The FAPRI 2004 U.S. and World Agricultural Outlook presents final projections of world agricultural production, consumption, and trade. Food and Agricultural Policy Research Institute (FAPRI) projections assume average weather patterns worldwide, existing policy, policy commitments under current trade agreements, and new policy changes such as the enlargement of the European Union and Common Agricultural Policy reforms. FAPRI projections do not include conjectures on potential policy changes. The major macroeconomic drivers of the 2004 FAPRI baseline are the continuing solid economic growth worldwide, and currency movements against the U.S. dollar.