** AWARDS ISSUED PRIOR TO JANUARY 20, 2025, WERE FUNDED UNDER PREVIOUS ADMINISTRATIONS AND MAY NOT REFLECT THE PRIORITIES AND POLICIES OF THE CURRENT ADMINISTRATION.** OUR STUDY WILL ASSESS THE CONSEQUENCES OF SUSTAINABILITY AND DEVELOPMENT POLICIES CURRENTLY UNDER CONSIDERATION ON GLOBAL SOYBEAN MARKETS. SOYBEANS ARE A FUNDAMENTAL SOURCE OF INCOME FOR BOTH US AND BRAZILIAN FARMERS, WHICH TOGETHER PRODUCE OVER 80% OF GLOBAL EXPORTS. SOYBEAN MARKETS ARE IN THE MIDST OF IMPORTANT CHANGES STEMMING FROM ENVIRONMENTAL CONCERNS AND ONGOING STRUCTURAL TRANSFORMATIONS. IN THE CASE OF BRAZIL, UNSUSTAINABLE RATES OF FOREST CONVERSION UNDERLIE PRESSURES ON THE PRIVATE SECTOR TO PRODUCE DEFORESTATION-FREE SOYBEANS. IN THE US, SUPPORT FOR RENEWABLE FUELS IS RAISING DEMAND FOR SOYBEAN OIL. IN BOTH COUNTRIES, THE SAME COMPANIES BUY, PROCESS, AND EXPORT MOST OF SOYBEANS BOUND TO TWO DESTINATIONS, THE EUROPEAN UNION AND, SPECIALLY, CHINA. THESE DESTINATIONS SEEM TO BE DIVERGING IN THEIR ENVIRONMENTAL PREFERENCES, AS THE EU CONSIDERS MOVING TOWARD IMPORTING ONLY DEFORESTATION-FREE SOYBEANS, EFFECTIVELY INTRODUCING PRODUCT DIFFERENTIATION IN AN OTHERWISE COMMODITIZED MARKET. THE HIGHLY CONCENTRATED (AND NOW, POSSIBLY DIFFERENTIATED) NATURE OF SOYBEAN MARKETS WARRANTS EMPIRICAL ESTIMATION OF MARKET RESPONSES TO THESE CHANGES IN A STRATEGIC SETTING. THIS TYPE OF ESTIMATION IS A NOVEL UNDERTAKING IN GLOBAL COMMODITY MARKETS THAT HELPS TO UNDERSTAND HOW MARKET AND POLICY CHANGES INFLUENCE MARKET PERFORMANCE. OUR STUDY WILL SHED LIGHT ON HOW ZERO-DEFORESTATION COMMITMENTS, BIOFUEL POLICIES, NEW EXPORT INFRASTRUCTURE, AND KEY DEVELOPMENTS IN TRADE POLICY AFFECT THE ECONOMIC AND ENVIRONMENTAL SUSTAINABILITY OF RURAL COMMUNITIES IN THE US THAT RELY ON SOYBEAN FARMING AS WELL AS THE IMPLICATIONS FOR LAND USE IN BRAZIL WHICH HAS SOME OF THE MOST VULNERABLE ECOSYSTEMS IN THE WORLD.