Soy moratorium extended despite concerns


A Brazilian stakeholders group ranging from commodity traders to environmental groups has decided to continue a voluntary agreement struck in 2006 under which soy operators refrain from buying soybeans grown in recently cleared rainforest areas. The Brazilian Soy Working Group, whose members include soy crushers and traders, Brazil’s Environment Ministry and environmental organizations, agreed to continue the accord for a sixth year despite sharp differences over the initiative’s efficacy. Industry operators call the moratorium a success, among them the Brazilian Vegetable Oil Industry Association (Abiove) and the Brazilian Grain Exporters Association (Anec). The two associations’ members include U.S.-based Bunge, Cargill and Archer Daniels Midland, as well as Louis Dreyfus Group of France and smaller soy crushers and traders. Abiove cites a report it did... [Log in to read more]

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