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AGRICULTURE

BRINGING CLARITY TO TODAY’S AGRICULTURE MARKETS

For over 100 years, Platts’ impartial, transparent price assessments, news and analysis have been integral to the healthy development of commodity markets around the world.

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Platts provides an extensive range of products and services:

PRICES – Platts has become a leading publisher of critical price assessments and a premier source of benchmark prices for physical, futures and derivative markets. Keep abreast of today’s unpredictable markets, venture into new business opportunities with confidence or simply negotiate your everyday deals from a more informed position.

NEWS – Our team of experienced editors and analysts deliver insightful and timely news and market commentary. Our editorial expertise helps bring clarity and depth to an industry that is rife with change so that you can make faster, smarter decisions.

ANALYSIS – Platts takes news and commentary one step further, as we not only comment on price movements, but we offer suggestions and insights into why such movement has occurred; a valued addition that slots nicely into our customer’s everyday workflow.

METHODOLOGY – Clearly defined and transparent methodologies arethe backbone of Platts’ price assessment processes. Platts’ methodologies provide detailed descriptions and explanations of how we assess the market value of commodities so that customers and other interested parties understand those processes. Find out more on our website:www.platts.com/methodology-specifications/agriculture

With ever-changing government trade policies and the unpredictability of the weather, it is hard to know what the sugar market will do next. Minimize any surprises with access to our suite of Kingsman reports. With over a dozen reports and services as well as various package options, we help you choose a subscription for your specific business needs.

Key features of the offering include:Prices and analysis: Act quickly, negotiate with confidence and trade at a fair price with access to daily, weekly and monthly price and analysis reports spanning the world’s major sugar trading regions including Brazil, India, China, Russia and the EU and key factors such as weather and the freight market.

Supply and demand: Uncover pockets of opportunity and predict future price movements with monthly and quarterly updates of sugar production and consumption estimates in the world’s major sugar countries. View the data in report form or interrogate it through our Online Agriculture Analyzer.

Trade flows: Grab that first-mover advantage and spot an opening before your competition with access to import and export estimates for the world’s sugar producing and consuming countries.

Access to the analysts and personalized assistance: Get expert view and opinion on topics that are most relevant to your business and request custom information for your analysis.

A WEALTH OF INSIGHT IN THE FORM AND FREQUENCY THAT MATCHES YOUR NEEDS

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Platts offers customized Biofuels packages to suit every market player from the periodic user to the market analyst. Whether you need daily news and prices, weekly analysis, supply and demand updates or online Analyzer access, our packages will undoubtedly satisfy your thirst for the latest market information.

Platts Biofuels PackageConsolidates all of Platts biofuels reports into one comprehensive package. Aimed at traders/analysts/those who need daily price information and the tools to analyze supply and demand data.

Platts Biofuels Pricing PackageFor traders, brokers, and hedge fund managers who need access to daily prices, news and weekly analysis.

Platts Biofuels Fundamentals Package For traders and analysts who don’t require daily price information but do need supply and demand insight to better identify pockets of opportunity.

Platts Biofuels Light Package For senior executives/periodic users who need to keep one eye on recent market movements through daily news and weekly analysis so that you can forward plan from a more informed position.

ADVANCE YOUR POSITION IN THE BIOFUELS MARKET

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Platts Biofuelscan is a daily market report that provides you with the most crucial information on today’s key biofuels markets.

Key features include:• Identify trends and opportunities with access to

daily price assessments for the ethanol, biodiesel, ETBE and RINs markets.

• Gain global awareness of all major developments with news, analyst commentary and analysis of today’s key biofuels markets.

• Understand what moves the price and why with statistics on related commodity markets such as vegetable oils, rapeseed oil and soybean oil as well as futures prices and FOREX rates.

PLATTS DAILY BIOFUELS REPORT

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Platts key daily ethanol assessments

Low-High Midpoint Change

United States (¢/gal) (PBF page 210)

Ethanol Chicago (terminal) AALRI00 259.00-259.10 259.05 +4.75Ethanol swap Chicago (Aug) ESCM001 243.20-243.30 243.25 +3.75

Brazil Cargo Assessments ($/cu m) (PBF page 220)

Ethanol FOB Santos Cargo AAWFO00 634.95-635.05 635.00 -2.50

Northwest Europe (€/cu m) (PBF page 1210)

Ethanol T2 FOB Rotterdam AAYDT00 625.50-626.50 626.00 -1.00

Asia Pacific ($/cu m) (PBF page 2210)

Bioethanol CIF Philippines AAWAA00 766.33-768.33 767.33 +1.00

London — Spot UCOME biodiesel trade in Northwest Europe is coming to a halt,as backwardation in downstream FAME 0 markets is hurting demand and tight feedstock markets are limiting how much producers can lower their offers, market sources said Monday. UCOME is a second-generation waste grade biodiesel made from used cooking oil and which counts double towards renewables mandates compared with standard first-generation FAME biodiesel. UCOME is typically blended into FAME with a CFPP of 0 (FAME 0), with demand curtailed as the price approaches twice the premium of FAME 0. The market for FAME 0 that complies with the EU’s Renewable Energy Directive has been in a steep backwardation since late June on the

BIOFUELSCANVolume 2 / Issue 137 / July 15, 2013

[BIOFUELS ]

Platts key daily biodiesel assessments

Low-High Midpoint Change

Northwest Europe ($/mt) (PBF page 1310)

FAME 0 FOB ARA AAXQL00 1098.00-1103.00 1100.50 -6.25RME FOB ARA** AAUCA00 1182.75-1187.75 1185.25 -1.25

United States (¢/gal) (PBF page 310)

