Overview

• An AP photo captured Treasury Secretary Scott Bessent reading a message, attributed to Agriculture Secretary Brooke Rollins, warning that Argentina lifted export taxes and sold soybeans to China, pressuring prices lower.
• Treasury signaled talks on a $20 billion swap line and other support for Argentina, portraying the package as stabilizing a key partner and reducing Buenos Aires’s financial links to Beijing.
• Market reports say Chinese importers quickly booked roughly 10 to 20 cargoes as Argentina’s brief tax suspension drove a surge in orders to a seven-year high.
• USDA data show China has made no U.S. soybean purchases since May, with overall U.S. soybean exports down and farmers facing mounting storage issues.
• Farm groups and Republicans including John Thune and Chuck Grassley are demanding relief, while President Trump has suggested using tariff revenue, yet no aid program has been announced.