GRAINS-Wheat futures drop on Black Sea deal hopes, soybeans down

* Wheat gives up last session's gains, near 17-month low * Expectations of Black Sea grain deal renewal add pressure (Updates prices) By Naveen Thukral and Sybille de La Hamaide SINGAPORE/PARIS, March 8 (Reuters) - Chicago wheat futures slid on Wednesday, giving up much of the previous session's gains and trading near a 17-month low reached earlier this week, on expectations for a Black Sea grain corridor deal between Russia and Ukraine. Soybeans and corn also eased. "The wheat market is pricing in that the Black Sea grain deal will be renewed," said one Singapore-based trader. "Prices are under pressure with ample supplies expected from Russia and Ukraine." The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 1.2% to $6.89-1/2 a bushel, as of 1300 GMT, soybeans lost 0.2% to $15.12 a bushel and corn fell 0.3% to $6.32-1/2 a bushel. The wheat market is under pressure from Russian export competition and expectations that a wartime grain corridor from Ukraine will be extended beyond this month. United Nations Secretary-General Antonio Guterres will meet Ukrainian President Volodymyr Zelenskiy in Kyiv on Wednesday to discuss extending a deal with Moscow that allows the Black Sea export of Ukraine grains amid Russia's war in the country. A Turkish diplomatic source said on Wednesday Ankara was "working very hard" to ensure the deal continues but that Russia's demands for the extension of the deal have not yet been met. Russia signalled that obstacles to its own agricultural exports needed to be removed before it let the Ukraine's Black Sea deal continue. Weather forecasts projecting showers in some U.S. wheat belts have also curbed prices. But weekly U.S. Department of Agriculture (USDA) data on Monday showing a decline in winter wheat conditions in the top U.S. producing state, Kansas, kept the focus on persistent drought in part of the U.S. Plains. Traders are awaiting the USDA's March supply and demand report on Wednesday for an update on Brazilian crops, which may help offset losses in Argentina. Commodity funds were net sellers of CBOT soybean, soyoil, soymeal and corn futures contracts on Tuesday, traders said. Funds were net buyers of CBOT wheat futures, traders said. Prices at 1300 GMT Last Change Pct Move CBOT wheat 689,50 -8,50 -1,22 CBOT corn 632,50 -1,75 -0,28 CBOT soy 1512,00 -3,50 -0,23 Paris wheat 267,00 -3,00 -1,11 Paris maize 263,25 -2,25 -0,85 Paris rapeseed 515,75 -3,75 -0,72 WTI crude oil 77,24 -0,34 -0,44 Euro/dlr 1,0545 0,000 -0,019 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Naveen Thukral and Sybille de La Hamaide; Editing by Subhranshu Sahu and Louise Heavens)