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.
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.
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.
March milling wheat on Paris-based Euronext was up 0.25 euros or 0.1% at 226.75 euros a tonne.
Chicago corn futures rose to a new 7-1/2-year high earlier on Tuesday as investors anticipated the USDA would reduce US and global supplies of the feed grain.
It was bought in four consignments each of about 56,000 tonnes. If sourced from the Black Sea region or Europe.
*Detailed prices were unavailable but were estimated to be around or slightly below $300 a tonne c&f.
Moscow is attempting to reduce wheat exports to help curb rising domestic food prices after President Vladimir Putin criticised food inflation amid the coronavirus pandemic.
The formula may be set at 70% of the difference between the price of wheat per tonne and $200, starting from June 1.