March milling wheat, the most active contract on the Paris-based Euronext exchange, settled down 0.50 euro, or 0.3 percent, at 160.50 euros ($188.78) a tonne.
The contract continued to hold chart support at 160 euros, while a short-covering bounce in Chicago after an 11-month low for US wheat on Tuesday also helped underpin Paris prices.
Tuesday's world crop report from the US Department of Agriculture (USDA) underlined large supplies by raising the agency's outlook for world wheat stocks to a new record.
In France, farm office FranceAgriMer on Wednesday cut its monthly forecast for French 2017/18 soft wheat exports outside the European Union by 400,000 tonnes to 9.5 million tonnes.
The office said it had factored in modest exports so far this season amid intense overseas competition, despite the prospect of an unprecedented run of sales to Saudi Arabia.
Port data showed a vessel due to load the first of an expected series of hard wheat shipments to Saudi Arabia had arrived at the Atlantic port of Nantes.
The shipping lineup also showed more wheat was due to load for Morocco, adding to a recent run of shipments that have seen French exports pick up.
In Germany, there were also hopes export loadings will increase after a slow season so far.
"I think we could see more ships taking on German wheat in the final weeks of December and early January after several very quiet months in our ports," one German trader said.
"I estimate about 300,000 tonnes of German wheat has recently traded on fob terms for delivery to ports in December and January," adding that Saudi Arabia and sub-Saharan Africa were likely destinations.
Standard bread wheat with 12 percent protein content for January delivery in Hamburg was offered for sale unchanged at 3.5-4 euros over Paris March.
Feed wheat prices in Germany's South Oldenburg market were again above milling wheat, reflecting the recent trend of strong feed demand.
In the South Oldenburg market, January delivery offered for sale at around 173.5 euros a tonne, with buyers at about 173 euros.