7:27pm: Reed's deal is worth $1.198MM, which matches the exact slot value for the No. 46 pick, according to Jim Callis of Baseball America (via Twitter).
6:41pm: The Royals announced that they have signed their second round pick Cody Reed. Kansas City has now inked 18 of its 41 selections from the draft.
Reed, a 6-foot-5, 220-pound southpaw, set a new single-season school record with 96 strikeouts at Northwest Mississippi Community College in 73.1 innings. At one point during the season, Reed struck out 57 batters in five starts, including a career-high 15 in one outing.
The left-hander, who is being advised by B.B. Abbott of Jet Sports Management, is ranked 104th on Baseball America's top 500 and No. 31 on the top 100 list of ESPN's Keith Law. BA writes that Reed is a project whose stuff is rather raw but his arm strength is undeniable.