CHICAGO, May 29 (Reuters) - Chicago Board of Trade soybean futures ticked lower on Friday as long liquidation and falling crude oil prices weighed on the oilseed.

• Crude oil futures fell 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement on a potential ceasefire extension. O/R

• Soybean futures often track crude oil prices, as the oilseed is commonly used as a feedstock for biofuels.

• Markets expect any U.S.-Iran peace deal will cause sharp commodity price falls.

• Expectations of strong demand for soyoil for biofuel blending in U.S. fuels under the renewable volume obligations were also supportive for soybeans.

• Crop-friendly weather in the U.S. Midwest has also worked to push prices lower as market players await the U.S. Department of Agriculture's weekly crop progress report that will be released on Monday.

• The USDA reported weekly soybean export sales in the current marketing year at 437,600 metric tons.

• CBOT July soybeans SN26 settled 7-3/4 cents lower at $11.86-3/4 per bushel.

• CBOT July soymeal SMN26 ended $4.30 lower at $329.80 per short ton.

• CBOT July soyoil BON26 ended 1.02 cents higher at 77.72 cents per pound.