* Wheat futures continue decline on profit-taking, hefty deliveries against May contract

* The soy complex dragged down by soy oil futures

* Corn ticked down on wheat weakness

CHICAGO, April 30 (Reuters) - U.S. soybean futures fell nearly 2% on Tuesday as falling soyoil prices dragged down the soy complex amid weak demand, deliveries against the May futures contract and market uncertainty, traders said.

Chicago Board of Trade (CBOT) wheat futures continued to tumble from last week's multi-month highs and corn ticked lower.

CBOT July soybean futures SN24 settled down 19 cents at $11.63 per bushel as the front five soyoil futures contract fell to life-of-contract lows. Benchmark July soyoil settled down 1.36 cents at 43.01 cents per pound, near life-of-contract lows.

"It's as if the market raised the white flag and said it's hard to justify these prices," said Bill Lapp, president of Advanced Economic Solutions. "To use a technical term, oil is crapping all over itself."

Traders said heavy deliveries against CBOT May soyoil futures and weak demand for soyoil from the developing biofuels industry was pressuring the market.

"We're not consuming oil for renewable diesel as much as a lot of people thought," said Jim McCormick, partner at AgMarket. "It's facing competition from cooking oil, so the price is driving low to stay competitive."

CBOT July wheat settled down 5-1/4 cents at $6.03-1/4 per bushel after falling more than 2% on Monday.

Traders said technical trading, weak demand for U.S. wheat and large deliveries against CBOT May futures worked to drag down the market.

Broad weakness in commodities including metals and crude oil added to bearish sentiment in grains, traders said.

Most-active CBOT July corn settled down 2-1/2 cents at $4.46-3/4, anchored by plentiful global supplies and planting progress in the Midwest.

President Joe Biden's administration released guidance on its sustainable aviation fuel (SAF) subsidy program that allows corn-based ethanol to qualify as a feedstock provided it is sourced from farms that use climate-friendly growing techniques.

Traders said uncertainty around the outcome of the two-day Federal Open Market Committee meeting starting on Tuesday and Friday's jobs report is creating a "risk-off" environment. (Reporting by Heather Schlitz in Chicago; Additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris; Editing by Richard Chang and David Gregorio)