CHICAGO, June 24 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures dropped on Wednesday, led by wheat.

The most active corn contract for July delivery fell 0.75 cents, or 0.23 percent, to close at 3.2425 U.S. dollars per bushel. September wheat dropped 5.25 cents, or 1.07 percent, to settle at 4.8575 dollars per bushel. November soybeans lost 4 cents, or 0.46 percent, to close at 8.7 dollars per bushel.

The United States looks to harvest a corn crop that will be 2 billion bushels more than last year, likely a record.

The weekly ethanol report released by U.S. Energy Information Administration (EIA) shows U.S. ethanol production last week is 263 million gallons, which is still below the U.S. Department of Agriculture's (USDA) forecast of 295 million gallons needed to reach the World Agricultural Supply and Demand Estimate (WASDE) forecast of 4,900 million bushels.

U.S. wheat futures are trying to forge seasonal lows. The Ukraine/Russian winter wheat harvest is just starting, but with the domestic market well above export offers.

Chicago-based consulting company AgResource doubts that corn, soybeans or wheat can sustain much of a rally amid favorable Central U.S. weather, as the recent rains and mild temperatures this week will improve crop conditions.

Trade volume is modest as traders do not desire to expand their market risk heading into the weekend and next week's USDA June Stocks/Seeding Crop Report.

Central U.S. weather remains the key factor impacting corn, soy and wheat prices. Weather forecast for Central United States in the next 10 days is soaking rain for Dakotas, Illinois and Southeast United States. Enditem

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