Russia's wheat export tax, which Moscow introduced on June 2 and is changing each week, will drop to $41.20 per tonne from July 7, according to data from the agriculture ministry.
May milling wheat on Paris-based Euronext, the last available contract for the current 2020/21 season, was down 2% by 1612 GMT to 210.50 euros a tonne.
That remained well below the 36.9 million tonnes estimated for 2019/20, reflecting a sharp drop in harvest supply this season, the Commission's grain supply and demand data showed.
That would be below estimated common wheat stocks of 9.8 million tonnes at the end of last season.
Moscow's wheat export tax and a grain export quota, launched on Monday as part of efforts to reduce food inflation amid the coronavirus pandemic, have already been priced in, they said.
Sovecon, another Moscow consultancy, said wheat prices fell by $4 to $281, while barley was unchanged at $248.