Chicago Board of Trade (CBOT) grains futures closed lower on Friday with soybean futures falling to a two-month low on Friday as the ongoing harvest of a projected record-large Brazilian soy crop threatened U.S. export prospects.

Corn and wheat followed the weak trend, despite a setback in the U.S. dollar.

The most active corn contract for May delivery fell 2.75 cent, or 0.75 percent, to 3.6425 dollars per bushel. May wheat delivery fell 3.5 cents, or 0.79 percent, to 4.405 dollars per bushel. May soybeans dropped 4.5 cents, or 0.45 percent, to 10.065 dollars per bushel.

The soy market was still absorbing revised South American crop estimates. The U.S. Department of Agriculture on Thursday raised its forecast of Brazil's soybean crop to a record 108 million tonnes, from 104 million last month.

Brazilian agricultural statistics agency Conab on Thursday raised its estimate for the country's 2016/17 soybean crop to 107.6 million tonnes, more than 2 million tonnes above its previous forecast.

CBOT corn posted its fifth straight daily decline and finished the week down more than 4 percent, the biggest weekly slide for a most-active corn contract since September, pressed by ample world supplies. The USDA raised its forecast of global 2016/17 corn ending stocks to 220.68 million tonnes, above the average trade estimate and up from 217.56 million last month.

Commodity funds have held net long positions in CBOT soybean and corn futures in recent weeks, leaving both markets vulnerable to long liquidation.