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Soy rose to its highest level in more than two years after strikes by the U.S. and Israel on Iran. Contracts in Chicago surged as much as 3.9% before paring some gains.

“One of the things in this industry is that there’s always uncertainties,” Krista Swanson, chief economist at the National Corn Growers Association, said in an interview.

Trump’s new policy will increase duties above the maximum allowed level on European exports including cheese, butter, some agricultural products, and several plastics, textiles and chemicals.

Israel plans to make further trade concessions to the U.S. on food and agricultural goods as part of efforts to persuade its closest ally to ease tariffs on exports from the Jewish state.

The increased optimism comes as Chicago soybean prices have been rising amid a revival of U.S. exports to China and greater clarity expected soon around U.S. biofuels policy in 2026.

“The agreement will provide U.S. and Bangladeshi exporters unprecedented access to each other’s respective markets,” the White House said in a statement.

While the sale of new machines is set to remain sluggish, growers need to update soon and are increasingly retrofitting existing equipment with AI-packed components.

Treasury Secretary Scott Bessent said Jan. 20 in an interview on Fox Business that Vice Premier He Lifeng confirmed to him that China has completed their soybean purchases.

Cattle placed in U.S. feedlots, where animals are fed until ready to be slaughtered, are expected to have dropped in November to the lowest levels for the month since 2015, Bloomberg reports.

Cattle prices won’t rise as much as previously expected in 2026, as the closure of a Tyson Foods plant is seen loosening competition for scarce U.S. supplies.