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Soy is a high-yielding, high-quality source of vegetable protein, an important ingredient in animal feed. Demand for soy will continue to rise as economic growth leads to greater meat consumption in emerging economies, currently led by China. The expansion of soy production to meet this demand is an important threat to native ecosystems in seasonally-dry regions of the tropics and sub-tropics where most of the expansion is taking place. The Brazilian Soy Moratorium (BSM) is the focus of this report. The BSM is arguably the world’s most successful value chain intervention to date for addressing tropical deforestation. This report illustrates both the potential and the pitfalls of value chain interventions.