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“Prices ranged from $.05-$.15 lower led by old crop futures. Spreads weakened with tomorrow being FND for May futures. May/July traded out to its previous low at a $.10 carry. Coming into today, there were 190 contracts registered for delivery. July-25 plunged to a 3-week low slicing thru the 50 and 100-day MA’s in the process. Trade shrugged off the announced sale of 120k mt (4.7 mil. bu.) to Spain. Favorable weather, rapid planting progress across the U.S. and speculative selling fueled the lower trade across most of the ag space. U.S. plantings advanced 12% to 24% complete, below the 25% pace from YA however above the 5-year average of 22%,” wrote Mark Soderberg with ADM Investor Services.