US shoots down China’s spy balloon

The US military finally shot down the Chinese spy balloon off the Carolina coast. Many think this should have happened 4 days earlier, but the Chinese claim it was a weather balloon that had blown off course and the US overreacted. Regardless of the truth, it is an escalation of tensions and US Sec of State Blinken cancelled his trip to China. We could see more sanctions and see China back away from our export markets. Brazil soybean harvest continues to be slowed by rain and they have more on the way. This is helping prop up the old crop soybeans, but we don’t think that is all of the story. Our domestic balance sheet is likely tighter than the USDA is telling us. We do not expect much to change in Wednesday’s report on the domestic side, but Argy production will likely be cut but that may be the only major change this go around. For today, we will watch 6.72 & 15.10 for support and 6.88 & 15.38 as resistance. NFC Grain Comments Options -2.6.23 (1)

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