The FAPRI 2005 U.S. and World Agricultural Outlook presents final projections of world agricultural production, consumption, and trade. The projections assume average weather patterns, existing farm policy, and policy commitments under current trade agreements and custom unions. Major drivers of the 2005 baseline include continuing strong economic growth worldwide, recovery from past weather shocks in key producing countries, recent SPS shocks, and the U.S. dollar’s weakness in industrialized countries and its strength in Latin America.