Mar ’18 U.S. Ethanol Export Volumes Remained at the Second Highest Figure on Record Mar ’18 U.S. Ethanol Exports Volumes Declined 11.2% MOM but Remained up 68.3% YOY Brazil was the Top Destination for U.S. Ethanol Exports During Mar ’18 Mar ’18 U.S. Ethanol Volumes Destined to Brazil Increased Most Significantly YOY Mar ’18 U.S. Ethanol Export Volumes Destined to Brazil Increased to a Record High Mar ’18 U.S. – Brazilian Ethanol Net Trade is Estimated to Reach a Record High A 20% Tariff on U.S. Ethanol Exports Destined to Brazil Took Effect Beginning Sep ’17 Brazil has Accounted for 71% of the Total YOY U.S. Ethanol Export Growth Since 2016 Ethanol Exports Volumes Destined to Brazil up, China Down, Over the Past 12 Months 2017 U.S. Ethanol Export Volumes Destined to China Declined Sharply From the 2016 Highs U.S. Ethanol Export Volumes Destined to China Have Rebounded Over Recent Months