UPDATE 1-Corning lifts forecast for Q2 LCD glass volume

* Sees Q2 volume up 100 pct in wholly owned business

* Sees Q3 capacity constraints due to high volume demand

* Sees Samsung venture volumes up 50 pct sequentially

* Corning shares up 1.4 pct in early trade

NEW YORK, June 30 (Reuters) - Specialty glass maker Corning Inc (GLW.N) raised its forecast for second-quarter sales of LCD glass, saying it now expects volume to be double that of the first quarter for its wholly owned business.

"Second-quarter glass demand is much stronger than we anticipated even a few weeks ago," Corning Chief Financial Officer James Flaws said in a statement on Tuesday. "As a result, we now expect second-quarter sequential volume to be up approximately 100 percent at our wholly owned business."

The company had already revised its volume outlook to a 75-percent volume increase at the end of May after originally forecasting a volume increase of more than 50 percent.

It expects second-quarter volume at Samsung Corning Precision Glass Co., Ltd., its venture with Samsung Electronics (005930.KS), to be up about 50 percent sequentially compared with its previous expectation for an increase of 40 percent.

Corning expects third-quarter LCD glass shipments consistent with the improved second-quarter forecast, leaving the company with capacity constraints as demand will be higher than its manufacturing ability.

As a result the company said it was prioritizing supplies for its long-term supply agreement customers. (Reporting Tiffany Wu and Sinead Carew; Editing by Derek Caney)