“Prices ranged from $.00 ½ lower to were $.02 higher while spreads weakened. Support for July-26 is near $4.05 with resistance at $4.41. Traders expect little change in corn stocks and new crop production in tomorrow’s USDA updates. Ethanol production held steady at 1,108 tbd, or 326 mil. gallons last week, however was down 1% YOY. Production was slightly below expectations. There was 109 mil. bu. of corn used in the production process, or 15.5 mil. bu. per day, below the 16.0 needed to reach the USDA forecast of 5.60 bil. In the MY to date there has been 4.207 bil. bu. used, or 15.13 mbd, an annualized pace of 5.523 bil. Ethanol stocks slipped to 24.5 mil. barrels, above YA at 23.7 mb. Implied gasoline usage rose 1.6% to 8.731 tbd however was still 4.8% below YA. Conab will also update their Brazilian production forecasts tomorrow. Export sales tomorrow are expected to range from 35-70 mil. bu.” according to Mark Soderberg with ADM Investor Services.