oil companies such as Chevron, Exxon, and Phillips 66 who post earnings on Friday.

DOE Storage (mbbl) week ending 10/21/2015

Periods

Current

Previous Week

Change

F/X
USD Index

Near Market Summary

Energy

97.28

Crude

480.0

480.0

0.0

Brazilian Real

3.849

NYMEX RBOB

Cushing

53.3

53.3

0.0

Canadian Dollar

1.3162

ICE Brent

48.80

Gasoline

218.6

218.6

0.0

Euro

1.0985

NYMEX Crude

46.06

Distillate

142.1

142.1

0.0

Japanese Yen

120.99

B100 SME Chicago

2.37

Front Month Ethanol Crush Spread

2.00
4.85

B100 SME Gulf Co.

2.33

B100 FAME Chicago

2.32

B100 FAME Gulf Co.

2.28

Ag Products

1.80
1.60

4.65

1.40

4.05

White Grease (cnt/lb)

19.00

Yellow Grease (cnt/lb)

17.00

Tallow (cnt/lb)

17.50

1.20

Soybean Oil (cnt/lb)

27.88

1.00

Soybean Meal ($/ton)

301.60

0.80

Canola (CAD/tonne)

460.60

4.45

4.25

0.60

Sugar

0.40

3.45
9/16/2015

(cnt/lb)

DDGS-Chicago(wkly)

3.85

3.65

9/26/2015

10/6/2015

EtOH x 2.9

10/16/2015

Corn

Crush Spread

10/26/2015

134.96

14.56
130.00

Market Indices

0.20

CRB Index

0.00

DJ Industrials

194.16
17755.80

NASDAQ

5074.27

S&P 500

2089.41

Gold

1146.07

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 2015 Progressive Fuels Limited. All Rights Reserved.

PFL MARKETS DAILY

October 29, 2015

RBOB/Ethanol/RINs
0.6000

1.65
1.60

0.5500
1.55
0.5000

1.50
1.45

0.4500
1.40
1.35

0.4000

1.30
0.3500
1.25
1.20

0.3000
4-Sep 6-Sep 8-Sep 10-Sep 12-Sep 14-Sep 16-Sep 18-Sep 20-Sep 22-Sep 24-Sep 26-Sep 28-Sep 30-Sep 2-Oct

RBOB

Ethanol

4-Oct

6-Oct

8-Oct 10-Oct 12-Oct 14-Oct 16-Oct 18-Oct 20-Oct 22-Oct 24-Oct 26-Oct 28-Oct

13 D6 Rins

14 D6 Rins

15 D6 Rins

2012 - 2015 RIN Pricing in cents/RIN & LCFS in dollars/MT

Year

Type

Bid

Ask

Year

Type

Bid

Ask

2013

D4

45.50

46.50

2013

D6

39.75

40.25

2014

D4

51.50

52.50

2014

D6

40.25

40.75

2015

D4

53.50

54.50

2015

D6

39.75

40.25

2013

D5

40.00

41.00

2013 Waiver

D3*

41.50

42.50

2014

D5

44.00

46.00

2014 Waiver

D3*

48.50

49.50

2015

D5

50.00

52.00

2015 Waiver

D3*

63.50

64.50

$82.00

$86.00

LCFS credits

RBOB

CBOT Ethanol

Diff

Settle

Settle

Implied

Nov 15

1.3480

1.5880

0.2400

Dec 15

1.3364

1.5750

Jan 16

1.3413

1.5550

Feb 16

1.3629

Mar 16

1.3931

Month(s)

CU Ethanol Swaps
Month(s)

Nationwide Etoh Pricing

Settle

Location

Bid

Ask

Nov 15

1.5581

Chicago Rule 11

1.610

1.620

0.2386

Dec 15

1.5750

FOB NE BN

1.510

1.520

0.2137

Jan 16

1.5550

FOB NE UP

1.510

1.520

1.5510

0.1881

Feb 16

1.5510

Tampa

1.790

1.810

1.5570

0.1639

Mar 16

1.5570

1.700

1.720

Pacifc Northwest

Soybean Oil-NYH ULSD Futures/Biodiesel RINs

0.9000

0.70
0.60

0.8000

0.50

0.7000

0.40

0.6000
0.30

0.5000
0.20

0.4000

0.10

0.3000

0.00

9/4/2015

9/14/2015
13 D4 Rins

9/24/2015
14 D4 Rins

10/4/2015

10/14/2015
15 D4 Rins

10/24/2015
BO- HO Spread

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 2015 Progressive Fuels Limited. All Rights Reserved.

