This document summarizes key supply and demand factors affecting agricultural commodity markets. It discusses current world stock levels for corn, wheat, and soybeans being at extremely low levels compared to 10-year averages. Recent events impacting prices of these commodities are outlined. The weak U.S. dollar is identified as a major driver of increasing commodity prices. Analysis of index fund and non-commercial trader positions in these markets finds little evidence their participation is adversely affecting prices. Margin levels have risen along with increased volatility in these markets.