CHICAGO: Chicago Board of Trade corn futures fell Friday on long liquidation tied to worries about JPMorgan Chase & Co's shocking $2 billion dollar loss in a failed hedging strategy that could get worse.

* Traders also cited Thursday's USDA May supply/demand report that pegged US old-crop and new-crop corn ending stocks at a level above average analysts' estimates.

* Active plantings of the 2012 US corn crop and prospects for a record large crop approaching 15.0 billion bushels also lent pressure to the corn futures market.

* Stellar corn and soybean seeding weather continued in the US Midwest, leading to prospects for bumper crops. "The limited showers until late next week and the 11- to 15-day period in the Midwest will keep the planting pace rapid for corn and soybeans, and the warming temperatures next week also will aid growth rates," said Joel Widenor, meteorologist for Commodity Weather Group.

* Underpinning came from strong cash markets, slow farmer selling and talk China was seeking or may have bought more US corn.

* USDA said exporters sold 300,000 tonnes of US corn to unknown buyers with 60,000 tonnes sold for old-crop delivery and 240,000 tonnes for new-crop.

* South Korea's KOCOPIA is seeking 110,000 tonnes of corn for arrival in September.

* The July/December spread was at 77 cents, premium July and December corn/November soybean ratio was 2.61.

* July is below all key moving averages with first major resistance at the 50-day MA of $6.30-1/2. The nine-day RSI was at 30.