“Prices sold off late, particularly for the spot May-25 contracts ahead of FND. Prices ranged from $.07 lower in CGO and KC May-26 contracts to $.03 higher in KC July-26. Dryness across the southwest U.S. plains remains a concern. Early strength saw spot CGO trade to a 14-month high, spot KC hitting a 22-month high, while MIAX July-26 traded into new contract highs. CGO July-26 premium to July-26 corn traded out to a 23-month high at $1.92 bu. before backing up. Registrations for delivery with the CME stand at 34 contracts for SRW (CGO) and 22 for HRW (KC). The USDA attache projects Canadian production in 2026/27 MY at 36.2 mmt, down about 10% from YA on slightly lower acres and a return to normal yields. They also project Australian production at 29 mmt, down 19% from YA. Weather impacts from El Nino may present downside risk to this forecast. Combine exports from both countries are expected to slip 3.7 mmt from YA. Export sales are expected to range from 0-18 mil. Bu.,” stated Mark Soderberg with ADM Investor Services.