Despite much uncertainty caused by the rapid spread of COVID-19, global food markets remain well balanced: cereal stocks are expected to reach their third highest level on record this season and export availabilities for all AMIS crops are more than adequate to meet the anticipated demand. Nonetheless, given prospects of much weaker economic growth in many countries and turmoil in energy and currency markets, as well as rising concerns over the impact of temporary lockdowns on both domestic logistics and international trade, the situation needs to be monitored closely.