The Outlook depicts relatively favourable prospects for world agriculture to 2022. In the near term, a dichotomy exists between world crop and livestock sectors. Crop agriculture is characterised by falling prices relative to recent peaks in response to projected large supplies and stock replenishment induced by high prices in recent years. In contrast, livestock product prices are high and increasing at the start of the outlook period, driven up by high feed costs and reduced global livestock inventories and production. Beyond the near term, markets, in general, are expected to begin to tighten and for agricultural prices to firm, with prices in real terms remaining relatively flat for most commodities. Nevertheless, agricultural commodity prices are held above pre 2007 levels, in nominal and real terms, by strong demand, higher input costs and slower productivity growth over the projection period.