Wheat prices fell, reversing course after rising in early trade as hopes that the U.S. would see a surge in demand in anticipation that Egypt, the world's largest wheat buyer, would seek U.S. supplies for delivery in April since line of credit has been extended by the U.S., however, analysts said Egypt's state grain buyer had rejected U.S. bids after finding US priced much above world values, which sparked a sell-off in the wheat market. Domestic wheat exports have been slow so far this season on large part to a strong U.S. dollar. "When Egypt backed away citing prices that were too high that tipped the scales, What they're really saying is that they're a value buyer. When you have surplus supplies in the world as we do now there's no reason to panic buy". Lack of new fund buying and profit taking by traders weighed on prices following the wheat market's rally on Tuesday.March wheat slid 7 cents, or 1.3%, to $5.27 3/4 a bushel.Corn and soybean prices also suffered a correction, largely erasing gains posted on Tuesday, as the markets took into account a strong dollar, an uptick in farmer selling and profit taking ahead of a closely watched USDA conference commencing on Thursday. Analysts said increased movement of grain in both the U.S. and South America weighed on prices for the crops, as did selling by bearish traders and investors.