The paper looks at three possible answers. The agenda and impetus may come from: another crisis in the agricultural trading system; perceptions of new trading opportunities, or the emergence of a global food system that needs clarification and ratification through further negotiations. It concludes that betting on a crisis is too uncertain. Banking on changing interests and perceptions is a possibility for some commodities but unlikely for all. Consolidating the emerging global food market into a global open food system seems the most likely and promosing avenue to reform, extending developments in trading arrangements and investment patterns that have been occurring since the Uruguay Round began