The effective closure of the Strait of Hormuz sent shockwaves across the global economy through energy markets, with spillovers to the agricultural sector, as detailed in this month’s feature article. The recent AMIS Rapid Response Forum underscored the need for continued vigilance amid heightened geopolitical uncertainty. Against this backdrop, agricultural prices moved unevenly in March. Wheat and maize prices edged higher, while rice prices declined and soybean prices were slightly softer. Vegetable oil prices generally strengthened, reflecting expectations of higher biodiesel demand. Prices of futures for wheat, maize and soybeans firmed modestly but remained largely rangebound, as heightened uncertainty was tempered by ample global supplies. In parallel, several countries adjusted fertilizer policies in response to concerns over access and availability.