This is the tenth annual agricultural outlook report prepared as an aid to farmers in making plans for the next season's operations. Facts that are not readily available to farmers on world-wide and nation-wide supply, demand, and prices have been assembled and interpreted to show as nearly as possible the probable trend of conditions until the time when the products of next season's operations will be marked. This report is prepared from the national viewpoint and its statements may have to be modified in view of unforeseen changes or peculiar local conditions.