The FAPRI 2003 World Agriculture Outlook presents final projections of FAPRI's agricultural outlook on world agricultural production, consumption, and trade. FAPRI projections assume average weather patterns worldwide, existing policy, policy commitments under current trade agreements, and recent policy changes such as the Farm Security and Rural Investment Act of 2002. FAPRI projections do not include conjectures on potential policy changes such as the various proposals under consideration in the WTO Doha Round negotiations. The major macroeconomic drivers of the 2003 FAPRI baseline are the deepening crisis in Latin America,; full economic recovery in many countries in the next two years, and the U.S. dollar's mixed relative value on world markets.