Whats going on in the World

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‘The frustration is overwhelming’: Soybean farmers feel betrayed as Argentina blows a hole in rural America’s $47 billion soybean bonanza | Fortune

China will reportedly buy at least 10 cargoes of Argentine soybeans, further jeopardizing the U.S. export market, even as Argentina gobbles up Trump support.

fortune.com

Treasury Secretary Scott Bessent said on social media on Wednesday that he and Trump spoke at length with Argentina president Javier Milei about plants to financially support Argentina to assist in its stabilization. The Treasury is negotiating with Argentina for a $20 billion swap line with Argentina’s central bank, Bessent said on X.com. As part of its effort to increase the flow of capital, Argentina also suspended its export taxes this week, including on soybeans.

Amid the negotiations with the U.S., Argentina reportedly strengthened its trade partnership with China, whch ordered at least 10 cargoes of soybeans from the South American country, according to Reuters, which cited multiple traders.

The moves have dealt a blow to soybean farmers in the U.S., who are strongly dependent on exports to China, and have continued to be priced out of the global market due to tariffs hiking the cost of their crop in the midst of its busy harvest season. According to the U.S. Department of Agriculture’s weekly export summaries, China has not bought U.S. soybeans since May.