GRAINS-Soybeans off 2-month highs, corn and wheat also drop
* Soybeans retreat on profit-taking, pulls wheat down
* Corn slides, under pressure from Pro Farmer data
* Stronger dollar adds to weakness
HAMBURG/SYDNEY, Aug 22 (Reuters) - U.S. soybeans fell on Thursday as some traders took profits after the oilseed hit a two-month high in the previous session on forecasts for crop-threatening weather in the United States. Corn fell after estimates of a sharp rise in yields from the Pro Farmer Midwest Crop Tour, a group of experts visiting major U.S. grain production regions and giving immediate assessments of crop outlooks. Wheat was pulled down A stronger dollar, potentially damaging for U.S. exports, added to pressure on prices, analysts said. "We have seen a big rally in soybeans to two-month highs on Wednesday. which has led to some profit taking, and the stronger trend in the dollar today has also added some momentum to the downside," Saxo Bank analyst Ole Hansen said. "Corn and wheat are being pulled down by the weakness in soybeans." "Overall this is providing a framework for some people to take some risk off the table today." Chicago Board of Trade November soybeans were down 1.5 percent at $12.83-1/4 a bushel by 1019 GMT. Soybeans had traded as high as $13.19 a bushel on Wednesday. "Beans have had a fairly strong rally after the U.S. Department of Agriculture report last week, and it (the contract) is topping out a little bit as traders bank profits," said Andrew Woodhouse, a grains analyst at Advance Trading Australasia. December corn fell 1.4 percent to $4.76-1/4 a bushel after closing up 1.6 percent on Wednesday. December wheat fell 0.8 percent to $6.44 a bushel, having risen 0.5 percent on Wednesday. The downward pressure on prices outweighed the support from forecasts for hotter weather across the Midwest by the end of the week, which would increase the threat to crops that are in the pod-setting stage of development. The Pro Farmer Midwest Crop Tour estimated corn yields in Illinois, traditionally second-biggest producer after Iowa, at 170.48 bushels per acre (bpa), up sharply from a drought-reduced 121.60 bpa last year and the tour's three-year average of 148.04 bpa. "The rally in soybeans has been largely sparked by concerns about crop-threatening weather in the U.S.," Saxo Bank's Hansen said, adding that any signs of improvement to U.S. crops could take some of the steam out of soybean rally. "Considering the size of the soybean rally, we could correct as far back as $12.60 on the Chicago November soybean contract without a major change to the overall perception of the market," Hansen said.
* Prices at 1019 GMT
Product Last Change Pct Move End 2012 Ytd Pct Paris wheat 184.75 -0.75 -0.40 195.25 -5.38 Paris maize 168.00 -3.25 -1.90 197.25 -14.83 Paris rape 374.25 -2.00 -0.53 421.50 -11.21 CBOT wheat 633.50 -5.25 -0.82 671.25 -5.62 CBOT corn 475.50 -7.75 -1.60 654.75 -27.38 CBOT soybeans 1283.00 -21.00 -1.61 1207.75 6.23 Crude oil 104.30 0.45 +0.43 98.83 5.53 Euro/dlr 1.3304 * All grain and oilseed prices for second position. Paris futures
prices in Euros per tonne and CBOT in cents per bushel.
(Editing by Jane Baird)