In February 2024, food commodity markets continued to sustain their relative calmness, despite the presence of external shocks including shipping disruptions and farmers’ protests in several countries. Wheat, maize and soybean export prices declined further, reaching their lowest levels over the past two years. While rice prices eased as Lunar New Year Holidays curtailed trade in some parts of the world, they remained almost a third higher than their levels a year ago. Following record-breaking temperatures in January reflecting the influences of the strong 2023-2024 El Niño event and the impacts of climate change, February was also exceptionally warm, speeding up crop development in many parts. Winter wheat crops in the northern hemisphere are beginning to break dormancy, while harvesting of maize and soybeans continued in the southern hemisphere.