The present report reviews the more recent developments in the world food and agricultural situation and also the immediate outlook. In 1953/54 world production continued to expand. Surpluses, especially of wheat, became more burdensome in some areas, and in these areas farm prices and farm incomes tended to decline. In other parts of the world, however, supplies Were not excessive and efforts to expand production were continued and in some cases intensified. The outlook- for 1954/55 suggests no essential change in this situation, which is summarized in Chapter I of the report and reviewed more fully on a world basis in Chapter II.