Corn firms as USDA pegs planting pace behind forecasts

CANBERRA, April 20 (Reuters) - U.S. corn futures extended gains into a second straight session on Tuesday as the U.S. Department of Agriculture said planting was behind market expectations, fuelling concerns about crops.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were up 0.5% to $5.95 by 0217 GMT, having gained 1.1% in the previous session.

* The most active soybean futures were up 0.5% to $14.44-1/2 a bushel, having closed little changed on Monday.

* The most active wheat futures were up 0.3% at $6.55-1/4 a bushel, having closed down 0.1% on Monday.

* The U.S. Department of Agriculture said the U.S. corn crop was 8% planted, matching the five-year average but just behind the average estimate in a Reuters analyst poll for 9%.

* Sub-freezing temperatures are expected across most of the Plains and the Midwest this week along with some snow and rain. Meanwhile, dry conditions persist in the northern Plains.

* The USDA said soybean planting was 3% complete, ahead of the five-year average of 2% and in line with trade expectations.

* The USDA rated 53% of the U.S. winter wheat crop in good to excellent condition, unchanged from the previous week. Analysts on average had expected a decline of one percentage point.

MARKET NEWS

* The dollar wallowed near a six-week low against its peers on Tuesday as the euro led a rally on the back of a brightening outlook for the region's vaccination programme.

* Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains.

* Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies. (Reporting by Colin Packham; Editing by Shailesh Kuber)