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.”