We analyze domestic and border policies for soybeans in Brazil, Argentina, and the EU with an econometric trade model which has five regions: the US, Brazil, Argentina, the European Union, and a Rest-of-the-World; and three commodities: soybeans, soymeal, and soy oil. Prices for domestic agents are linked to world prices via policy equations that reflect wedges due to producer subsidies in the EU, and export taxes for Brazil and Argentina. We found that the US benefits from existing (i.e., as of 1990) policies in Brazil and Argentina. The European Union, however, loses from existing policies in Brazil and Argentina. The US and Argentina lose from producer subsidies in the European Union. Brazil, however, gains from producer subsidies in the European Union.