In this paper, the impact of currency depreciation that took place on July 2, 1997 in Thailand, on agriculture especially on prices and production was analyzed by estimating and constructing demand-supply models for the main agricultural commodities. As a result, it was found that the most favored commodities were upland crops which compete in the world market and for which dollar prices are given, and the broiler meat export sector which has a significant market share in Japan, although the contraction in the domestic market exceeded the expansion in export. The next favored commodity was rice in the rainy season for which few imported input materials are used and the output price depends on export. Domestic commodities such as pork and eggs were worst off because of the contraction of the domestic market. If we consider the recent economic recession in Thailand, the impact of the factors indicated above is amplified, although the increase in the number of migrants from urban to rural areas may lead to the decrease in farmers’ income per capita.