* Soybeans decline, a day after topping two-month high

* Flat consumer prices, calming inflation pressure soybeans

* Corn, wheat slightly up

(Recasts with U.S. trading prices, new headline, new bullets, adds analyst comment and market prices, changes byline, changes dateline from PARIS/CANBERRA)

CHICAGO, Nov 14 (Reuters) - Chicago soybean futures lost a bit of ground on Tuesday, giving back some sharp gains from a day earlier on profit-taking and as the market reacted to U.S. government data showing consumer prices were flat last month.

Corn and wheat futures were nearly unchanged.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.18% at $13.80 a bushel by 1635 GMT after rising to $13.86 on Monday, the highest since Aug. 31.

"The easy answer is it is turn-around Tuesday after a big day yesterday," said Jim Gerlach, president of A/C Trading. "It's not surprising to see a little bit of a setback."

U.S. government economic data showed U.S. consumer prices were unchanged in October and the annual increase in underlying inflation was the smallest in two years.

"Something less inflationary tends to support equities at the expense of commodities," Gerlach said.

The soybean market on Tuesday saw no new sales to China, the top importer of the oilseed, after a burst of Chinese purchases over the last several days.

Beneficial rains in the forecast for Brazil next week also put some pressure on the market as the world's biggest soybean exporter was experiencing sweltering temperatures this week, analysts said.

December soymeal was down 1.58% at $461.70 per short ton on profit taking, after soaring on Monday. December soyoil was "looking for a reason to rally," as it climbed 2.6% to $52.88 cents per lb., Gerlach said.

CBOT corn was up .10% at $4.77-3/4 a bushel, and wheat was down 0.17% at $5.78 a bushel.

The wheat market shrugged off an unexpected fall in the USDA's weekly estimate of U.S. wheat conditions, with the crop rating still at a four-year high.

Competitive prices for Russian wheat and signs that a shipping corridor from war-torn Ukraine is functioning were curbing wheat prices, analysts said. (Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra; Editing by Nivedita Bhattacharjee, Sonia Cheema and David Evans)