The U.S. has long been the world’s dominant supplier of soybeans for the period of 1 October-31 March. South America normally fulfills that role during the rest of the year, but its rising production and Brazil’s increased use of early-maturing varieties have substantially shortened the window for U.S. farmers to market their soybeans. The construction of new export infrastructure in Brazil has also allowed that country to export more of its production soon after harvest. Moreover, the addition of storage facilities there has enabled more of the crop to be held for export later in its marketing year, which coincides with the prime export period for the U.S. The U.S. has clearly been impacted by Brazil’s large exports late...