* 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
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
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
"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)