“Prices were $.03 ½ – $.05 ½  higher, closing at session highs. Spreads weakened however. Next resistance for Mch-26 is this month’s high at $4.36.  Prices remain rangebound between $4.15-$4.40. Yesterday’s EPA data showed ethanol production rebounding to 326 mil. gallons, up 2.6% YOY and above the pace needed to reach the USDA usage forecast of 5.60 bil. bu. Conab lowered their Brazilian production forecast .5 mmt to 138.45 mmt, still well above the USDA forecast of 131 mmt.  The second crop was trimmed 1.2 to 109.26 mmt due to reduced acres.  The Rosario Board of Trade kept their Argentine production forecast unchanged at 62 mmt, well above the USDA est. of 53 mmt.  Export sales at 82 mil. bu. were above expectations.  YTD commitments at 2.394 bil. bu. are up 31% from YA, vs. the revised USDA forecast of up 15.5%.  Noted buyers were Japan – 24 mil., Korea – 13 mil., Colombia – 11 mil. and Mexico – 8 mil. U.S. corn acres in drought rose 2% to 31%,” according to Mark Soderberg with ADM Investor Services.