* Chicago wheat and soybeans weaken amid global glut
* China's wheat cancellations heat up supply pressure on prices
* Short covering lifts corn futures
CHICAGO, March 15 (Reuters) - Chicago Board of Trade (CBOT) wheat and soybean futures fell on Friday as plentiful global supplies and weak demand anchored the market.
Corn futures edged up on short covering following news of private sales of 125,000 metric tons of U.S. corn to unknown destinations for the 2023/24 marketing year. That followed Thursday's announcement of 100,000 tons of U.S. corn sold to Mexico.
Wheat futures are on track for a third weekly decline, under pressure from Chinese buyers cancelling shipments of more than 500,000 tons of U.S. wheat and cancelling and postponing over one million tons of Australian wheat amid low Black Sea prices.
"This market is still heavily weighted down," Darin Fessler, senior hedge advisor at Lakefront Futures and Options, said.
The most-active CBOT wheat contract was down 1-1/4 cents to $5.31 a bushel by 1621 GMT.
U.S. wheat exports have struggled amid ample global supplies, including from an expected bumper crop in top exporter Russia.
Russia's IKAR agricultural consultancy said it expects the country's 2024/25 wheat crop to clock in at 93 million tons, up from 91.6 million tons in 2023/24, Russian news agency Interfax reported on Thursday.
The International Grains Council on Thursday forecast a record global grain crop in the 2024/25 season.
The relative strength of the U.S. dollar also weakened U.S. export prospects, Mike Zuzolo, president of Global Commodities and Analytics, said. A stronger greenback makes dollar-denominated commodities costlier for importers holding other currencies.
Soybean futures were down 2-1/2 cents at $11.92-3/4 per bushel, but remained on pace for a third straight weekly gain. Corn rose 4 cents to $4.37-3/4 a bushel but was poised to end the week slightly lower.
(Reporting by Heather Schlitz in Chicago, additional reporting by Naveen Thukral in Singapore; Editing by Kirsten Donovan)
