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GRAINS-Wheat retreats from 2-month peak on profit-taking

* Wheat hit a Jan 21 high of $5.83-1/4 on Wednesday

* Consumers rush for staples such as bread, supporting prices

* Corn falls, soybeans edge lower

By Colin Packham

SYDNEY, March 26 (Reuters) - U.S. wheat futures fell more than 1.5% on Thursday to retreat from a two-month high touched in the previous session as traders booked profits after a rally sparked by rising demand amid the coronavirus outbreak.

Corn, used to make oil-substitute ethanol, fell as oil prices weakened. Soybeans extended losses into a second straight session.

The most active wheat futures on the Chicago Board Of Trade were down 1.6% at $5.71 a bushel by 0139 GMT, having closed up 3.3% on Wednesday when prices hit the highest since Jan. 21 at $5.83-1/4 a bushel.

"Some, unsurprisingly, took profits from the recent strong gains," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia

Wheat has gained nearly 6% so far this week as consumers rushed to buy staples such as bread during the coronavirus pandemic that has forced people to stay at home, while worries about supplies from the Black Sea region also supported prices.

"The market's worries about supply from Russia and other places remain vivid," Gorey said.

The most active soybean futures were down 0.7% at $8.75-3/4 a bushel, having closed down 0.6% on Wednesday.

However, the soybean market was supported by worries over potential disruptions to supplies from South America due to coronavirus-containment measures.

Soybean deliveries to crushing plants have been severely cut in Argentina, the world's top supplier of soymeal livestock feed, as the country reacts to the coronavirus pandemic, the local grains export industry chamber said on Tuesday.

The most active corn futures were down 0.9% at $3.45-1/2 a bushel, having gained 0.4% in the previous session.

Although prices were under pressure, traders noted rumoured Chinese buying.

The U.S. Department of Agriculture said private exporters sold 138,000 tonnes of U.S. corn to unknown destinations.

(Reporting by Colin Packham; Editing by Aditya Soni)

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