China will suspend retaliatory tariffs on U.S. imports, including duties on farm goods, after last week's meeting of the two countries' leaders, Beijing confirmed on Wednesday, but imports of U.S…
Soybean Producers Frustrated Over US Support for Argentina
Agri-Pulse’s Oliver Ward reported that “Treasury Secretary Scott Bessent said Wednesday that the U.S. will offer financial support to Argentina to prop up its ailing economy, prompting frustration from soybean producers, for whom Argentina is a key competitor.”
“On Wednesday, Bessent outlined a raft of measures to support the Argentine economy in a post to X, which includes loans to the Argentine central bank and offers to purchase government debt,” Ward reported. “The assistance, Bessent told Fox News in an interview Wednesday, would serve as a ‘bridge to the election.'”
“The news was met with frustration from the U.S. soybean industry. Argentina has emerged as a competitor for U.S. soybeans in international markets and is actively working to position itself as an alternative source for Chinese buyers,” Ward reported. “Just this week, Milei’s government suspended a grain export tax until the end of October, leading to a flurry of Chinese orders and contributing to a slide in U.S. soybean prices.”
“‘The frustration is overwhelming,’ American Soybean Association President Caleb Ragland said in a statement on the U.S. financial assistance to Argentina published Wednesday,'” Ward reported.
ASA Responds to Argentina Soybean Actions: U.S. #farmers cannot wait and hope any longer. ASA is calling on President Trump and his negotiating team to prioritize securing an immediate deal on #soybeans with China. https://t.co/ugr9H7vE08 #AgPolicy #AgEcon #Tariffs pic.twitter.com/6sOEaVHrv0
— American Soybean Association (@ASA_Soybeans) September 24, 2025
Axios’ Madison Mills and Marc Caputo reported that “Republican House members from soybean country aren’t happy, either. ‘It is very unfortunate that as the U.S. is helping Argentina stabilize its economy they would undermine American farmers and weaken President Trump’s negotiations with China,’ said U.S. Rep. Julie Fedorchak (R-N.D.). ‘This is a bitter pill for North Dakota soybean farmers to swallow.'”
China Buys Even More Argentine Soybeans
The news of United States financial support to Argentina comes as Bloomberg’s Alfred Cang and Hallie Gu reported that “importers in China have expanded purchases (of Argentine soybeans) to at least 35 cargoes, up from an earlier tally of 20 shipments, according to people familiar with the matter, who asked not to be identified as they’re not authorized to speak to the media. Most of the soybeans are slated to be loaded in November, they added.”
“The Argentine cargoes are equivalent to more than 2.27 million tons. The most soybeans China has imported from the South American country on a monthly basis were about 2.23 million tons in July 2015. Still, there’s no guarantee all booked shipments will be delivered,” Cang and Gu reported. “Some of the cargoes have also been booked for shipment next year from the new Argentinian crop, the people said. Buyers include Chinese state-owned and private crushers, as well as major foreign and domestic trading houses, they added.”
“On Monday, Argentina announced the temporary suspension of export taxes on crops including soybeans to boost supply of dollars in the foreign-exchange market and ease pressure on the peso,” Cang and Gu reported. “The measure would last until Oct. 31, or until crop sales reach $7 billion — a threshold that was met on Wednesday.”
Farmer Financial Aid Could be Announced in Coming Weeks
Bloomberg’s Lauren Dezenski reported that “the Trump administration will soon provide additional financial aid to American farmers, with Agriculture Secretary Brooke Rollins saying an announcement could come ‘perhaps in the next couple of weeks.’”
“‘We are currently in conversations here at the White House, across the government,’ Rollins told reporters on Wednesday,” Dezenski reported. “‘We’re looking at our soybean, corn, wheat, sorghum and cotton farmers who’re facing very, very difficult times.'”
“Crop revenues have been under pressure since before the start of President Donald Trump’s second term, due to falling commodity prices while rising costs for seeds, fertilizer and equipment have further squeezed profit margins,” Dezenski reported. “Producers are also grappling with China’s retaliatory tariffs on US goods. The Asian nation — the world’s largest soybean importer — has yet to book a single shipment of the US oilseed this season, fueling anxiety among farmers as this year’s harvest moves ahead.”
