“Prices were steady to $.02 higher as weakness in the soybean complex weighed on corn values. Spreads were mixed. Both July-26 and Dec-26 traded to fresh 3-week highs before pulling back. Our expected range for July-26 of $4.50-$4.75 remains intact. The USDA announced a flash sale of 130k mt (5 mil. bu.) to an unknown buyer. A group of congressional lawmakers, the E15 Rural Domestic Energy Council, is expected to submit legislation that would allow the year-round sale of higher ethanol gasoline while also restricting exemptions for smaller refineries. If ultimately passed, domestic corn demand could grow by 2-2.5 bil. bu. over the next several years. Ethanol production fell to 306 mil. gallons LW, down from 329 mil. the previous week, however still up 1% from YA. Production was at the low end of expectations. There was 103 mil. bu. used in the production process, or 14.66 mil. bu. per day, below the 15.4 needed to reach the USDA forecast of 5.6 bil. Ethanol stocks jumped to 26.7 mil. barrels, well above the 25.5 mb from YA. Implied gas usage LW fell .4% to 9.055 tbd, and was off nearly 4%YOY. EU corn imports as of April 19 at 14.14 mmt are down 17% YOY. Tomorrow’s export sales are expected to range between 40-75 mil. bu. Despite huge production forecasts in Argentine, their FOB offers remain above U.S. Gulf offers,” according to Mark Soderberg with ADM Investor Services.