In grain supply and demand data, the Commission also projected that EU exports of common wheat, or soft wheat, would reach 30.0 million tonnes next season compared with 27.0 million expected in the current 2020/21 season that ends on June 30.
"Crop conditions have improved dramatically in (Russia's) south thanks to mild winter and ample precipitation in recent weeks," Sovecon said in a note.
Sovecon added that it had reduced its estimate for Russia's winter grain sowings lost after winter to 9.9% from 16%.
CBOT wheat sliding overnight after climbing Tuesday on increased Chinese demand for US wheat, noted in the US Department of Agriculture's monthly supply and demand report.
Ukraine's winter crops are in good condition, with limited areas of frost damage.
CBOT wheat inching higher overnight after the USDA offered mixed ratings for US winter wheat conditions. Gains are limited by rain forecasts across the US Southern Plains.
Russian wheat export prices fell last week after two weeks of growth due to lower prices in Chicago and Paris, analysts said.
Offers in the tender from the Trading Corporation of Pakistan (TCP) which closed on Tuesday were regarded as too high at a time when Pakistan's own grains harvest is starting, a trader said.
Wheat prices have risen since Russia announced grain export taxes to reduce its overseas shipments and cool Russian domestic prices.
Deadline for price submissions is believed to be Thursday, March 4.
The group is seeking 75,000 tonnes of feed wheat in two consignments for delivery between April and June. Another 70,000 tonnes of milling wheat is sought in two consignments for delivery in June.
Corn and soybean futures also weakened, with traders noting a lack of export activity this week even with Chinese buyers back on the market following the Lunar New Year celebrations.
"A bull market needs to be fed everyday," said Mark Gold, founder of Top Third Ag Marketing. "We just do not see export numbers justifying these kind of prices."