Brazil judge blocks suspension of Amazon soy pact

A Brazilian federal judge granted an injunction on Monday temporarily suspending a decision from antitrust watchdog CADE that had ordered grain traders in the world’s largest soy exporter halt their so-called “soy moratorium” program.

The two-decade-old private pact was created to protect the Amazon rainforest by barring soybean traders from buying from farmers who cleared land there after July 2008.

CADE’s general superintendent last week gave grain traders 10 days to suspend the soy moratorium or face fines, as the watchdog called for a full investigation into the signatories of the program in which companies share commercially sensitive information.

The decision was criticized by grains trader lobbies, environmental group Greenpeace and Brazil’s Environmental Ministry, while welcomed by farm groups including Aprosoja Mato Grosso.

In Monday’s decision, judge Adverci Rates sided with Abiove, a lobby that represents oilseed crushers, ruling to suspend the watchdog’s decision until a full CADE panel makes its final call on Abiove’s appeal.

Tags: Brazil, soy, decision