A recent announcement from Treasury Secretary Scott Bessent has upset the nation’s soybean farmers. In a post on X, Bessent said the U.S. will offer financial support to Argentina to help prop up its ailing economy. Argentina is a key competitor of American producers in the world soybean market. Almost immediately after the post, a reported 20 shiploads of Argentine soybeans were purchased by China after the Argentine government announced it would waive taxes on soybean exports. American Soybean Association President Caleb Ragland was not pleased with the developments. “Soybean farmers have been clear for months in saying the administration needs to establish a trade deal with China,” Ragland said. “China is the world’s top soybean customer and our top export market.” The U.S. has made zero sales to China in the new crop marketing year because of a 20 percent retaliatory tariff imposed by China in response to U.S. tariffs.
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