opisnet.com

OPIS Ethanol & Biodiesel Information Service (EBIS)Your single source for current news and unbiased pricing on renewable markets essential to the fuel supply chain

EBIS makes it easy to stay in-the-know on biofuel developments via real-time news alerts, a daily market overview and a weekly newsletter including price assessments, all delivered electronically.

Benefits

— Learn major pricing moves in biodiesel, ethanol and RINs as they happen with email news alerts

— Increase profitability through a wide range of price discovery

— Leverage your spot and wholesale fuel transactions

— Discover arbitrage opportunities

— Monitor the cost of compliance with clean fuel programs

— Understand how traditional fuel markets are interacting with biofuels

Market Challenge

Due to federal regulation, biofuels comprise a growing and ever-changing segment of the fuel business, but one with little price discovery or market reporting devoted to it. So it offers less transparency for buyers and sellers.

How We Help

EBIS provides an unprecedented combination of news and pricing on renewable fuel markets in the U.S. – not only for primary biofuel products but also for the secondary marke ts that contribute to ethanol and biodiesel production.

W H O W E H E L P

Ethanol/Biodiesel ProducersPetroleum RefinersBrokersTradersInvestment Analysts

C O M M O D I T I E S

GasolineDieselCornNatural GasDried Distiller GrainsEthanolBiodiesel

M A R K E T S E G M E N T S

SpotRack

Copyright © 2017 IHS Markit. All Rights Reservedopisnet.com

Key Feature Benefit to Customer

Real-Time Email Alerts

• React quickly to market-moving news and regulatory developments

Daily Benchmark Pricing Assessments & Market Overview

• Closing spot ethanol and biodiesel assessments• Four types of RIN credits including current and historical values• Natural gasoline (denaturant) spot snapshot• California’s LCFS credit price with calculations translated for

carbon intensity (CI), gasoline and diesel values.

Weekly Newsletter

• Ethanol and biodiesel news• Renewable fuels averages• Biofuels stock performance• Inside Washington column• European, Brazilian and CBI market wrap-ups• Renewable Fuel Feedstock/Co-Product Price Index

Weekly Rack Pricing Report

• Smartphone app enables “on-the-go” access anytime, anywhere

For a FREE trial, call 888 301 2645 or 1 301 284 2000 | email energysales@opisnet.com

OPIS Ethanol & Biodiesel Information Service (EBIS) Feature Overview

Ethanol & Biodiesel Information ServicePricing, News and Analysis for Buying and Supplying Ethanol-Blended Fuel and Biodiesel

In Each Issue ...

Ethanol & Biodiesel Information Service is an OPIS Publication | www.opisnet.com | 888.301.2645 | energycs@opisnet.com

March 6, 2017 • Volume 14, Issue 10

See page 2 for more spot pricing locations

U.S. RINs (prices in U.S. $/RIN)

Fri. 02/24 Mon. 02/27 Tues. 02/28 Wed. 03/01 Thurs. 03/02 Wkly. Avg.

U.S. Ethanol RINs

Current Yr 0.4600-0.4950 0.4600-0.4750 0.3000-0.4500 0.3700-0.3800 0.3250-0.3800 0.40950

Previous Yr 0.4600-0.4850 0.4550-0.4700 0.2950-0.4450 0.3650-0.3750 0.3200-0.3800 0.40500

U.S. Cellulosic RINs

Current Yr 2.6500-2.6800 2.6500-2.6800 2.6500-2.6800 2.6500-2.6800 2.6500-2.6800 2.66500

Previous Yr 2.2000-2.2800 2.2000-2.2800 2.2000-2.2800 2.2000-2.2800 2.2000-2.2800 2.24000

U.S. Biodiesel RINs

Current Yr 0.8850-0.9150 0.8850-0.9100 0.7000-0.9000 0.8400-0.8700 0.8100-0.8500 0.85650

Previous Yr 0.8000-0.8300 0.8050-0.8200 0.6600-0.8400 0.7900-0.8000 0.7500-0.7900 0.78850

U.S. Advanced Biofuel RINs

Current Yr 0.8800-0.9000 0.8750-0.9000 0.6300-0.8300 0.7700-0.8000 0.7600-0.8000 0.81450

Previous Yr 0.7900-0.8100 0.7950-0.8100 0.5900-0.7700 0.7200-0.7600 0.7100-0.7500 0.75050

April 2017 May 2017 June 2017 July 2017

CBOT 150.70 152.50 152.80 153.00

Settlement Thursday, March 2, 2017 Source: Chicago Board of Trade

Chicago (prices in U.S. $/gal.)

