The U.S. soybean export campaign is off to a robust beginning, eclipsing the initial pace experienced in 2014/2015. Much of that is owed to the stronger September and October exports, shipments that occurred because of the larger old-crop inventories at the beginning of the year.

But when you combine the exports from the three major exporters, the combined shipping pace hasn’t been quite as strong as it was in the 2014/2015 marketing ...