PARIS: Euronext wheat fell on Friday as a bounce in the euro and weakness in US futures encouraged some selling after a rally to contract highs this week.

New-crop December on Paris-based Euronext was down 1.1% at 374.75 euros a tonne by 1433 GMT.

It earlier extended gains to a fresh life-of-contract peak at 382.25 euros.

The euro regained some ground after tumbling to a five-year low against the dollar this week.

Chicago wheat dropped as forecasts pointed to some rain in the parched southern US Plains next week while US wheat exports remained sluggish despite disruption to Ukrainian shipments.

Euronext again saw technical adjustments on Friday as participants exited positions on May futures as the front-month contract entered its pre-expiry period, dealers said.

May futures were down 2.2% at 407.25 euros, falling back from a contract high of 427.75 euros on Thursday.

The European Commission on Friday maintained its forecast of record 2022/23 European Union soft wheat exports at 40 million tonnes due to limited Ukrainian supplies.