In the European Union (EU), the Common Agricultural Policy (CAP) has an ambivalent legacy, in that agricultural production is distorted in favor of the EU economy which has had a direct impact on a broader scale on land use, land use change, and forestry (LULUCF) outside of the EU. The absence of tariffs for animal feed has evolved to a situation where the EU cheaply imports animal feed from Latin America, including soybeans that are among the main causes of deforestation in the Amazon and the Cerrado region. On the other hand, there is a huge potential for mitigating climate change by reducing emissions from deforestation and forest degradation (REDD+). This article focuses on one aspect—soy and REDD+ and attempts to make a modest contribution to policy debates by showing that REDD+ and agriculture are closely linked. The 2013 reforms (or lack thereof) of CAP may well have far-reaching impacts on the multifaceted and already complex landscape under which REDD+ will operate, to the extent that it may be in danger of derailing the mechanism in its infancy.