“Prices were $.10-$.12 lower, closing near session lows. Spreads also weakened. July held above MA support at $4.66. Support for Dec is at $4.83 ¼. EIA data showed ethanol production rebounded to 299 mil. gallons LW, up from 297 mil. the previous week while steady with YA. Production was below expectations for the 3rd consecutive week. There was 100 mil. bu. of corn used in the production process, or 14.3 mil. bu. per day, below the 15.7 needed to reach the USDA forecast of 5.60 bil. Ethanol stocks rose to 26 mil. barrels, above 25.2 mb from YA. Implied gasoline demand fell 3.2% to 8.813 tbd however, was up 1% YOY.  If energy prices have indeed peaked, in likelihood, so has corn. With the US crop getting planted in a timely manner, U.S. drought areas are low, higher production in SA combined with a large speculative long position make me think the path of least resistance points lower. Tomorrow’s export sales are expected to range between 32-70 mil. bu..,” according to Mark Soderberg with ADM Investor Services.