Why it matters: Soybeans are the largest agricultural export of Minnesota, with more than half of that crop sent to international markets.

• But China, historically the top buyer of U.S. soybeans, has yet to place any orders this year, farmers and industry experts told Axios, leaving farmers shut out of their biggest single international market as harvesting begins.

Driving the news: The latest blow came one day after Treasury Secretary Scott Bessent offered a financial bailout to Argentina's faltering economy.

• Argentina - the third-largest soybean producer in the world - then turned around and suspended its export taxes.
• This move undercut U.S. soybean farmers, whose crops are already subject to a 20% retaliatory tariff imposed by China.
• China pounced on the opportunity, placing a huge soybean order from Argentina, a country it has rarely bought soybeans from.

What they're saying: Argentina is now "capitalizing on our inability to export the (soybean) meal that we need to export," Minnesota Soybean Growers Association president Darin Johnson told Axios.

By the numbers: A decade ago, Minnesota sold one out of every three rows of soybeans to China, the association said. Since the tariff war of 2018 and 2019, Minnesota now sells only one out of every four rows.

State of play: The China-Argentina deal is putting pressure on U.S. trade negotiators. Less than two months remain on the latest tariff truce with China.

Between the lines: Johnson, a fourth-generation farmer who tills 4,500 acres west of Albert Lea, said patience among farmers for the trade talks is limited as production costs soar and farm incomes drop.

• "We want fair trade. We really do," he said. "But we want to make sure that we are able to keep moving our products."

The big picture: For now, most Minnesota soybean farmers will be forced to either sell their crops at a loss or pay to store them, as Fox 9 reported.

What we're watching: As trade talks drag on, some White House officials have floated a bailout for farmers that could redirect some tariff revenues to farm aid.

Yes, but: The administration pitched the tariffs as a solution to the federal government's ballooning deficit. Its use for a bailout could unsettle bond markets.