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GRAINS-Corn prices fall to 6-day low as planting pace beats forecasts

SYDNEY, May 16 (Reuters) - U.S. corn edged down to hit a six-day low on Tuesday as the U.S. Department of Agriculture pegged the pace of planting beyond analyst expectations.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were down 0.2 percent at $3.67 a bushel, after earlier touching their weakest since May 10 at $3.66-1/2 a bushel. Corn closed down 0.9 percent in the previous session.

* The most active soybean futures rose 0.1 percent to $9.66 a bushel, having firmed 0.2 percent on Monday.

* The most active wheat futures fell 0.35 percent to 4.21-3/4 a bushel, near the session low of $4.21-1/4 a bushel - the weakest since April 25. Wheat closed down 2.2 percent in the previous session.

* The USDA said the U.S. corn crop was 71 percent planted, just ahead of the five-year average of 70 percent and above the average analyst estimate in a Reuters poll of 68 percent.

* Improved U.S. weather in recent days helped corn planting in the Midwest, although showers will return this week.

* The USDA said soybean planting was 32 percent complete, matching the five-year average and above the average expectation of 28 percent in the Reuters poll.

* Wheat prices were pressured by abundant global supplies.

MARKET NEWS

* The dollar traded near a one-week low versus a basket of major currencies on Tuesday, having come under pressure after a surprisingly soft U.S. manufacturing report.

* Oil jumped 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than first agreed.

* The S&P 500 and the Nasdaq notched record closing highs on Monday, powered by demand for technology stocks after a global cyber attack and by rising oil prices.

DATA (GMT)

0645 France EU-harmonized CPI Apr 0830 UK CPI Apr 0830 UK PPI Apr 0900 Euro Zone GDP(revised) Q1 0900 Germany Economic sentiment May 0900 Euro Zone Trade data Mar 1230 US Housing starts Apr 1315 US Industrial output Apr

Grains prices at 0121 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.75 -1.50 -0.35% -2.54% 436.90 44 CBOT corn 367.00 -0.75 -0.20% -1.08% 369.68 58 CBOT soy 966.00 0.75 +0.08% +0.31% 962.38 62 CBOT rice 10.68 $0.04 +0.42% +2.55% $10.14 80 WTI crude 49.09 $0.24 +0.49% +2.61% $49.68 62

Currencies

Euro/dlr $1.098 $0.001 +0.09% +0.50% USD/AUD 0.7431 0.002 +0.26% +0.62%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)