Good morning and welcome to Markets Desk, your midweek read on what's moving markets and money.
In the grain pits, wheat and corn are attempting modest recoveries Wednesday after back-to-back sessions of selling pressure. Chicago soft red winter wheat shed as much as five and three quarter cents Tuesday, while corn contracts fell up to six cents across the board, with new crop months leading the weakness and open interest pointing to fresh selling entering the market.
Shifting to equity markets, if you've been eyeing a potential SpaceX IPO, history offers a sobering reality check. A look at the post-IPO performance of previous high-profile tech listings reveals a consistent pattern of underperformance, reminding investors that the excitement surrounding a debut rarely translates into durable returns for early buyers.
And on the corporate side, insider buying activity is drawing attention at International Flavors and Fragrances and Acer Therapeutics, with SEC filings confirming purchase activity from company insiders. As the old floor wisdom goes, insiders sell for many reasons but buy for only one — they believe the stock is going higher, making these filings worth watching closely.
That's the tape. Markets Desk, signing off the floor.
