The wheat complex futures saw a significant uptick at the end of the week, driven by a variety of factors that pushed prices higher. Rising EU wheat prices, lower Russian wheat acreage, French crop problems, and tension in the Black Sea region all contributed to the increase in prices. This led to short-covering moves and a positive end to the week for wheat futures.
On the other hand, soybean futures fell from two-year highs due to profit-taking and increased farmer selling. Corn futures also dipped slightly at the end of a choppy session, driven by technical trading. Despite this, corn futures managed to pull out a weekly gain.
In the US equity markets, the Nasdaq continued its upward trend to a record close, while the S&P 500 and Dow industrials index paused their rallies. This was partly due to weakness in shares of companies such as Nike and Lululemon. The Dow Jones Industrial Average shed 305.47 points, the S&P 500 fell 7.35 points, and the Nasdaq Composite added 26.98 points.
Overall, the week saw a mix of ups and downs in the commodity and equity markets, with various factors influencing the movement of prices. The wheat complex showed strength towards the end of the week, while soybean and corn futures experienced some fluctuations. Investors will be closely watching these markets in the coming weeks for further developments.