Grain Traders Oppose Brazil's Soy Ban

source: Reuters

Global grain traders are against banning soy purchases from newly deforested areas of Brazil’s savannah region, that would duplicate a similar moratorium in place for the Amazon rainforest, an industry association said on Thursday.

“There is no intention of doing this,” Lucas Brito, executive assistant at grain exporters group Anec, toldReuterson the sidelines of an industry conference in Campinas.

Anec represents major grain traders including Archer Daniels Midland Co., Cargill Inc., COFCO, Louis Dreyfus Corp., Glencore and others.

Agreed to in 2006, the Amazon soy moratorium bans trading in soy from areas deforested after 2008.

The industry previously praised it for virtually eliminating soy-related deforestation in the region.