Agricultural credit for agribusiness totaled R$ 391.2 billion in the period from July 2025 to April 2026 (2025/2026 Crop Plan), according to the Performance Bulletin released by the Ministry of Agriculture and Livestock (Mapa). This result represents a 5% reduction compared to the R$ 409.8 billion registered in the same period of the previous crop year. The Rural Product Certificate (CPR) consolidated itself as the main instrument for raising capital in Brazilian agribusiness, with a growth of 10% and a volume of R$ 167 billion. The instrument now accounts for 43% of the total granted in the 2025/2026 crop year, compared to 37% in the previous crop year. Adding conventional operating resources to the CPR, financing destined for agricultural production reached R$ 292.6 billion, a decrease of only 1.6%. According to the Ministry of Agriculture's Agricultural Policy Secretariat, the growth of CPRs (Rural Product Certificates) reflects the migration of rural producers and trading companies to market instruments, given the high financial costs and environmental restrictions associated with traditional credit lines. INDUSTRIALIZATION ADVANCES 66% One of the main positive highlights of the period was the significant 66% growth in credit for industrialization, which jumped from R$ 17.1 billion to R$ 28.4 billion. This result signals the expansion of agro-industrial chains and greater value aggregation to national agricultural production, a trend aligned with the sector's modernization strategy. Investment credit registered a 29% decline, falling from R$ 58.8 billion to R$ 41.6 billion. All investment programs showed a decrease in effective application, with the largest declines observed in Prodecoop (-57%), Proirriga (-56%), and Moderfrota (-54%). According to Mapa's analysis, the widespread contraction reflects the sector's caution in the face of high interest rates, combined with other adverse factors such as the instability of the international scenario, increased default rates, high production costs, climate risks, and greater selectivity by financial institutions in granting credit. PRONAMP The National Program to Support Medium-Sized Rural Producers (Pronamp) showed positive results, with a 3% increase in value, totaling R$ 52.1 billion. This performance reflects the resilience of medium-sized producers and the consistency of policies regarding the reserve requirements for demand deposits aimed at this segment, demonstrating that the sector maintains its capacity to absorb credit even in a high-interest rate environment. The regional distribution of loans (excluding CPRs) shows the South as the region with the largest volume, with R$ 65.9 billion, followed by the Southeast (R$ 64.7 billion) and the Midwest (R$ 62.5 billion). The Northeast registered the largest contraction among the regions, with a 29% drop in value. Controlled LCA Grows: In the field of financing sources, the highlight was the Controlled LCA, which grew by 3,345%, rising from R$ 808 million to R$ 27.8 billion, becoming the second largest controlled source. In contrast, the Free LCA fell by 35%. Free Rural Savings partially offset this drop, with a 38% increase, reaching R$ 50 billion. Mandatory Resources advanced by 30%, reinforcing the participation of compulsory lines. Controlled sources maintained a 30% share of the total, stable compared to the previous harvest. Outlook for the 2026/2027 Harvest: The projected drop in the Selic rate by approximately two percentage points by the end of 2026 should reduce the cost of rural credit, stimulate the resumption of investment programs, and enable the absorption of equalizable resources. The outlook points to a gradual recovery in hiring across traditional lines of credit, especially in programs that experienced the largest declines this harvest season.
This text was translated by machine from Brazilian Portuguese.