Asian soybean rust has arrived! The economic consequences of this disease will be a drama, but not a tragedy as rust can be managed. Brazilian farmers have demonstrated that they can manage the disease without severe reductions in national yields. However, it requires new understanding of the life cycle of rust, and especially how to identify and treat the disease. Every indication is that USDA, Land Grant Colleges , fungicide companies, local custom spray companies, and especially U.S. soybean producers are rising to this new challenge, and that we too will be able to manage soybean rust . To view the entire article, see the February 2005 Edition of the Purdue Agricultural Economics Report at: http://www.agecon.purdue.edu/extension/pubs/paer/