“Prices are $.02-$.07 lower today led by old crop. Spreads were also under pressure. Key support for May-25 rests at last week’s low at $4.55 ¼. Late season dryness in Southern Brazil is leading to lower production estimates for this year’s crop. Favorable conditions across central and northern growing areas bode well for their second crop corn development. Historically this report has tilted a bit friendly in corn over the past 25 years having closed higher 16 times (65%) including the past four years, while closing lower nine times,” according to Mark Soderberg with ADM Investor Services.