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Grain markets pressured by Black Sea export deal hopes

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Weak wheat futures help to drag down corn, traders say

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Weekly U.S. export sales meet analyst estimates

CHICAGO, Feb 24 (Reuters) - Chicago Board of Trade corn futures set a six-week low on Friday while wheat hit its lowest in more than four weeks on concern over competition for global export business, analysts said.

Prospects for robust 2023 corn production in the United States, along with broader economic worries, also hung over grain futures.

On the first anniversary of Russia's invasion of major grains producer Ukraine, traders largely expect an extension of the Black Sea grain deal that was struck last year. The agreement facilitated the flow of Ukrainian crops such as wheat and corn to world buyers and increased competition for other suppliers.

"The flow of cheap wheat out of the Black Sea region has been stiff competition for corn," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa.

The most active CBOT corn contract was down 7-1/4 cents at $6.52 a bushel by 11:15 a.m. CST (1715 GMT) after falling for a second day to its lowest price since Jan. 12.

Wheat was down 22-1/2 cents at $7.28 a bushel, after touching its lowest since Jan. 24 at $7.25-1/2.

Compared with the day before Russia's invasion last year, wheat futures are down about 18% and corn futures are down 4%.

In Paris, Euronext wheat fell to a one-month low on Friday, pressured by export competition from Russia and expectations that the shipping corridor from Ukraine will continue.

CBOT soybeans also eased, with the most active contract down 6 cents at $15.21-1/4 a bushel. Soybeans earlier touched their lowest since Feb. 15 at $15.17-1/2.

The United States faces competition for soybean export sales from cheaper suppliers in Brazil, traders said.

U.S. soybean export sales were 556,600 tonnes in the week ended Feb. 16, the U.S. Department of Agriculture said. Analysts had expected 300,000 to 1.15 million tonnes.

Weekly U.S. export sales totaled 418,900 tonnes for wheat and 848,800 tonnes for corn, within estimates. (Reporting by Tom Polansek in Chicago Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by David Goodman)