The June edition of the AMIS Market Monitor presents the first forecasts for the new marketing season. Preliminary estimates point to lower wheat, maize and rice production, while soybeans are set to reach new records. The impacts of the Strait of Hormuz closure are increasingly evident, with higher energy and fertilizer costs influencing planting decisions. Policy developments include China easing urea export restrictions, the European Union suspending fertilizer tariffs and supporting farmers, and India expanding biofuel use through increased rice allocation for ethanol. Indonesia plans to centralize palm oil exports, while Argentina has reduced wheat export taxes. The feature article explores bulk freight markets, highlighting how rising costs and disrupted routes increase risks to availability and prices, leaving the system vulnerable to disproportionately large impacts from new shocks.