Fri. 02/24 Mon. 02/27 Tues. 02/28 Wed. 03/01 Thurs. 03/02 Wkly. Avg.

Ethanol 1.4850-1.4900 1.4850-1.4875 1.4925-1.5400 1.4925-1.5100 1.4200-1.4800 1.48825

DP ETH 1.4800-1.4850 1.4825-1.4850 1.4950-1.5400 1.5000-1.5200 1.4350-1.4650 1.48875

B100 SME 3.0400-3.2200 3.0400-3.2200 3.0700-3.2500 3.0500-3.2300 3.0000-3.1800 3.13000

RBOB Unl 1.4948-1.5198 1.5667-1.5967 1.5869-1.6319 1.5705-1.6005 1.5533-1.5658 1.56869

RBOB Pre 1.7548-1.7798 1.8267-1.8567 1.8194-1.8644 1.8030-1.8330 1.7858-1.7983 1.81219

CBOB Unl 1.4798-1.5048 1.5517-1.5817 1.5444-1.5894 1.5280-1.5580 1.5108-1.5233 1.53719

ULSD 1.5654-1.5854 1.5783-1.5883 1.6099-1.6149 1.5991-1.6141 1.5541-1.5741 1.58836

Chicago Rule 11 (prices in U.S. $/gal.)

Fri. 02/24 Mon. 02/27 Tues. 02/28 Wed. 03/01 Thurs. 03/02 Wkly. Avg.

Current Yr 1.4800-1.5000 1.4725-1.4900 1.4900-1.5350 1.4900-1.5100 1.4400-1.4700 1.48775

Ethanol Market Overview:

Ethanol slides off rumor-filled rallyThe last week started off as a wild one for

the U.S. biofuels industry as rumors, apparent confirmations and ultimately denials that the Trump administration was set to issue an executive order moving Renewable Fuel Standard compliance downstream crunched RIN credit values and whipped ethanol around.

Most ethanol bulk markets remained quiet early last week, but trading in the Chicago-area for nearby in-tank spot material exited February with a rally of more than a nickel on trade talks that touched $1.54/gal. As things cooled and wild RIN price swings flattened, ethanol again worked lower and by presstime Chicago volume that could be transferred in the current week again moved south of middle $1.40s/gal. Late word of $1.435/gal getting done on volume available early this week had prices retreating more than a dime from the highs reached early in the week and as much as 6cts down from week ago trading.

While the Argo market teetered near flat for this or next-week transfers for several days, sources at presstime reported some renewed nearby contango, with the cheapest quotes showing up for dead-prompt transfers and any-March volume up several cents from the prompts.

Ethanol price moves early last week occurred amid Washington rumors of a grand bargain that would have President Donald Trump issue

Ethanol & Gasoline Component Spot Market Prices

Ethanol Futures (cts/gal contract price)

Ethanol Market Overview ......................... 1

Ethanol and Gasoline Component Spot Prices ....................... 1-2

Block Term Contract Prices in Key Markets........................................... 3

Bulk Truck Spot Prices in Key Markets........................................... 3

Renewable Fuels Averages ....................... 5

Biofuels Stock Performance ..................... 6

Inside Washington..................................... 7

In Key Commodity Markets ...................... 8

Key Supply and Demand Statistics ................................................... 8

Biodiesel/Ethanol Plant Profitability ........10

Renewable Fuel Feedstock/ Co-Product Price Index ...........................11

European, Brazilian and CBI Markets .............................................12

News of the Week ....................................15

continued on page 3

Ethanol & Biodiesel Information ServicePricing, News and Analysis for Buying and Supplying Ethanol-Blended Fuel and Biodiesel

Ethanol & Biodiesel Information Service is an OPIS Publication | www.opisnet.com | 888.301.2645 | energycs@opisnet.com

Prices include confirmed moves through March 2, 2017Wholesale (Rack) Biodiesel PricesBiodiesel prices in this report are NOT normalized for the Biodiesel Tax Credit and are posted as the supplier transmits them. OPIS Product Key: LSN2 = LS No.2, LSN2P = LS No.2 Premium, LS1 = LS No.1, HSN2 = HS No.2, SN2D = L2 No.2 Dyed, SN2PD = LS No.2 Prem Dyed, LSN1D = LS No.1 Dyed, CN2= CARB No. 2, CN2D= CARB No.2 Dyed, CULS = CARB Ultra LS, CULSD = CARB Ultra LS Dyed

