Chicago wheat held steady on Thursday as pressure from the lack of demand for expensive U.S. shipments offset concerns about potential widespread crop loss across the U.S. Plains.

Soybeans edged up, with the market set for its fourth straight week of gains, on the back of short-covering although the rally was capped by near record harvest of Brazilian crop.

Chicago Board of Trade most active wheat contract was nearly unchanged, after posting its biggest weekly loss since late December one week earlier.

Soybeans have added 1.1 percent this week, on track for their fourth consecutive week of gains, and corn has gained around half a percent, heading for its third straight weekly rise.

"We had some concerns about the weather, people were talking about damage from freezing weather in U.S. Plains," said Phin Ziebell, an agribusiness economist at National Australia Bank. "When you look at the global picture, there is plenty of wheat and planting conditions are fine. European weather is pretty good."

Concerns that bitter cold temperatures damaged young wheat plants in dry parts of the southern U.S. Plains propelled prices higher in recent days, but U.S. wheat and corn have lost favor in export markets due to cheaper supplies on offer in South America and the Black Sea region.

Snowfall and rains in parts of the Plains were seen as beneficial for developing wheat plants and also provided subsoil moisture for upcoming corn plantings in states such as Nebraska.

In bearish news for the corn market, Argentina will harvest a record 37 million tonnes of corn this season, the government said on Wednesday.

This blows past all previous estimates after a surge in late planting spurred by the lowering of export barriers by President Mauricio Macri.

The forecast, which included an unspecified amount of corn used as livestock feed, dwarfed the U.S. Department of Agriculture's 27 million tonne estimate for Argentina's 2015/16 corn harvest.

Commodity funds sold an estimated net 6,000 CBOT corn contracts on Wednesday, trade sources said. The funds were also net sellers of 5,000 soybean and 4,000 soyoil contracts, they said.