Schmidt was expected to become chief executive of Louis Dreyfus Commodities, a global seller and trader of agricultural commodities based in The Netherlands, effective Monday.
However, the Rotterdam-based company said last week both sides agreed "not to proceed with the engagement" following a more detailed analysis of the terms and conditions of the appointment.
Under Schmidt's leadership between 2000 until his departure from Viterra in 2012, the Wheat Pool evolved from a regional co-operative into a publicly traded international agribusiness.
Viterra was later purchased and taken private by Swiss commodities giant Glencore, while parts of the business were sold to Agrium and Richardson International.
Schmidt joined the board of Agrium in 2013. The Calgary-based fertilizer producer and retailer said last month he would resign the position to take the job at Louis Dreyfus.