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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.

The Institute for Supply Management’s gauge of prices paid for manufacturing inputs jumped 11.5 points to 70.5, the highest level since overall inflation peaked nearly four years ago.

“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.

The most immediate impact from the escalating Middle East conflict is through market reaction as investors take flight to safe havens such as the dollar and gold, while stocks slump.

Runaway freight is one of the most tangible market responses to a conflict that began on Feb. 28 and culminated with the vital Strait of Hormuz choke point all-but closing to tanker traffic.

Thousands of companies are angling for refunds on President Donald Trump’s tariffs, many of which were ruled unconstitutional Feb. 20. Now some retail customers are joining the scrum.

Halliburton is ready to quickly restart operations in Venezuela once it obtains U.S. government approval and some sort of payment protections, CEO Jeff Miller said.

U.S. crude production fell to near 13.7 million barrels a day in December, the lowest in six months, according to a monthly report from the Energy Information Administration.

This year’s meeting is broken down into three basic phases: the education content, the exhibition and the Industry of Voluntary Standards that are later developed into Recommended Practices.

Three of the four businesses that First Brands is hoping to sell produce parts for Ford, which along with other carmakers have been keeping some First Brands operations afloat by paying for parts in advance.