By Ryan Hanrahan
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.
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.'”
Source : illinois.edu