Soybeans and Corn Extend Gains as US-Iran Hostilities Escalate

Soybean and corn futures extended gains as crude oil prices jumped following escalating hostilities between the US and Iran. This surge in energy costs boosted the appeal of biofuels, driving market growth. Reports indicate that crude oil reached a new all-time high by December 31, reflecting a 16.5% increase. Consequently, the combination of US-Iran tensions and rising energy expenses has contributed to the continued upward trajectory for both soybean and corn futures markets.