July 29, 2009

The Brazilian Vegetable Oils Industry Association, or Abiove, Tuesday (July 28) said that the soy moratorium will be extended for one year.

 

"This is the sort of industry initiative we need to stop the destruction of the Amazon," said Paulo Adario, environmental group Greenpeace's Amazon Campaign director in a press release.

 

Greenpeace is part of the Brazilian soy moratorium in which major trading companies such as Archer Daniels Midland Co. and Bunge agree not to purchase beans from areas deforested after 2006.

 

"Soya is no longer a significant force in the destruction of the Amazon rain forest," said Brazil's Environment Minister, Carlos Minc, in the release.

 

"However, we cannot say the same about cattle. The soya moratorium is a model for all relevant sectors," Minc added.

 

The soy moratorium extension was announced at a press conference in Brasilia.

 

Brazil is the world's s No. 2 producer of soy after the US.