Business-oriented agricultural credit showed strong performance between July 2025 and March 2026, with a 10% growth in the total volume of contracted resources, reaching R$ 404 billion. The previous harvest totaled R$ 368 billion in the same period. The data is part of the Rural Credit Bulletin of the 2025/2026 Harvest Plan, prepared by the Department of Financing Policy for the Agricultural Sector (DEFIN), of the Secretariat of Agricultural Policy, based on data from SICOR/Central Bank. Resources actually granted, those operations whose values were released into the rural producer's account, totaled R$ 387 billion, a 5% increase compared to the previous harvest. Of particular note is the issuance of Rural Product Certificates (CPRs) by producers in favor of financial institutions, which increased by 38% during the period, reaching R$ 183.1 billion. Since CPRs (Rural Product Certificates) are primarily aimed at financing crop production, when this instrument is added to conventional production credit, the volume of resources made available for this purpose reaches R$ 303.1 billion, 13% higher than that recorded in the 2024/2025 crop year. "The 10% growth in contracts and 5% in concessions demonstrates the solidity of Brazilian agricultural financing, even in a scenario of greater selectivity on the part of producers and the financial system," emphasizes the Secretariat of Agricultural Policy of the Ministry of Agriculture, Livestock and Supply (MAPA). PERFORMANCE BY PURPOSE The analysis by modality reveals distinct behaviors among the credit lines. Industrialization registered the highest proportional growth: a 74% increase in contracts (R$ 28.1 billion) and a 64% increase in concessions (R$ 26.4 billion), reflecting greater demand for financing agro-industrial processing. On the other hand, traditional production and investment lines showed a decline. Operating costs fell by 11% in new contracts (R$ 120.0 billion) and 15% in concessions (R$ 114.3 billion). Investment credit decreased by 16% in new contracts (R$ 45.5 billion) and 30% in concessions (R$ 37.6 billion). Sales also registered declines: -10% in new contracts (R$ 27.2 billion) and -16% in concessions (R$ 25.5 billion). The report indicates that the contraction in investment reflects the sector's caution regarding current interest rates, in a context of expectations of a Selic rate decrease of around 2 percentage points by the end of 2026. Among the main programs, Prodecoop was the only one to register growth (+20%), with R$ 900 million granted. The others showed a decrease, but in smaller percentages than those observed last month. The total number of contracts signed during the period decreased by 24%, from 534,351 to 408,353 operations. By segment, Pronamp registered 156,485 contracts, while other producers totaled 127,615 contracts. Operations linked to CPR totaled 125,310 contracts. Regionally, the South maintains its leadership in the number of operations, while the Southeast leads in terms of value. SOURCES OF FUNDS: EXPANSION OF CONTROLLED LCA Controlled sources of rural credit totaled R$ 106.5 billion in concessions, a 7% reduction. Among the main sources, Mandatory Resources grew by 19%, totaling R$ 42.8 billion. The Controlled Agribusiness Credit Note (LCA) had significant growth of 3,564%, reaching R$ 26.9 billion. Controlled Rural Savings totaled R$ 7.5 billion in granted resources, and Constitutional Funds totaled R$ 14.5 billion. Uncontrolled sources reached R$ 97.3 billion. LCA (Agricultural Credit Notes), with R$ 47.8 billion, and Free Rural Savings, with R$ 44.4 billion and a growth of 39%, are the highlights. BNDES Free (Brazilian Development Bank Free) decreased by 11%, totaling R$ 4.4 billion. EXECUTION OF THE 2025/2026 HARVEST PLAN: 38% OF EQUALIZABLE RESOURCES ALREADY GRANTED. As of March 2026, of the total R$ 113.4 billion in equalizable resources programmed for the 2025/2026 Harvest Plan, R$ 43.4 billion had been granted, representing 38% of the execution, with a balance of 62% still to be contracted. For operating expenses, R$ 24.7 billion of the R$ 63.0 billion planned was granted (39% executed). For investments, R$ 18.4 billion of the R$ 49.5 billion planned was granted (37% executed). In sales, R$ 307 million of the R$ 845 million planned was spent (36% executed). Banco do Brasil leads in execution, with R$ 7.1 billion in operating expenses (34% of the planned amount) and R$ 7.0 billion in investments (39%). The Brazilian Financial Cooperative System (Sicoob) executed 59% of its planned operating expenses (R$ 5.6 billion), and the Cresol System completed 100% of its planned targets in this area. In the investment segment, Sicoob executed 69% of the planned amount. There are still R$ 21.7 billion in credit already contracted but not yet granted, of which R$ 10.8 billion refers to financing without a specific program link, R$ 2.2 billion to Pronamp, R$ 0.9 billion to PCA, and R$ 0.6 billion each to Funcafé and Moderfrota. SUMMARY AND PERSPECTIVES “The Rural Credit Bulletin from July 2025 to March 2026 reveals an agricultural sector that maintains its growth trajectory in the overall volume of resources, with emphasis on the expansion of CPR and industrialization. At the same time, the contraction in conventional investment and operating lines signals greater selectivity by producers, associated with the high interest rate environment,” explained the SPA. The data also point to significant growth potential until the end of the Harvest Plan, with 62% of the equalizable resources still available for contracting in the coming months.
This text was translated by machine from Brazilian Portuguese.