The report covers the EU in its current composition (EU-27). It presents the medium-term outlook for EU agricultural markets, income and environment to 2031, based on a set of macroeconomic assumptions deemed most plausible at the time of the analysis. Oil price, population forecasts (based on IHS Markit), the USD/EUR exchange rate and GDP forecasts (based on the European Commission’s Forecast) were updated on 11 November 2021. The analyses of agricultural markets rely on information available at the end of September 2021 for agricultural production and trade and on an agro-economic model used by the European Commission (EC). As EU countries are yet to prepare and submit their CAP Strategic Plans taking into account the post-2020 CAP reform, projections assume a continuation of current agricultural and trade policies. In the same vein, the level of ambition stemming from various policy initiatives such as the European Green Deal and in particular the targets of the Farm to Fork and Biodiversity strategies is yet to be reflected in the CAP Strategic Plans. Consequently, these are not taken into account. Only free trade agreements ratified at the end of September 2021 are reflected. Budget figures related to the 2021-2027 Multiannual Financial Framework were updated. The report is also accompanied by an analysis of a selected set of market uncertainties. Possible variations stem in particular from fluctuations in the macroeconomic environment and in the yields of main crops and milk. Specific scenarios are also presented for a reduction of fat in diets, following a WHO recommendation and China’s self-sufficiency in animal products.