HAMBURG: Euronext wheat fell on Monday as forecasts showing some rain in parched southern Russia eased weather worries that triggered a 9% surge last week.

September wheat, the most active position on Paris-based Euronext, closed down 2.1% at 230.25 euros ($246.90) a metric ton.

The contract was retreating from Friday’s peak of 235.75 euros, the highest level since Dec. 12, but was still finding chart support at the 230 euro threshold. “The rally was overdone regarding Russia,” a futures dealer said. “Even if a bit of production potential is lost the crop is still going to be decent.” “Kansas is more worrying with very little rain in part of the belt there.”