PARIS/CANBERRA, April 16 (Reuters) - Chicago wheat futures extended their fall for a second consecutive session on Tuesday as a strengthening dollar and huge exports of cheap grain from Russia continued to pressure prices and trade near their lowest since 2020.

Corn futures were also lower and soybeans were stable.

Chicago Board of Trade (CBOT) wheat futures for May delivery were down 0.4% at $5.49-1/2 a bushel by 1130 GMT after falling as low as $5.24 last month.

CBOT corn fell 0.2% to $4.30-1/2 a bushel and soybeans were virtually unchanged at $11.59 a bushel.

The dollar rose to its strongest since Nov. 2 against a basket of currencies, making U.S. farm goods costlier for buyers with other currencies and potentially damaging demand.

Consultants Sovecon estimated that Russia would export 4.2-4.6 million metric tons of wheat in April, compared with a record-high 4.4 million tons a year earlier.

Russia shipped around 4.9 million tons in March, the most for any March on record.

"For most of 2024, we expect global grains and oilseed markets to be oversupplied and prices subdued," Commonwealth Bank analyst Dennis Voznesenksi said in a research report.

"The continuous pressure of Russian wheat exports onto world markets, Brazil's large exports of corn and soy and the upcoming European and north American winter crop harvests (wheat and barley) are expected to continue weighing on markets," he said, predicting that low farm profits would eventually reduce supply and lift prices.

Speculative investors are betting on further price falls for all three crops, but their large net short position leaves the markets vulnerable to bouts of short covering that push prices up.

A U.S. Department of Agriculture (USDA) weekly crop progress report rated 55% of the U.S. winter wheat crop as being in good-to-excellent condition, down 1% from last week but still the highest for this time of year since 2020.

The relatively strong wheat ratings underscore a shift in global grain supplies to surplus after shortages in recent years.

In soybeans, prolonged rainfall in Argentina's farming heartland fuelled fears of delays to the ongoing harvest that could cause production losses, the Rosario grains exchange said.

U.S. soy crushers processed a record quantity of soybeans in March, although the daily crush pace slowed slightly from a record high in February, according to National Oilseed Processors Association (NOPA) data.

(Reporting by Peter Hobson and Sybille de La Hamaide; Editing by Rashmi Aich and Sohini Goswami)