Trade Aid and Shutdown Blame

OMAHA (DTN) -- U.S. Treasury Secretary Scott Bessent said Thursday the federal government would make some announcement early next week to provide "substantial support" for farmers.

In an interview on CNBC, Bessent said it is unfortunate that Chinese leadership has decided to use soybean farmers "as a hostage or pawn" in the trade dispute.

Bessent said he spoke with Agriculture Secretary Brooke Rollins on Wednesday about some type of support for farmers.

"You should expect some news on Tuesday (Oct. 7) on substantial support for our farmers, especially soybean farmers. They have had President Trump's back and we have their back," Bessent said.

It's unclear what authority the Treasury Department would have to provide aid to farmers, or if Bessent was speaking about USDA using its funds from the Commodity Credit Corp. (CCC).

Donald Trump on Wednesday had posted on social media that "soybeans will be a major topic of discussion" next month when he meets with Chinese President Xi Jinping. Trump also has suggested taking tariff dollars to provide support to farmers.

Trump's post had an immediate positive effect on soybean prices, pushing up futures prices 20 cents on Wednesday and more than 5 cents a bushel on Thursday.

Rollins was on Fox Business News early Thursday pressing the White House narrative and Republican narrative that Democrats are to blame for the shutdown. Rollins said this will affect farmers and people who rely on nutrition programs.

"It's abandoning our farmers. It's sort of one thing after another with these Democrats and here we are again," Rollins said. She added, "Negotiations are fine. Our vice president said that yesterday, willing to always negotiate. But to hold our farmers hostage, our mothers and children hostage under WIC, all of these government programs are coming to a screeching halt."

Senate Majority Leader John Thune, R-S.D., raised concerns about Farm Service Agency (FSA) offices being closed during the shutdown.

"FSA employees are important to the farmers that we all represent. Again, that's an unnecessary consequence of the Schumer shutdown," Thune told Politico.

Republicans have laid a lot of the blame for the shutdown on Senate Minority Leader Chuck Schumer, D-N.Y., who drew criticism from Democrats last spring because he supported a funding bill that kept the government open.

Thune added, "I hope they can find ways to keep the FSA offices open and (I) certainly encourage that," he said. "But you know, the quickest way to end the conversation about that is to reopen the government."

For more, see:

-- "ASA President Fears Losing China Market, Seeks a Level Playing Field With Brazil," https://www.dtnpf.com/…

-- "Federal Shutdown Will Delay Expected Payments to Farmers," https://www.dtnpf.com/….

Chris Clayton can be reached at Chris.Clayton@dtn.com

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