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In May CPI, food prices showed mixed trend

Wheat led weakness overnight, facing persistent selling pressure. Corn and soybeans traded higher, though continue to trade largely sideways ahead of today’s USDA reports.

Corn and soybeans modestly rebounded from Tuesday’s losses overnight, while wheat pulled back from its corrective gains yesterday.

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Corn and wheat saw modest strength overnight while soybeans saw mild selling pressure. Wheat futures have closed lower for nine consecutive sessions, a break from that weakness could support corn and soy after the open.

Corn, soybeans and wheat held in tight trading ranges during light, two-sided overnight price action.

The corn and spring wheat CCIs slipped from their initial ratings, while the first rating for soybeans was strong.