Brisk sales of EU wheat earlier in the July-June season, including large volumes of French wheat for China and German wheat for Algeria, had fuelled talk of tight stocks after a smaller harvest last summer.
Russia's decision to tax wheat exports from mid-February, to help cool local prices, was then expected to bring further demand for EU wheat, but prospects have instead dimmed.
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.
Ukraine sold about 57 million tonnes of grain to foreign buyers in the 2019/20 season, while the government has said exports could decline to 45.4 million tonnes in 2020/21 because of a weaker harvest.
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.