This paper challenges the hypothesis that negative yield effects in key temperate grain producing regions of the world resulting from global climate change would have a serious impact on world food production. Model results demonstrate that even with concurrent productivity losses in the major grain producing regions of the world, global warming will not seriously disrupt world agricultural markets. Country/regional crop yield changes induce interregional adjustments in production and consumption that serve to buffer the severity of climate change impacts on world agriculture and result in relatively modest impacts on world agricultural prices and domestic economies.