It is the best of times. Per capita food production in 1977 was near record levels in both developed and developing countries. World production of grains in 1977 was 9 per cent over 1974 production. World production in 1978 is forecast by the U.S. Foreign Agricultural Service to be up 4 per cent over 1977, despite controls that reduced U.S. wheat production by 10 per cent. The foreign grain crop in 1978 is expected to establish a new record. The result is an anticipated 5 per cent boost in grain stocks carried into 1979. World grain stocks are expected to total 192 million metric tons by the beginning of crop year 1979 and constitute 14 per cent of utilization, compared to 11 per cent in 1975. Expected stocks will be near levels deemed adequate by U.N. Food and Agriculture Organization standards and more than adequate if based on an analysis by D. Gale Johnson of the University of Chicago and by the U.S. Department of Agriculture.