Soybean prices reached a 15-month high Tuesday as the commodity, which makes up the U.S.’ largest agricultural export, is embroiled in the trade war between the U.S. and China that’s affecting American farmers. Soybean prices have risen more than 11% since July last year as the crop has become a major tool in U.S.-China trade negotiations.

Hundreds of thousands of American soybean farmers are suffering from China’s monthslong effective embargo. Among them: Treasury Secretary Scott Bessent.

Trump administration officials say new trade deals and aid could ease the strain, but many farmers are struggling to stay afloat.

The leaders of two of the world's largest economies are meeting late Wednesday night through early Thursday morning. President Trump and Chinese President Xi Jinping hope to come to a trade agreement.

Brazilian farmers are increasing soybean production as the U.S. and China engage in a trade fight. The conflict has shut American soybeans out of the Chinese market, leading China to seek more Brazilian supply.

President Trump’s tariff battle with China has hit soybean farmers particularly hard. Treasury Secretary Scott Bessent says he feels their pain. “In case you don’t know it, I’m actually a soybean farmer.

Soybean futures are climbing 2% after Treasury Secretary Scott Bessent said initial talks led to an agreement that China will buy a substantial amount, after imports of the crop from the U.S. had fallen to zero.

President Trump is in Japan today for the second stop on his Asia tour. Trump is set to meet with Chinese President Xi in South Korea on Thursday amid the escalating trade war. MSNBC Senior White House Reporter Vaughn Hillyard has more reporting from Seoul.

India's soybean meal exports drop 11% to 2.275 million tonnes due to high prices and low international demand.