Brazil Levies Deforestation Fines on Grain Firms

(Dow Jones) -- Brazil's environmental agency announces $29M worth of fines to major grain trading companies, including international giants Cargill and Bunge, for transgressing the country's deforestation policy by purchasing soybeans from protected areas. The Brazilian body, Ibama, used "geospatial data" to confirm the infractions, mainly in Brazil's Cerrado region. A Bunge spokeswoman says the company disputes the charges and is formally contesting them. A Cargill spokeswoman says the company hasn't received official word from Ibama on the matter, and is investigating. Deforestation for decades has been blamed on farmers' push to convert millions of Brazilian land over to crops, and international grain companies have pledged to help curb the practice.