Over the past two months, two significant changes have occurred with respect to agriculture.

The first is that China is boycotting U.S. agricultural products. Most U.S. grown soybeans and sorghum have gone to China, until this year. The estimated loss to farmers is about $10 billion. Trump has talked about compensating them.

But these farmers will need to change their crops for 2026. Farmers fear that losing China as a customer may be permanent, as the Chinese establish new relationships with South American farmers, including those in Argentina.

Meanwhile, Trump has provided $20 billion in bailout funds to Argentina, by supporting their collapsing currency. Argentina is run by a far-right president who has been loyal to Trump and vice versa.

Furthermore, Trump has stated that in an effort to reduce beef prices in the U.S., the U.S. will import more Argentine beef. Texas ranchers are not happy about this because, with the increasing problems of global warming, feed costs for cattle have risen.

It is the increasing cost of cattle raising that has largely driven up the price of beef. With the increase in Argentine imports and the reduction in the price of beef, profit margins for Texas ranchers will fall.