U.S. soybeans were little changed on Wednesday, trading near last session's highest since Feb. 4 with prices underpinned by delays in shipments from Brazil, but gains were capped by forecasts of crop-friendly weather in South America.

Wheat was steady after rallying in the last session ,with market focus on the rejection of cargoes by Egypt, the world's top importer, which has weighed on Black Sea prices.

The Chicago Board of Trade most-active soybean contract was flat at $8.79-3/4 a bushel by 0216 GMT, not far from Tuesday's peak of $8.82-3/4 a bushel, the highest since Feb. 4.

Wheat was unchanged at $4.64-1/4 a bushel and corn lost 0.1 percent to $3.62-3/4 a bushel.

"South American soybean crops continue to experience supportive weather," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. "Port weather is indeed likely to be more influential as bursts of wet weather slow the flow of beans from Brazilian ports."

The lineup of Brazil export loadings of soybeans and corn was double that of a year ago as rains delayed shipments, particularly for Paranagua, and a weak real currency boosted demand.

The National Oilseed Processors Association said U.S. crushings in January totalled 150.453 million bushels, below trade estimates averaging about 154.557 million bushels.

Some traders expected China, the world's biggest soybean importer, to step up purchases following last week's Lunar New Year and a pre-holiday decline in imports during January.

For wheat, traders continue to monitor the situation in Egypt. The country's agricultural quarantine authority has rejected a shipment of Canadian wheat, saying it contained traces of the fungus ergot, a trade source said and official documents obtained by Reuters showed.

The move by the quarantine authority is the latest in a series of rejections, which have caused serious concerns over Egypt's tough new quality rules and disrupted the country's massive wheat imports.

Russian wheat export prices fell last week, hit by concerns about future supply contracts to Egypt.

Black Sea prices for Russian wheat with 12.5 percent protein content were at $179 a tonne on a free-on-board (FOB) basis at the end of last week, down $2 from a week earlier, Russian agricultural consultancy IKAR said in a note.

Commodity funds bought an estimated net 7,000 CBOT corn contracts on Tuesday, trade sources said. The funds also bought a net 6,000 soybean contracts and 3,500 in wheat, they said.