A historic agreement that's helped curb deforestation in Brazil’s Amazon for nearly two decades suffered a major blow after Mato Grosso, the country´s largest soybean-producing state, passed a law ending incentives for participating processing and trade companies.
The law passed last week was designed to void the Soy Moratorium — a 2006 deal in reaction to a Greenpeace investigation that linked soy produced in illegally deforested areas to U.S. commodities giants Cargill, Bunge and ADM. Under pressure, the companies agreed at the time not to buy soy produced in areas cleared after 2006. The date was later revised to July 2008.
