In the past few weeks, trade tensions between the United States and China have introduced considerable uncertainty in global commodities markets. China’s announcement to introduce retaliatory tariffs on imports of US soybeans triggered a plunge in world soybean and soymeal prices, with strong spillover effects across the oilcrops complex as well as most other agricultural commodities. For wheat and maize, supply and demand fundamentals continue to point to much tighter markets in 2018/19 while the situation for rice and soybeans appears more balanced from a global perspective.