Biodiesel B100 SME Chicago AAURR00 497.55-497.65 497.60 -5.35

Asia ($/mt) (PBF page 2310)

Biodiesel FOB Southeast Asia* AAVSV00 887.90-888.10 888.00 -17.00

*Loadings in Southeast Asia normalized to Singapore, Pasir Gudang and Dumai. ** Rapeseed Methyl Ester

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Houston— For the fifth time in the last six trading sessions, US 2013 biofuels renewable credits, also known as RINs, soared to record-high levels on Monday. Sources said the strength in the market continued to be driven by aggressive buying interest from obligated refiners needing to meet their Renewable Fuel Standard target. “Buyers are spooked right now,” one biofuels trader said. “They’re spooked that tomorrow will be even higher.” Biomass-based diesel (D4) RINs, advanced biofuel (D5) RINs and corn-based ethanol (D6) RINs for 2013 were each assessed at record highs of $1.33/RIN, $1.33/RIN and $1.32/RIN, respectively. The biodiesel RINs assessment jumped 9 cents, the advanced biofuel assessment gained 10 cents, and

Monday’s highlights

�� Brazilian ethanol exports to Asia cover shortfall from Pakistan

�� Ethanol RINs surge to record high as blend wall approaches

�� European ethanol supply lengthens on weak gasoline demand

�� US ethanol continues its rise on tight supply

(continued on page 9

FAME 0 FOB ARA

($/mt)

1090

1112

1134

1156

1178

1200

15-Jul 02-Jul 19-Jun 06-Jun 23-May 10-May

Contents

Ethanol 2

RINs 2

ETBE 4

Biodiesel 5

Biofuels industry news 6

Kingsman biofuels and vegetable oil prices 7

Futures and foreign exchange 8

Benchmark assessment rationale 9

(continued on page 10)

expectation ofcheaper blendstock RME (rape methyl ester) and PME (palm methyl ester) in August, meaning that UCOME for delivery in August has become comparatively expensive. “The backwardation was always a big problem for second-generation producers, and it’s getting to be an even bigger problem,” one source said. “There are some offers

Ethanol RINs for 2013 assessed at record high of $1.32/RIN

NWE UCOME biodiesel trade hit by backwardated FAME, tight feedstock

Platts expanded its agricultural services to provide insight and analysis for the grains markets through the launch of a market report, Platts Daily Grains. The report provides you with the latest price assessments, analysis and news for the Black Sea region.

PLATTS DAILY GRAINS REPORT

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Key Features1. Platts commentary and market analysis who need a

snapshot of the most relevant market information

2. These 4 prices are believed to be the most reflective of market activity in and around this region

3. Unique to Platts – The ‘heards’ section reports on daily bids, offers and trades

4. Unique to Platts – Rationale behind the prices gives you greater confidence in the prices we publish

5. Top stories of the day provide you with a quick overview of the day’s most important news

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PLATTS MARKET DATA – BIOFUELS Access to over 100 key biofuels assessments for ethanol, biodiesel, ETBE and RINs including Platts’ end-of-day and third-party dataPlatts prices include:Ethanol• T2 FOB Rotterdam• Chicago terminalBiodiesel• Northwest Europe FAME 0 (RED)

PLATTS MARKET DATA – SUGAR• Kingsman’s proprietary spot, premium and discount

price assessments • Weekly freight prices for the world’s key trading

routes for both bulk and bagged sugar• Domestic third-party prices for the world’s major

trading regionsPlatts prices include:• Western Europe delivered• Thai J-spec• CS Brazil Hi Pol

DAILY PRICE FEEDS THROUGH MARKET DATAPlatts Market Data is a daily price feed of current and historical industry prices either fed directly into your company terminal or downloadable in excel from our website.

Stay agile - Increase the efficiency and agility in which your company does business Mitigate any surprises - Benchmark your own data against the market to keep track of how you are performing

Take your analysis to the next level - Simplify and protect your data analysis and modelling process

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Daily spot prices - Negotiate confidently on spot deals with your counterparties with access to an independent and impartial set of reference prices

Daily news - Gain a rounded picture of market activity to support your investment decisions

Reported bids, offers and trades - Get a sense of where the market is trading on a particular day so that you can benchmark your own data against that of Platts

Assessment rationales - Gain an additional level of confidence with the knowledge of how we arrived at a particular price before you approach your counterparty or enter it into your models

Monthly averages - A ready-made average for you to use in your term deals with your counterparty

Historical data (add-on) - Minimize risk on your exposure through monitoring of historical trends and identification of future trading patterns

Choose from 1 or both services: PLATTS AGRICULTURE ALERT (sugar and grains news and prices)

PLATTS BIOFUELS ALERT (biofuels news and prices)

ONLINE REAL-TIME NEWS AND PRICING SERVICEPlatts Alerts allow you to view all Platts’ agriculture information on a simple interface so you can spot opportunities in the market and react accordingly in order to maximize profitability. The service includes:

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ADD SOME WEIGHT TO YOUR STRATEGIC PLANNING AND STEP INTO A WORLD OF SUGAR AND BIOFUELS DATAPlatts Agriculture Analyzer is a user-friendly online tool which allows you to view, graph and download a wealth of sugar and biofuels supply and demand data and other crucial pricing information.

Prepare your strategic/forecasting models with confidence and ease with access to the following:• Current and historical sugar and biofuels supply and demand data• Proprietary daily and weekly prices• Production capacity and consumption data• Updates on mandates (biofuels only)• Downloadable charts for use in presentations• Downloadable data so that you can create your own

charts and presentations

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