The Restructuring of South American Soy and Beef Production and Trade Under Changing Environmental Regulations

•South American countries have stepped up deforestation regulations and enforcement.•We study potential spillover effects of these regulations for soy and beef.•We find little change in soy or pasture expansion patterns due to increased regulations.•We find a decrease in beef imports from more regulated biomes.•Substitution between markets and actors diminish the effectiveness of regulations.