Updates prices, adds quotes, changes byline, changes dateline from previous PARIS

By Julie Ingwersen

CHICAGO, June 5 (Reuters) - Chicago corn and soybean futures fell to fresh multi-month lows on Friday, pressured by a stronger dollar, tumbling equity markets and generally favourable U.S. crop weather that has bolstered production prospects, analysts said.

As of 12:53 p.m. CDT (1753 GMT), Chicago Board of Trade July corn CN26 was down 7-1/2 cents at $4.17 per bushel, after hitting a life-of-contract low at $4.16.

CBOT July soybeans SN26 were down 9-1/4 cents at $11.20-1/4 a bushel after falling to $11.17-1/2, a four-month low, and July wheat WN26 was down 2-3/4 cents at $5.79 a bushel after setting an eight-week low at $5.78.

Speculators appeared to be bailing out of long positions in corn and soybeans, following a selloff on Wall Street after a blow-out jobs report fueled bets of a rate hike by the U.S. Federal Reserve. Additionally, the dollar .DXY firmed, making U.S. commodities less competitive globally.

"It's a combination of a bearish grain situation, the strength in the dollar and the collapse in the equities. With the exception of cattle (futures), there is nobody that is green," Tom Fritz, a partner with EFG Group in Chicago said of the broad market weakness.

Benign weather forecasts for U.S. corn and soybean crops have encouraged investment funds to cut long positions.

"Above-normal rainfall is expected across most of the (U.S.) corn belt over the next 15 days, which should improve soil moisture and favor germination and early growth of corn and soybeans," forecaster Vaisala said in a client note.

A lack of Chinese buying of U.S. crops since a May summit, at which Washington said Beijing committed to purchase an additional $17 billion worth of U.S. agricultural goods per year, has also dented sentiment.

Some traders are concerned that the latest U.S. tariffs proposed in relation to a probe over forced labour could undermine the agricultural trade commitments between Washington and Beijing.