As we close out 2025, global agricultural markets remain well supplied, while price movements across key commodities have been mixed throughout the year: rice and wheat fell below their year earlier levels, maize held steady, and soybeans strengthened. Much of the year was shaped by uncertainty surrounding trade policies, though November brought renewed optimism, especially regarding trade prospects between China and the United States. Fertilizer prices eased, yet the widening gap between input costs and crop values continues to weigh on demand. With the end of the US federal government shutdown, several reports essential for market transparency were restored. The next edition of the Market Monitor will be published on Friday, 6 February. With best wishes for a successful and prosperous 2026!