CHICAGO, Oct. 20 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures fell on Thursday, retreating from early advances as gains in the U.S. dollar and profit-taking by traders.
The most active corn contract for December delivery fell 6.5 cents, or 1.82 percent, to 3.51 dollars per bushel. December wheat delivery dropped 3.25 cents, or 0.77 percent, to 4.17 dollars per bushel. November soybeans fell 6 cents, or 0.61 percent, to 9.755 dollars per bushel.
The euro fell and the greenback rose to its highest in seven months against a basket of major currencies after the European Central Bank president left the door open to more monetary stimulus at its policy meeting.
A stronger dollar tends to make U.S. goods less attractive to those holding other currencies.
Corn prices led the declines, marching lower despite evidence of solid foreign demand for the grain. The U.S. Department of Agriculture on Thursday said net corn sales for the week ended Oct. 13 totaled 1.02 million metric tons, which surpassed analysts' expectations for 650,000 to one million tons.
Still, largely favorable weather this week is enabling farmers to make steady progress in fields, weighing on prices as traders anticipate a flood of corn from what is projected to be a record harvest this year. The coming weekend and next week will also likely see a brisk harvest pace in the Midwest, analysts said.
Soybean prices also eased after hitting a one-month high, brushing off better-than-expected export sales of the crop. The USDA said net soybean sales last week surpassed two million metric tons.
Analysts had expected just 750,000 to 1.4 million tons. But the prospect of a record U.S. crop soon available to fill the nation's pipelines overwhelmed the brisk pace of foreign demand.
Lower prices for soybean-based products like soybean meal and soybean oil also weighed on the market.
Wheat fell, following the trend. Toward the closing bell, Egypt, the world's biggest wheat importer, said its main state grain buyer bought 120,000 tonnes of Russian wheat in a tender. Enditem
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