Harvesting of maize and soybeans is progressing with excellent yield potential in parts of Brazil yet elsewhere in the southern hemisphere crops have suffered from hot and dry weather. In the northern hemisphere, winter crops also experienced insufficient precipitations, while spring sowing is ongoing. Seasonally improving palm oil outputs in Southeast Asia have erased the unusual price premium over competing oils at some destinations. Although overall price movements across commodities remained relatively contained, market participants are closely observing rapid policy developments related to tariff announcements and possible retaliatory measures. The changing trade landscape will also impact the overall macroeconomic environment affecting energy prices, exchange rates, and growth prospects, with its own implications for agricultural production and trade.