One feature that got overlooked a couple of weeks ago was the unusually large September NOPA (National Oilseed Processors Association) soybean crush. It was nearly 20 million bushels higher than the September record set in 2007.

Everyone’s well aware the trade dispute with China is going to “restructure” the world flow of soybeans. China will basically absorb all of the South American soybeans, forcing other buyers to...