Nov. 10 (Bloomberg) -- Wheat and corn fell on speculation some investors may be locking in gains after prices rose in Chicago yesterday and on an increased cereal-production outlook from the United Nations’ Food and Agriculture Organization.

Corn jumped 5.2 percent yesterday, the most since Oct. 12, while wheat had the strongest advance in more than two weeks as the dollar fell to a 15-month low against a basket of six major currencies and gold climbed to a record.

“You’d have some profit-taking following those gains overnight,” Toby Hassall, a research analyst at CWA Global Markets Pty, said by phone from Sydney.

Wheat for December delivery declined 0.7 percent to $5.1625 a bushel in electronic trading on the Chicago Board of Trade at 2:14 p.m. Paris time after surging as much as 5.4 percent yesterday. December-delivery corn slipped 0.8 percent to $3.83 a bushel.

Milling wheat for January delivery lost 50 cents, or 0.4 percent, to 130.75 euros ($196) a metric ton on Euronext at 2:54 p.m. in Paris.

Soybeans for January delivery slipped 0.1 percent to $9.71 a bushel in Chicago after gaining 1.8 percent yesterday.

World cereal production will reach 2.234 billion metric tons this year, 26 million tons higher than forecast in July, on a bigger-than-expected wheat crop, the FAO said in a report today.

To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net

Last Updated: November 10, 2009 09:08 EST