December milling wheat on the Paris-based Euronext exchange settled 0.75 euro, or 0.5 percent, lower at 161.75 euros ($192.95) a tonne.
The Euronext benchmark had risen in the previous session, extending a recovery from last week's contract low of 156.50 euros, as buyers sought to lock in relatively attractive prices.
But activity on Wednesday was thin, with market participants seeing little reason for prices to go higher.
"It looks like we're going to have a consolidation phase while waiting for news on the upcoming southern hemisphere wheat harvests," a futures dealer said.
"With the big crops in the Black Sea region and the euro trend there isn't really much scope to rally."
Russia's Agriculture Minister Alexander Tkachev told the RIA news agency on Wednesday that his ministry had proposed subsidies for grain supplies transported by rail to help flows to southern ports, comments that kept market attention on the prospect of large Russian exports.
Strength in the euro, which held above $1.19 and within range of last week's 2-1/2 year high above $1.20, was also depressing export sentiment in western Europe.
French port data continued to show limited loading activity for wheat.
However, a rise in Chicago wheat futures, supported by concerns over dry weather in central US zones and the risk of damage from hurricane Irma in the south, helped underpin European prices.
In Germany, standard bread wheat with 12 percent protein content was offered for sale unchanged at 2.5 euros over the Paris December contract for September delivery in Hamburg, although sales offers of 2 euros were heard late in the day.
"Germany's export outlook is not good following the rain which damaged the crop this summer and very cheap offers on export markets for high protein wheat from Lithuania and Latvia," one German trader said.
Limited loadings in the last couple of weeks had included 40,000 tonnes of German wheat for Nigeria and 33,000 tonnes for Guinea, the trader said.
Germany has harvested more feed quality wheat than expected after summer rain, but traders are not optimistic for more feed wheat exports.
"Prices are so low in the Black Sea region that I cannot see German feed wheat as having much of a chance for export," the trader said.
"But there is decent (feed) demand in Germany and I think a lot of the new crop will be sold domestically," the trader added, noting that feed wheat for September delivery was offered about 5 euros above Hamburg prices on the South Oldenburg market.