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Wheat drops as dollar edges higher; Australia forecasts record crop

11/29/2021 | 03:35pm EST

* Wheat turns lower after record Australia crop outlook

* Corn and soy drop in good South America weather

* Firmer dollar pressures grains

CHICAGO, Nov 29 (Reuters) - U.S. wheat futures retreated on Monday on a firmer dollar and as a record harvest outlook from major exporter Australia eased recent concerns about rain-damaged crops.

Corn and soybeans followed wheat lower, pressured by technical selling and profit-taking and by good weekend rains in Argentina and parts of Brazil.

Chicago Board of Trade March soft red winter wheat futures were down 18 cents at $8.22-1/4 a bushel. CBOT March corn was down 9-1/2 cents at $5.82-1/4 a bushel and January soybeans were down 11-1/4 cents at $12.41-1/2 a bushel.

Grain futures slumped despite a strong recovery in broader markets, including equities and crude oil, from a sharp sell-off on Friday amid worries over the emergence of a new coronavirus variant.

Wheat led grains lower as Australia's chief commodity forecaster raised its official estimate for the 2021/22 crop. Global wheat markets had rallied early last week on concerns that excessive harvest-time rains damaged wheat crop quality.

"The wheat market went sharply lower after the Australian government came out with not only a record-large wheat crop but also record canola production and the second-largest barley production," said Terry Reilly, senior commodities analyst with Futures International.

"That initially sent negative sentiment into the wheat market, which spilled over into corn and soybeans," he said.

Still-strong global demand for grains, particularly wheat, remained supportive to futures.

Top wheat buyer Egypt bought 600,000 tonnes of Romanian, Russian and Ukrainian wheat in a snap tender on Monday, the latest in a flurry of grain purchases by key world buyers. (Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Ramakrishnan M., David Evans and Paul Simao)

ę Reuters 2021
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