Agricultural markets are moving through a generally steady period, supported by favourable conditions across AMIS crops. Seasonal progress has been broadly encouraging, although pockets of dryness and the emergence of El Niño are beginning to shape expectations. Policy developments continue influencing market dynamics, with adjustments to trade measures and domestic support. Fertilizer markets have shown signs of easing, as improved flows through the Strait of Hormuz and softer energy prices have reduced supply pressures. While fertilizer affordability improved in some regions, it remains a constraint in others. Against this backdrop, staple food commodity prices show mixed movements, with harvest pressure in the northern hemisphere and ample supply prospects balancing localized tightness, leaving sentiment cautious but broadly stable.