October 29, 2015

PFL MARKETS DAILY

ETHANOL CHART

CORN

1.650

R3

1.708

R2

1.672

R1

1.637

S1

1.542

S2

1.512

S3

1.484

5DMA

1.587

20DMA

1.561

50DMA

1.519

445

425

R3

400.0

R2

394.2

R1

387.8

S1

372.5

S2

366.1

S3

360.5

5DMA

380.1

20DMA

382.8

50DMA

376.4

R3

927.0

R2

909.7

R1

896.7

S1

861.5

1.600

1.550

1.500

1.450

1.400
16-Sep

1-Oct

405

385

365

345
5-Oct

16-Oct

RBOB

SOYBEANS

1.8

1.6

1.4

1.2

1
16-Sep

20-Oct

1-Oct

R3

1.4340

R2

1.4042

R1

1.3897

S1

1.3087

S2

1.2838

S2

849.9

S3

1.2598

S3

830.6

5DMA

1.3154

5DMA

886.4

20DMA

1.3335

20DMA

892.2

50DMA

1.3803

50DMA

887.6

1040

990

940

890

840
16-Sep

16-Oct

1-Oct

CRUDE
60
58
56
54
52
50
48
46
44
42
40
38
36
34
32
30
16-Sep

16-Oct

WHEAT
R3

50.73

620

R3

556.2

R2

48.57

600

R2

547.9

R1

47.07

580

R1

536.5

S1

44.33

S1

495.2

S2

43.08

520

S2

485.8

S3

41.51

500

S3

752.2

5DMA

44.68

480

5DMA

506.0

20DMA

46.33

460

20DMA

505.7

50DMA

45.22

440

50DMA

495.5

560
540

420
28-Sep

10-Oct

400
16-Sep

22-Oct

NYH ULSD Futures

1-Oct

16-Oct

NATURAL GAS
R3

1.5521

R3

2.435

R2

1.5090

2.9

R2

2.358

1.8

R1

1.4861

R1

2.286

1.7

S1

1.4494

S1

2.196

1.6

S2

1.4317

S2

2.133

S3

1.3956

2.6

S3

2.100

5DMA

1.4512

2.5

5DMA

2.142

1.4

20DMA

1.4980

2.4

20DMA

2.385

1.3

50DMA

1.5133

2.3

50DMA

2.541

1.9

1.5

1.2
16-Sep

1-Oct

16-Oct

2.8
2.7

2.2
16-Sep

1-Oct

16-Oct

WEATHER
City
Chicago
New York
Houston
Los Angeles
Washington D.C.
St. Louis
Naples, Florida

High
54
51
80
69
53
54
81

Low
50
40
77
56
43
47
71

AnupperleveltroughwillmoveacrossthesouthwesternU.S.tonightintoFriday,beforemoving
intothecentralU.S.FridaynightintoSaturday.AsurfacelowpressuresystemwilldeveloponFriday
acrossTexas,whichwillmoveeastwardtowardthelowerMississippivalleyonSaturday.Abundant
moisturefromtheGulfofMexicowillbegintostreamnorthwardacrossTexastonightaheadofthe
lowpressuresystem.Asthemoistureinteractswiththesurfacefrontalsystemandtheupperlevel
trough,numerousshowersandthunderstormsareexpectedtodevelopacrossportionsofthe
southernplainsstartingtonightandexpandingincoverageonFriday.Showersandthunderstorms
areongoingthisafternoonacrossthesouthwesternU.S.andthesewillcontinueintoFridayaswell
acrossportionsofNewMexicoandColorado,withsnowfallingatthehigherelevationsofColorado.
OnSaturdaythelowpressuresystemandtheplumeofdeepmoisturewillshifteasttowardtheGulf
CoastandlowerMississippivalley.

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 2015 Progressive Fuels Limited. All Rights Reserved.