American soybean farmers are struggling as China, once their largest buyer, shifts purchases to Argentina amid trade tensions and export incentives.
China has booked more than 2.6 million tons of soybeans from Argentina for November and December, taking advantage of Buenos Aires suspending its 26% export tax. U.S. soybeans, carrying a 20% tariff in China, are now less competitive, leaving farmers concerned about missing their key market during peak season.
Chris Gould, a third-generation farmer in Illinois, described the situation as painful.
“China has been our number one customer for the last 20 years. For the 2025 crop, they’ve bought zero U.S. soybeans. When that market disappears, it has a significant impact on domestic prices,” he said.
President Donald Trump pledged financial support, saying a portion of tariff revenues would be distributed to farmers until trade measures take full effect.
“Ultimately the farmers are going to be making a fortune, but it’s a process,” Trump said on 25 September.
Despite promises of aid, farmers such as Gould want long-term solutions rather than temporary checks.
“We need our government to do their job, which is not to write emergency aid checks to us, but to promote worldwide trade so we can earn our income like we need to,” he said.
The situation is compounded by U.S. financial support for Argentina, including a $20 billion currency swap and potential debt purchases, which could further strengthen Argentina’s soybean exports at the expense of American farmers.
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