Highlights
The Chinese spy balloon drifting across North America was shot down near the South Carolina Coast by the U.S. military around 2:40 PM Eastern on Saturday. U.S. Navy ships were deployed and preparing for the recovery operation. Military analysts think the balloon was remotely controlled to some extent as it crossed the USA at 60,000 feet. The balloon was over Alaska for a week before heading southeast.
The Dept of Defense (DOD) confirmed late Friday a second Chinese spy balloon is traversing Latin America a third one was over the Pacific headed to North America.
A lot more will be known if any debris can be salvaged and analyzed. Perhaps we will know something more by this evening. This could be bearish for beans, but we do not think so other than perhaps for a day or so. With Brazil’s bean harvest underway, the US is done shipping beans to China until the 2023 bean crop is harvested.
China and Russia now have a measure of the US leadership’s potential response to keep our own airspace secure: slowly with uncertainty. This very well may have been a test of Biden’s resolve to take action against Russia in Ukraine as the war continues to escalate. As of now, don't panic sell anything because of this. It could turn out to be very, very bullish.
The weather in all of Argentina's crop area was very dry yesterday. Models for the next seven days point to totally dry weather. Chile is the country west of Argentina across the Andes Mountains. Massive wildfires are burning out of control in Chile.