Overview

• USDA data show China has not bought any U.S. soybeans since May after purchasing about $12.5 billion last year, and soybeans account for roughly 14% of U.S. agricultural export value.
• An AP photo captured Treasury Secretary Scott Bessent reading a text, apparently from Agriculture Secretary Brooke Rollins, warning that Argentina dropped grain export taxes and sold soybeans to China, giving Beijing leverage.
• Argentina briefly suspended or cut export taxes, and traders reported at least 10 cargoes of Argentine soybeans sold to China as orders surged to a seven-year high.
• Senate Majority Leader John Thune said farmers will likely need financial assistance this year, potentially using tariff revenue, though no formal relief plan has been announced.
• Farm groups say South American suppliers are seizing market share as U.S. beans face retaliatory duties—reported at 34%—and farmers cite falling prices, storage strains, and a 23% drop in overall U.S. soybean exports.