GRAINS-Wheat eases further from highs, corn at 3-week low on benign weather

* Wheat extends decline, falls further from 1-year peak Wheat market awaits clearer picture on weather damage

* Egypt tender to put focus back on export competition

* Corn drops for 4th day as Midwest weather stays benign

(Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, June 22 (Reuters) - Chicago wheat futures slid for a second session on Thursday as the market consolidated below a one-year high earlier this week, with traders awaiting further signs of damage from unfavorable weather in U.S. and European wheat belts. Corn fell for a fourth consecutive day to a three-week low on an outlook for favorable weather across the U.S. Midwest as crops approach the critical pollination phase. The most-active wheat contract on the Chicago Board of Trade had declined 1.0 percent to $4.60 a bushel by 1126 GMT, having closed down 1.7 percent on Wednesday. The market climbed to its highest since June last year at $4.74-3/4 a bushel on Tuesday. Corn gave up 0.2 percent to $3.68 a bushel, after earlier in the session marking its weakest since June 1 at $3.67-1/4 a bushel. Soybeans were unchanged on the day at $9.18-3/4 a bushel, after closing down 1 percent on Wednesday. "The market has already cut forecasts of high protein spring wheat from Canada and the United States," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. "The U.S. corn crop faces few major weather issues for now. Producers and traders are thus more likely to sell more as they position themselves for a sizeable crop." The rally in wheat this month has been fueled by deteriorating conditions for U.S. spring wheat in the northern Plains, which pushed spring wheat futures to a 2-1/2 year high, and the risk of yield damage from a heat wave in France, which helped Euronext wheat futures to an 11-month top. However, rainfall was forecast in the coming days in the northern U.S. Plains, while in France the extent of damage unclear and extreme heat was set to ease from Friday. The prospect of stiff export competition from Russian wheat supplies was keeping a lid on international prices. "The drop of the rouble is a bearish factor, considering the strong (expected) harvest pressure in Russia, consequence of high carryout," consultancy Agritel said in a note, referring to large estimated wheat inventories in Russia. A tender being held on Thursday by Egypt, the world's biggest wheat buyer, will give a fresh indication of export competition. Black Sea origins including Russian wheat have dominated the country's tenders in recent months. Grain markets will also be gauging demand for U.S. supplies through weekly U.S. export sales figures due at 1230 GMT.

Prices at 1126 GMT

Last Chang Pct End Ytd Pct e Move 2016 Move CBOT wheat 460.00 -4.50 -0.97 408.00 12.75 CBOT corn 368.00 -0.75 -0.20 352.00 4.55 CBOT soy 918.75 0.00 0.00 1004.00 -8.49 Paris MAT wheat Sep 174.25 -1.25 -0.71 168.00 3.72 Paris maize Jun 175.50 -1.00 -0.57 166.00 5.72 Paris rape Aug 357.75 -0.25 -0.07 408.50 -12.42 WTI crude oil 42.80 0.27 0.63 53.72 -20.33 Euro/dlr 1.12 0.00 -0.01

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Naveen Thukral in Singapore and Gus Trompiz in Paris; Editing by Joseph Radford and Edmund Blair)