ALBANY, GA 03/02/2017 **OPIS GROSS WHOLESALE B5 SME BIODIESEL PRICES** Terms LSN2 LSN2D Move Move Move ULTRA ULTRA Date Time Shell b 125-3 165.99 ------ - 1.12 03/01 18:00Shell u N-10 164.33 164.83 - 1.10 03/01 18:00LOW RACK 164.33 164.83 HIGH RACK 165.99 164.83 AVG RACK 165.16 164.83 5-DAY AVG 167.26 166.92

ALBANY, GA 03/02/2017 **OPIS GROSS WHOLESALE B0-5 SME BIODIESEL PRICES** Terms LSN2 LSN2D Move Move Move ULTRA ULTRA Date Time Marathon b 1-10 169.55 170.05 - 1.31 03/01 18:00Marathon u N-10 167.35 167.85 - 1.30 03/01 18:00LOW RACK 167.35 167.85 HIGH RACK 169.55 170.05 AVG RACK 168.45 168.95 5-DAY AVG 170.92 171.42

ALBANY, NY 03/02/2017 **OPIS GROSS WHOLESALE B99 SME BIODIESEL PRICES** Terms B99 B99 Move Move Move w/o RIN w/RIN Date Time AmerGreen u N-10 163.16 ------ 0.33 03/01 16:00LOW RACK 163.16 ------ HIGH RACK 163.16 ------ AVG RACK 163.16 ------ 5-DAY AVG 164.39 ------

Total B99 Avg 163.16

ALBANY, NY 03/02/2017 **OPIS GROSS WHOLESALE B20 SME BIODIESEL PRICES** Terms LSN2 ULSHO Move Move Move ULTRA Date Time AmerGreen u N-10 172.19 171.29 0.33 03/01 16:00LOW RACK 172.19 171.29 HIGH RACK 172.19 171.29 AVG RACK 172.19 171.29 5-DAY AVG 173.42 172.52

ALBANY, NY 03/02/2017 **OPIS GROSS WHOLESALE B10 SME BIODIESEL PRICES** Terms LSN2 ULSHO Move Move Move ULTRA Date Time AmerGreen u N-10 172.69 172.24 0.33 03/01 16:00LOW RACK 172.69 172.24 HIGH RACK 172.69 172.24 AVG RACK 172.69 172.24 5-DAY AVG 173.92 173.47

ALBANY, NY 03/02/2017 **OPIS GROSS WHOLESALE B5 SME BIODIESEL PRICES** Terms LSN2 ULS2P ULSHO Move Move Move ULTRA WNT Date Time AmerGreen u N-10 172.95 ------ 172.72 0.33 03/01 16:00GlobalXOM b 1-10 173.60 173.60 ------ - 1.00 03/01 18:00LOW RACK 172.95 173.60 172.72 HIGH RACK 173.60 173.60 172.72 AVG RACK 173.28 173.60 172.72 5-DAY AVG 174.79 173.60 173.95

ALBANY, NY 03/02/2017 **OPIS GROSS WHOLESALE B2 SME BIODIESEL PRICES** Terms LSN2 ULSHO Move Move Move ULTRA Date Time AmerGreen u N-10 172.95 172.72 0.33 03/01 16:00LOW RACK 172.95 172.72 HIGH RACK 172.95 172.72 AVG RACK 172.95 172.72 5-DAY AVG 174.18 173.95

ALBANY, NY 03/02/2017 **OPIS GROSS SME BIODIESEL NON-TAX ADJUSTED W/OUT RIN MARKET INDEX**Blendstock B100 B90 B80 B50 B40 B30 Ultra Low Sul No2 163.16 163.98 164.80 167.26 168.08 168.90 Ultra LS No2 Dye 163.16 163.99 164.82 167.30 168.13 168.96

B25 B20 B15 B10 B6 B5 Ultra Low Sul No2 169.31 169.72 170.13 170.54 170.87 170.95 Ultra LS No2 Dye 169.37 169.78 170.20 170.61 170.94 171.03

B4 B3 B2 B1 Ultra Low Sul No2 171.03 171.11 171.20 171.28 Ultra LS No2 Dye 171.11 171.19 171.27 171.36

ALBANY, NY 03/02/2017 **OPIS GROSS SME BIODIESEL TAX ADJUSTED W/OUT RIN MARKET INDEX**Blendstock B99 B90 B80 B50 B40 B30 Ultra Low Sul No2 163.16 163.98 164.80 167.26 168.08 168.90 Ultra LS No2 Dye 163.16 163.99 164.82 167.30 168.13 168.96

