Updates for market close

By Heather Schlitz

CHICAGO, May 29 (Reuters) - Chicago wheat, soybean and corn futures fell on Friday as market players booked profits ahead of month-end, with falling crude oil prices also pushing agricultural commodities lower.

"People are moving to the sidelines and getting out," said Dan Basse, president of AgResource.

Oil futures fell 2% after reports that the U.S. and Iran had reached an agreement on a potential ceasefire extension. O/R

Corn and soybean futures often track crude oil prices, as both are commonly used as feedstocks for biofuels. Markets expect any U.S.-Iran peace deal will cause sharp commodity price falls.

Chicago Board of Trade most-traded wheat Wv1 settled 13-1/2 cents lower to $6.10-1/2 per bushel. Corn Cv1 ended 9 cents lower to $4.46-3/4 per bushel, and soybeans Sv1 settled 7-3/4 cents lower to $11.86-3/4 per bushel.

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 pushed prices lower as market players await the U.S. Department of Agriculture's weekly crop progress report on Monday.

Wheat was further pressured by the upcoming Northern Hemisphere harvests. While the U.S. crop has suffered irreparable damage from drought, many other countries are on track for good crops.

China could start buying U.S. soybeans and farm products under the new trade deal, traders said.

Russia is expecting a decent 2026 grain harvest, the country's agriculture minister said, signalling export competition to the U.S. and other suppliers.