(Updates for market close)

By Heather Schlitz

CHICAGO, May 27 (Reuters) - Chicago wheat fell to a

two-week low on Wednesday, rounding off a fifth consecutive day

of losses, as traders ignored a worsening of U.S. crop ratings

and looked ahead to Northern Hemisphere harvests that will pour

new supply into the market.

"It's the harvest, and we've already factored in production

losses. The fact of the matter is until we see losses in a major

producer like Australia there's still plenty of wheat to go

around," said Jim Gerlach, president of A/C Trading. "It's a

pretty tough time to rally going into harvest."

Corn futures hit a one-month low and soybeans ticked down as

both came under pressure from falling crude oil prices.

The most actively traded wheat contract on the Chicago Board

of Trade settled 13 cents lower at $6.22-1/2 per bushel.

Traders shrugged off U.S. government data on Tuesday showing

that 26% of the U.S. winter wheat crop was in good-to-excellent

condition, below analyst expectations and the lowest for this

time of the year on record.

CBOT corn ended 5 cents lower at $4.52-1/2 per bushel.

Soybeans ended 3/4 cent lower at $11.85-1/4 per bushel.

Weakening crude oil prices have pressured corn and soybean

prices, as both are feedstocks for biofuel.

Oil prices were about 4% lower on Wednesday after Iranian

state TV said it had seen a draft of an initial, unofficial

framework for an agreement between Iran and the United States on

ending their conflict and reopening the Strait of Hormuz.

"Crude oil is down and that's sucking the life out of

commodities," Gerlach said.

Traders are also awaiting crop purchases from China.

Following the summit between the two countries, the White House

said China will purchase at least $17 billion per year of U.S.

agricultural products.