Good afternoon and welcome to Markets Desk.
In aviation news, a FlyDubai flight bound for Israel was the scene of a serious security incident when a co-pilot allegedly attempted to crash the aircraft. Israeli Prime Minister Benjamin Netanyahu confirmed that one pilot stabbed the other, with passengers and crew intervening to subdue the attacker before disaster struck.
Turning to the grain pits, corn futures took a sharp hit Wednesday after the USDA's quarterly stocks report came in well above expectations. Front-month contracts fell as much as twenty-one and a quarter cents, pushing the national average cash price down nearly twenty-one cents to four dollars and fifty-eight cents a bushel — a significant single-session move that rattled the ag complex.
Soybeans couldn't escape the fallout. Despite a friendlier read on soy stocks from the same USDA report, beans closed lower across the board, down two to five cents on the session. Traders simply couldn't look past the corn carnage, and spillover selling pressure overwhelmed what might otherwise have been a supportive data point for the oilseed market.
That's the tape. Markets Desk, signing off the floor.
