The value of RIN is rising again, and it improves earnings in Q2
D4 = $ 0.88
D5 = $ 0.85
D6 = $ 0,755
If we look back at Q1-13 and RIN values, it was January and February with an average D6 RIN value (conservative value) $ 0.30 per RIN, and March average $ 0.60 per RIN which a production in Q1 of approximately 40 million gallons gives a Q1 average D6 value of $ 0.40 per RIN, and a RIN earnings "in isolation" from D6 RIN at $ 16 million (estimate)
Now it will be interesting to follow Q2, where RIN not have to work up from $ 0.07 per gallon RIN ... we're up in nice high valuation.
Stork and Stock,
to better get a fix on the industry margins, google Iowa State University Ethanol. Look for the CARD data stream. both dalily historical data showing the industry margins,and the monthly forecast for a couple of years (using futures). Now this is an industry, not PEIX specific. Each company has its own buisness profile.
Summary of CARD for q1, shows January had a small loss ( -1c,-2,c) and then from Feb to March positive margins. We all know of the March 28, last day of the quarter corn price fall-out. So April is now flat out great.