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."
Tonnage bought was initially unclear but thought to be close to the tender volume of around 100,000 tonnes of soft wheat, 92,000 tonnes of durum wheat and 100,000 tonnes of barley.
Shipment of all grains was sought between March 15 and April 25, depending on the supplying origin.
Strength in Paris milling wheat, weakness in US dollar underpin wheat futures as well as ongoing concerns about potential crop damage from cold snap in US Plains.
Choppy trading expected. Corn market underpinned by technical buying but profit-taking expected to limit gains.
Prices were regarded as too high. Price offers were said to be over $300 a tonne c&f.
The group had sought 75,000 tonnes of feed wheat in two consignments for delivery between April and June plus another 70,000 tonnes of milling wheat in two consignments for delivery in June.
The latest OAIC wheat tender also specified that wheat should be shipped to two Algerian ports, Mostaganem and Tenes.
"The two ports specified are relatively small and this may mean using smaller bulk carriers than usually booked to ship Algerian wheat sales," one trader said.
The CBOT's most-active soft red winter wheat contract inched higher overnight after falling for a third session on Thursday.
The most-active March wheat contract is poised for a third weekly move downward in the last four weeks, since reaching 6-1/2 year highs the week ended Jan. 15.
The CBOT's most-active soft red winter wheat contract fell in overnight trading, following corn and soybeans lower despite a tighter global wheat stocks picture reported.
Ukraine's grain exports are down 20% from the same period last year, at 29.8 million tonnes.
That was down from 18.86 million tonnes cleared by the same week last season, the data showed.
Since Jan. 1, the European Comission's data has covered the EU's 27 countries only, whereas previous figures up to Dec. 31 covered both the EU-27 and Britain.
