Euronext wheat futures were flat to lower in afternoon trading on Thursday, giving up earlier gains as competitive offers of Black Sea wheat in an Egyptian tender tempered recent export optimism in France.
Physical premiums in Germany rose again, however, on the back of a run of export sales, traders said.
Benchmark December milling wheat on the Paris-based Euronext exchange was unchanged on the day at 177.50 euros ($195.61) a tonne by 1633 GMT.
It rose by one euro in morning trade as the overnight announcement of a new tender by Egypt, the world's top wheat importer, raised the prospect of fresh demand.
However, offers during Thursday's tender showed French wheat was less competitive than Russian and Ukrainian supplies.
"Paris wheat was pressured by the low chances for France in this tender," a futures dealer said.
"Russia appears to be more willing to sell and France seems less competitive than in previous weeks."
Results in the Egyptian tender were pending.
Healthy demand in recent weeks amid an unusually slow start to Russia's export campaign had boosted export sentiment in France and elsewhere in western Europe.
Analyst firm Strategie Grains has increased its monthly forecast of European Union soft wheat exports in 2019/20 to 28.8 million tonnes from 27.3 million, now almost 40% above last season's volume.
That came after farm office FranceAgriMer on Wednesday raised its outlook for French soft wheat exports outside the EU this season to 12 million tonnes from 11.7 million.
In Germany, standard bread wheat with 12% protein for November delivery in Hamburg was offered for sale at 4 euros over Paris December against 2.50 euros over on Wednesday. Buyers were offering up to 3 euros over Paris.
"There have been heavy export sales of German wheat in the past three to four weeks following the strength in Black Sea prices and some supplies are now being called up to load ships," one German trader said.
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