B25 B20 B15 B10 B6 B5 Ultra Low Sul No2 169.31 169.72 170.13 170.54 170.87 170.95 Ultra LS No2 Dye 169.37 169.78 170.20 170.61 170.94 171.03

B4 B3 B2 B1 Ultra Low Sul No2 171.03 171.11 171.20 171.28 Ultra LS No2 Dye 171.11 171.19 171.27 171.36

ALBUQUERQUE, NM 03/02/2017 **OPIS GROSS WHOLESALE B5 SME BIODIESEL PRICES** Terms LSN2 LSN2D ULS2 ULS2D Move Move Move ULTRA ULTRA WNT WNT Date Time PSX b 1-10 181.09 181.60 183.11 183.62 - 0.20 03/01 20:00PSX u N-10 178.00 178.50 180.00 180.50 - 0.75 03/01 20:00LOW RACK 178.00 178.50 180.00 180.50 HIGH RACK 181.09 181.60 183.11 183.62 AVG RACK 179.55 180.05 181.56 182.06 5-DAY AVG 179.21 179.72 181.22 181.73

ALEXANDRIA, MN 03/02/2017 **OPIS GROSS WHOLESALE B100 MULT BIODIESEL PRICES** Terms B100 B100 Move Move Move w/o RIN w/RIN Date Time Renewable b N-7 ------ 345.00 5.00 03/02 01:01LOW RACK ------ 345.00 HIGH RACK ------ 345.00 AVG RACK ------ 345.00 5-DAY AVG ------ 337.20

Total B100 Avg 345.00

ALEXANDRIA, MN 03/02/2017 **OPIS GROSS WHOLESALE B100 SME BIODIESEL PRICES** Terms B100 B100 Move Move Move w/o RIN w/RIN Date Time WestrnPet u N-10 ------ 340.00 1.00 03/02 01:01LOW RACK ------ 340.00 HIGH RACK ------ 340.00 AVG RACK ------ 340.00 5-DAY AVG ------ 338.20

Total B100 Avg 340.00

ALEXANDRIA, MN 03/02/2017 **OPIS GROSS WHOLESALE B20 SME BIODIESEL PRICES** Terms LSN2 LSN2 LSN2D LSN1 Move Move Move ULTRA ULTRA ULTRA Date Time Cenex b 1-10 ------ 169.58 169.98 ------ 1.78 03/01 19:00NGLCrLog u N-10 ------ 193.37 193.72 ------ - 1.50 03/02 14:35SPP Ref u N-10 ------ 166.00 166.35 ------ - 1.25 03/02 09:30WestrnPet u N-10 178.50 169.70 ------ 176.90 - 2.50 03/02 13:00LOW RACK 178.50 166.00 166.35 176.90 HIGH RACK 178.50 193.37 193.72 176.90 AVG RACK 178.50 174.66 176.68 176.90 5-DAY AVG 181.24 173.87 175.36 178.02

ALEXANDRIA, MN 03/02/2017 **OPIS GROSS WHOLESALE B10 SME BIODIESEL PRICES** Terms LSN2 LSN2D LSN2P LSN2PD ULS2P ULS2PD Move ULTRA ULTRA ULTRA ULS WNT WNT Cenex b 1-10 167.09 167.49 171.84 172.24 174.09 174.49 - 0.31 Hartland u Net 166.56 166.87 ------ ------ ------ ------ - 2.56 NGLCrLog u N-10 180.18 180.53 ------ ------ ------ ------ - 1.50 Noble u N-10 177.22 177.57 177.98 178.33 ------ ------ 0.21 Sinclair b 1-10 165.90 166.25 ------ ------ ------ ------ - 1.82 Sinclair u 1-10 165.90 166.25 ------ ------ ------ ------ - 1.82

OPIS Biodiesel prices are excluding any taxes or tax incentives. o=Out of Product, d=Not in Average *=Calculated Price, AF = Animal Fat, RME = Rapeseed Methyl Esters, SME = Soy Methyl Esters, YGME = Yellow Grease Methyl Esters. *OPIS Market Index values reflect a percentage based calculation of the proportionate amount of B100 and the OPIS average price of the designated Blendstock product. The B100 prices are an average of all B100 posters in the market. Photocopying this material is illegal. It is a violation of federal law to reproduce any part of OPIS Ethanol & Biodiesel Information Service without permission. Civil fines of $10,000 will be sought for violations. Additional copies of OPIS Ethanol & Biodiesel Information Service are available at reduced rates. Call 888.301.2645.