Overview
- On Sunday, President Trump said the U.S. is considering purchasing some beef from Argentina to push down domestic prices.
- Argentina’s central bank said Monday it signed a $20 billion currency swap with the U.S., as Treasury pursues a separate $20 billion private financing vehicle.
- The National Cattlemen’s Beef Association and Farm Action warned the move would create market chaos, risk foot-and-mouth disease exposure, and leave grocery prices unchanged.
- Criticism extended to Capitol Hill, with Sen. Deb Fischer cautioning the plan would hurt ranchers and with figures from both parties attacking the broader Argentina support package.
- Farm groups also pointed to recent Chinese purchases of roughly seven million metric tons of Argentine soybeans and zero from the U.S. in September as evidence the policy direction is harming American growers.