While US soybean farmers continue to desperately await Chinese orders, Argentina's Milei government - considered an "ally" by Trump - suddenly cancelled soybean export taxes to capture market share. This move has sparked growing resentment in the US, particularly as the Trump administration plans to provide financial assistance to Argentina's markets.

During last week's United Nations General Assembly in New York, someone captured a telling moment: US Treasury Secretary Bessent received private messages complaining about Argentina's export tax reduction. This photo has circulated widely across major Argentine media outlets.

According to a September 26 report by Argentina's major media outlet La Nación, the message included a link to a tweet from US grain trader Ben Shore and read: "Just a reminder, I'm still gathering more information, but this situation is very unfortunate. Yesterday we rescued Argentina, and then Argentina cancelled grain export taxes to sell to China at lower prices - this should have been our sales window. This is why US soybean prices continue to fall, giving China more leverage over us!"

Shore's tweet criticized Bessent's support for Argentina, stating: "We're busy rescuing Argentina while China has already stockpiled 20 shipments of Argentine soybeans. They think you're foolish."

While the sender's identity cannot be confirmed, the letters "BR" visible on Bessent's phone screen match the initials of US Agriculture Secretary Brooke Rollins. The sender also requested Bessent to call back later.

Last week, Associated Press captured images of Treasury Secretary Bessent checking messages during the UN General Assembly.

In early September, electoral defeats by Argentina's ruling coalition triggered severe financial market turbulence, prompting Trump to quickly express willingness to provide assistance.

On September 22, Bessent stated that Argentina is a systemically important US ally. If Argentina under Milei's leadership cannot escape its current fiscal difficulties, the Trump administration would consider "all stabilization options" to support Argentina through "massive and forceful" intervention.

The following day, Bessent detailed support measures for Argentine markets, planning $20 billion in currency swaps and bond purchases to help Milei's government handle electoral pressure and stabilize financial markets.

Taking advantage of the UN General Assembly, Milei and Trump held bilateral meetings in New York on September 23. Trump praised the Argentine president as "a truly outstanding leader" and "a very good friend, fighter, and winner."

Reports also suggest the US is pressuring Argentina to cancel currency swap agreements with China and maintain "distance" from China during the UN General Assembly as conditions for future financial support.

Ironically, almost simultaneously with the US government's continued overtures to Argentina, Milei's government announced on September 22 the temporary cancellation of export taxes on soybeans, corn, wheat, and byproducts to stimulate exports. Argentine soybean tariffs had reached 26%, with soybean oil and meal tariffs at 24.5%, now reduced to zero, stimulating $7 billion in sales within two days.

This impacted Chicago Board of Trade soybean futures, which fell for the second consecutive week, with active contracts dropping to $10.1 per bushel (approximately 27.216 kilograms per US bushel). Corn and wheat prices also declined.

Reuters reported on September 26, citing traders, that during Argentina's suspension of agricultural export taxes, a total of 40 shipments of soybeans for November-December delivery were registered for export, mostly destined for China. This coincides with the US soybean export season, dealing a heavy blow to US exports as Chinese buyers snapped up Argentine soybeans.

Traders indicated that during the soybean export tax suspension window, registered exports for November and December deliveries totaled 2.66 million tons, representing over half of the 5.1 million tons registered for all months during the tax-free period.

La Nación estimates this trade cost US agricultural producers "billions of dollars" in losses.

This trend has been evident since August. Traders report that amid risks of prolonged trade conflicts, Chinese companies increased soybean inventories, with China's August soybean imports reaching new highs, primarily from Brazil and Argentina, almost completely displacing US soybeans.

Customs data shows China imported 73.312 million tons of soybeans from January to August, up 4% year-on-year. August imports reached 12.279 million tons, a modest 5.2% monthly increase, marking the fourth consecutive month of record highs for the period.

Last year, China imported 105 million tons of soybeans, with over 22 million tons from the US. However, traders say this season China may rely almost entirely on South American supplies before Brazil's new season soybeans hit the market in early 2026.

Argentina is the world's third-largest soybean producer, after Brazil and the US. Due to US-China trade conflicts, China purchased no US soybean shipments during this autumn's harvest season.

Watching US soybeans stagnate in Chinese markets while Argentina capitalizes on the opportunity, US farmers are expressing widespread distress.

Falling prices have intensified pressure on Midwest farmers, who represent an important voting bloc for Trump. Farmers in Indiana and Minnesota have warned that government subsidies cannot replace lost Chinese market demand.

Hong Kong English-language media South China Morning Post noted this discontent further strains relations between the US agricultural sector and the Trump administration. The American Soybean Association has been pressuring the Trump administration to provide economic support for domestic farmers, criticizing Trump for hesitating to aid US agriculture while readily providing assistance to Latin American ally Argentina.

American Soybean Association President Caleb Ragland stated in a recent article: "US soybean prices are falling, harvest work is underway, and farmers are seeing headlines not about how the US government is reaching trade deals with China, but about providing $20 billion in economic aid to Argentina."

"Very unfortunately, while the US helps stabilize Argentina's economy, they harm US farmers' interests and weaken President Trump's negotiations with China," said North Dakota Republican Representative Julie Fedorchak sadly. "This is a bitter pill for North Dakota soybean growers to swallow."