Adds market moves, updates headline and bullets, adds closing prices

By P.J. Huffstutter

CHICAGO, June 26 (Reuters) - Chicago Board of Trade corn and soybean futures ended lower on Friday, as traders adjusted positions ahead of the weekend and funds continued to liquidate their positions, market analysts said.

Earlier in the session, CBOT corn traded both sides of unchanged, a day after a technical reversal driven by traders' thoughts that the market might be oversold, analysts said.

However, a hot turn to Midwest weather starting this weekend supported Chicago grains, which had previously shown little reaction to a heat wave in Western Europe threatening corn crops there.

The National Weather Service forecast that temperatures could reach 100 degrees Fahrenheit (38 degrees Celsius) this weekend as far north as the upper Midwest and as far east as the Carolinas. Hotter-than-normal weather is expected from the Plains to the Atlantic Coast through July 4.

Part of the concern is the timing of a heat wave — and more importantly, whether extreme heat will continue through July, when Midwest corn crops typically go through pollination, market analysts said.

The most-active wheat contract Wv1 ended lower for the fifth session in six, as traders continued liquidating their positions and concerns grew over supply pressures from Northern Hemisphere harvests, market analysts said. The contract lost 11-3/4 cents at $5.89-3/4 a bushel.

"Wheat just continues to be unimpressive," said Ted Seifried, chief market strategist for Zaner Ag Hedge.

The most-active CBOT soybean contract Sv1 ended 3/4 cent lower at $11.56-1/4 a bushel.

Crude oil prices dropped as supply concerns eased with more oil tankers exiting the Strait of Hormuz. O/R

The decline in energy prices weighed on soybeans and corn, both of which are used as feedstocks for biofuels. CBOT corn Cv1 settled 1-1/2 cents lower at $4.41-1/2 a bushel.

Traders adjusted positions for the U.S. Department of Agriculture acreage and stocks reports on Tuesday. Still, traders showed less interest in making big position moves going into the weekend, in part from a lack of fresh market-moving news, said Karl Setzer, partner at advisory firm Consus Ag Consulting.

"Next Tuesday’s acreage and stocks reports will give the market fresh data to sift through, even if numbers are little changed from estimates," Setzer said in an analyst note.

USDA is expected to report June 1 wheat stocks were up 9.2% from a year earlier, a Reuters poll of analysts showed.

USDA is also expected to report that June 1 corn stocks were up 16.5% from a year earlier and that farmers planted about 95 million acres of corn this spring, Reuters polls showed. The agency is expected to report that U.S. soybean stocks on June 1 were up about 3.8% from a year earlier and that farmers planted about 85.4 million acres of soybeans this spring, analysts said.