The U.S.-China trade war has thrust soybean into the geopolitical spotlight. Chinese duties of 25% on U.S. exports are starting to bite – while America’s third quarter, trough season, exports were down just 0.9% on a year earlier that included a 32.2% slump in September alone. Brazilian exporters have taken up much of the slack with a 36.6% surge in total exports over the same period. The room for Brazilian farmers to take up much more slack will be limited with inventories likely to end the year 72.2% lower than at the start. U.S. farmers meanwhile are becoming more relia...