It is certain that the most pervasive common thread throughout USDA's August WASDE will be that world supplies of wheat, coarse grains and oilseeds are shrinking. This is nothing new, of course. The trend toward lower world supplies really began with the drought-reduced soybean crops harvested this spring in Brazil and Argentina. The smaller-than-expected South American 2011/12 soybean production forced big changes in the world soybean supply/demand balance and soybean prices. It also promised to change typical soybean trade flows by tilting demand toward the U.S. during last spring and this summer, a timeframe in which South American soybeans are normally expected to dominate world trade. While lost South American soybean production chan...