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Talk about a turnabout. Wednesday’s stock-market rally turned into a rout that left no place to hide Thursday as investors indiscriminately dumped anything tied to the artificial-intelligence trade that has fueled a multi-year bull market. The S&P 500 slumped 4.4%, wiping out an estimated $2.9 trillion in market capitalization – its largest single-day loss by that measure on record, according to MarketWatch. The tech-heavy Nasdaq Composite plunged 5.5% and the Dow Jones Industrial Average tanked by 1,833.06 points, or 3.4%. Thursday’s performance marked the largest one-day percentage losses for all three major indexes since April 2025.
The about-face was sparked by fears the congressional sweep by Democrats in Tuesday’s midterms, as well as gubernatorial wins in key states, will slow the data-center build out – an issue that has also been a hot topic in rural communities. Even traditionally defensive sectors came under heavy pressure Thursday, a sign of forced liquidation across the board. That spelled trouble for ag commodities and other assets that suffer when traders and investors turn risk averse. The question is how much pain remains. “I expect to see further headlines surrounding forced liquidations, especially after today,” Adam Turnquist, chief cross-asset strategist at LPL Financial told MarketWatch.
Market recap: Corn, soybeans, soybean oil and livestock futures felt the heat in Thursday’s session.
- January soybeans fell 14 cents to $11.88 ¼, hitting another 2.5 month low and breaking below the 200-day moving average. December soybean meal fell $1.40 to $317.20, while December soybean oil shed 129 points to end at 62.24 cents after hitting a six-month low.
- December corn fell 4 ¼ cents to $4.40, finishing at a four-month low.
- December soft red winter wheat eked out a gain of ¾ cent to $5.99 ¼. December hard red winter wheat gained 3 cents to $6.35 ¾. December spring wheat futures were up 3 ¼ cents to $6.20.
- December cotton rose 60 points to 78.71 cents.
- December live cattle fell $3.60 to $214.40, hitting a two-month low, while January feeders dropped $5.40 to $320.325, setting a six-week low.
- December lean hog futures were down $2.45 to $55.10, hitting another contract low.
Tariff cuts key to China purchases… China’s commerce ministry on Thursday said it’s open to buying more U.S. farm goods, but only if the two sides implement an agreement on reciprocal tariff cuts, Reuters reported. Following September’s summit meeting between Chinese leader Xi Jinping and President Donald Trump in Washington, the U.S .and China proposed a $60 billion package of reciprocal tax cuts, including around $17 billion in U.S. farm goods that China imported in 2024, but the plan hasn’t been finalized. “China has consistently been open to expanding purchases of agricultural products from the U.S., but only on the condition that the two sides implement their agreed ‘$30 billion-for-$30 billion’ reciprocal tariff-reduction arrangement,” commerce ministry spokesperson Huang Ling said, adding that Beijing hopes the U.S. will work with it to lower tariffs, reduce non-tariff barriers and expand market access, Huang added.
Beef exports up, pork trends lower… U.S. beef exports closed the third quarter on a positive note, with September volume up slightly from a year ago and value climbing 8%, according to data released by USDA and compiled by the U.S. Meat Export Federation. Pork exports were below year-ago levels for the fifth consecutive month, due in part to a sharp decline in variety meat shipments, USMEF said. September beef export value increased 8% to $712.4 million, while volume was up 1% to 81,310 metric tons.Through the first three quarters of 2026, beef exports were steady with last year’s value at just over $7 billion, while volume fell 6% to 802,460 MT. September pork exports totaled 216,353 MT, down 7.5% from a year ago, while value fell 13.5% to $591.3 million. Exports remain on a record pace to Central America, Colombia and the Dominican Republic, and September shipments were record-large to Cuba. September exports also increased year-over-year to Japan, Canada and Taiwan, but these results were offset by lower shipments to Mexico, China, Oceania and the ASEAN region. January-September pork exports remained slightly above last year’s pace at 2.17 million mt (up 0.3%), but export value slipped 2% to $6.1 billion.
Rubio reportedly weighs State exit… Secretary of State Marco Rubio is weighing whether to exit from the Trump administration, Bloomberg reported Thursday, citing people familiar with the matter. Rubio is considering his next moves after Republicans suffered a rout in Tuesday’s midterm elections. Rubio dismissed the report, telling the New York Times in an interview Thursday that he didn’t know where the information was coming from. Working for Trump through the end of his term has “always been my plan,” Rubio told the newspaper.
Potential Hegseth impeachment vote… Rep. Thomas Massie, a Kentucky Republican and frequent critic of President Donald Trump, told Bloomberg News Thursday that he would “definitely” reintroduce articles of impeachment against Defense Secretary Pete Hegseth as early as next week. Massie previously attempted to impeach Hegseth for waging the Iran war without congressional approval. The report said Hegseth posted a six-minute video on X defending his tenure, and noting that Massie, who he described as a “disgruntled, defeated congressman,” has filed “sham articles of impeachment against yours truly.”
Port fee suspension extension… The American Soybean Association, Soy Transportation Coalition and U.S. Identity Preserved Alliance jointly submitted comments last week urging the U.S. Trade Representative to extend the suspension of Section 301 port fees beyond Jan. 9, to align with the extended U.S.-China trade truce and avoid disruptions during peak soybean export season. The groups also called for a longer-term delay, warning that port fees could reduce shipping capacity, increase costs, and undermine U.S. soy competitiveness, ultimately burdening farmers. While supporting domestic shipbuilding, the groups emphasized a need for solutions that protect U.S. agricultural exports. ASA said it also signed on to comments led by the National Retail Federation and supported by 250 organizations requesting USTR for an extension or permanent suspension of Section 301 vessel fees on China-built ships.