This eleventh edition of the Agricultural Outlook provides an assessment of agricultural market prospects based on medium-term projections that extend to 2014 for production, consumption, trade and prices of included commodities. The projections presented in the report are based on specific assumptions regarding macroeconomic conditions, agricultural and trade policies and average weather conditions, and thus are one representative scenario for agricultural markets over the next decade. World agricultural production is projected to continue to grow to 2014 but at a slower pace than in the last decade. Broad-based economic growth in both OECD and non-member economies, and moderate population growth will lead to higher per capita incomes and consumption gains world-wide, but particularly in developing countries. Rising demand will provide the foundation for an increase in agricultural trade over the projection period. However, competition in global commodity markets is expected to intensify as production expands in many countries.