Prices were $.03-$.04 lower in 2-sided trade. Spreads were slightly firmer. July-26 held support near its 50% retracement between the January low and the double top at $4.87 ½. While yesterday’s EIA data showed ethanol production improved from the previous week, it was below the pace needed to reach the USDA corn usage est. for a 5^th consecutive week. No date has been set for the U.S. Senate to vote on E-15. Friday’s COF report is expected to show cattle inventories as of May 1 at 11.536 mil. head, up 1.4% from YA. Placements are expected to rise 3% with marketings down 9.5%. Prospects for sales to China have raised the price floor for corn while favorable weather limits the upside. Near-term look for July-26 to hold in a $4.50-$4.90 range. Exports at 95 mil. bu. were above expectations with old crop sales at a 4-month high. YTD commitments at 3.144 bil. bu. is up 26% from YA, vs. the USDA forecast of up 15.5%. Japan bought 31 mil., S. Korea 18 mil. while Mexico bought 13.5 mil. of old crop and 11 mil. bu. of new. New crop commitments at only 92 mil. bu. are the lowest for mid-May this decade. The BAGE raised their Argentine production forecast 3 mmt to 64 mmt, once again forging a gap with the USDA forecast of 59 mmt.,” according to Mark Soderberg with ADM Investor Services.