The second annual report of the International Wheat Council reviewed operations under the International Wheat Agreement for the crop year 1950–1951. It was stated that prices for transactions under the agreement had not fallen much below the agreement maximum and that prices for wheat and flour bought outside the agreement had generally remained above that maximum. The structure of the agreement had been “severely tested” due to continued trading at the “ceiling” price, and most of the operational problems with which the council had been faced had been due to the restricting elements incident to trading at the maximum price. Had prices moved between the maximum and minimum of the price range these problems would not have arisen.