We don’t expect any demand from China to return to the U.S. market with this change,’ said one trader at an international trading company. ‘Brazil is cheaper than the United States and even non-Chinese buyers are taking Brazilian cargoes.

Brazilian President Luiz Inácio Lula da Silva hopes to convince world powers to mobilize enough funds to halt the ongoing destruction of climate-stabilizing tropical rainforests in danger around the world and advance the many unmet promises laid out at previous meetings.