Government programs and policies have helped to shape the prevailing patterns of trade and production in global oilseed, oilseed meal, and vegetable oil markets. This report evaluates the adjustments that likely would occur in global oilseed and oilseed product markets if these policies and programs were removed. The effect of policy reform on world oilseed production and trade would be relatively small when compared with trade liberalization's effects on other agricultural commodities. Adjustments to liberalization would vary among regions and within individual oilseed sectors. Low-cost oilseed and vegetable oil producers, like the United States, Argentina, Canada, Indonesia, and Malaysia, could benefit, although their gains would be modest. Gains to Brazilian oilseed producers could be very small. High-cost producers, like EC farmers, could expect a significant reduction in their share of global oilseed production and exports.