* CBOT wheat weakens amid demand concerns

* China's wheat cancellations heat up supply pressure

* Short-covering lifts corn and soy futures

CHICAGO, March 15 (Reuters) - Chicago Board of Trade wheat futures weakened on Friday as plentiful global supplies and weak demand anchored the market, analysts said.

Soy futures ended higher after a choppy day of trading, recovering from the previous day's fall.

Corn futures edged up on short covering, following confirmation of private sales of 125,000 metric tons of U.S. corn to unknown destinations for the 2023/24 marketing year. The sales followed Thursday's announcement of 100,000 tons of U.S. corn sold to Mexico.

Wheat futures posted a third weekly decline amid demand concerns.

The U.S. Department of Agriculture has recently confirmed in its daily reporting system that exporters reported cancellations of more than 500,000 tons of U.S. wheat sold to China. Sources said Chinese importers also cancelled and postponed over 1 million tons of Australian wheat amid low Black Sea prices.

"This market is still heavily weighted down," said Darin Fessler, senior hedge adviser at Lakefront Futures and Options.

The most-active CBOT wheat contract settled down 3-3/4 cents at $5.28-1/2 per bushel.

U.S. wheat exports have struggled amid ample global supplies, including 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, said Mike Zuzolo, president of Global Commodities and Analytics. A stronger greenback makes dollar-denominated commodities costlier for importers holding other currencies.

CBOT May soybeans settled up 3 cents at $11.98-1/4 per bushel, a third straight weekly gain.

CBOT May corn settled up 3 cents at $4.36-3/4 per bushel. The contract was down 0.7% over the week, its first weekly decline in three weeks.

(Reporting by Heather Schlitz in Chicago, Additional reporting by Naveen Thukral in Singapore Editing by Matthew Lewis)