“Prices were $.02-$.03 lower closing near session lows. Spreads weakened while both Sept-26 and Dec-26 slipped to a 2-week lows. Speculative selling yesterday cut the MM long position back down to 98k contracts. O.I. however, was up nearly 16k contracts. Yesterday’s EIA data showed ethanol production rebounded to 330 mil. gallons, up from 322 mil. the previous week and above the pace needed to reach the USDA corn usage est. for the first time in 15 weeks. Export sales at 56 mil. bu. were in line with expectations. Old crop commitments at 3.424 bil. bu. are up 24% YOY vs. the USDA forecast up 16%. Pace analysis would suggest the USDA export forecast at 3.325 bil. is still 25-50 mil. bu. too low. New crop commitments have reached 340 mil. bu. matching YA while the highest in 5 years. Noted buyers of new crop was unknown – 17 mil. and Mexico – 15 mil. Datagro analysts are forecasting Brazil’s 26/27 production at 147.5 mmt, well above the USDA est. of 139. The EU Commission slashed their 26/27 corn production forecast 13.4% to 51.9 mmt while raising their import forecast 4.9 mmt to 24 mmt. The USDA is forecasting production at 53.8 mmt and imports at 22.5,” wrote Mark Soderberg with ADM Investor Services.