May ’18 U.S. Ethanol Export Volumes Declined to a Four Month Low May ’18 U.S. Ethanol Exports Volumes Finished Down 45.2% MOM and 23.5% YOY Canada was the Top Destination for U.S. Ethanol Exports During May ’18 May ’18 U.S. Ethanol Volumes Destined to Brazil Declined Most Significantly YOY May ’18 U.S. Ethanol Export Volumes Destined to Brazil Declined to a Two Year Low May ’18 U.S. – Brazilian Ethanol Net Trade is Projected to Remain Positive A 20% Tariff on U.S. Ethanol Exports Destined to Brazil Took Effect Beginning Sep ’17 Brazil has Accounted for Over Half of the Total YOY U.S. Ethanol Export Growth Since 2016 Ethanol Exports Volumes Destined to Brazil up, Philippines Down, Over the Past 12 Months 2017 U.S. Ethanol Export Volumes Destined to China Declined Sharply From the 2016 Highs May ’18 U.S. Ethanol Export Volumes Destined to China Were Minimal