Rural credit generates R$ 433 billion in agribusiness.

Rural credit allocated to agribusiness (excluding the National Program for Strengthening Family Farming - Pronaf) totaled R$ 433 billion between July 2025 and May 2026, under the 2025/2026 Harvest Plan. This amount is 5% lower than the R$ 458,1 billion contracted in the same period of the previous harvest.

The data, which are still provisional, are included in the Rural Credit Performance Bulletin prepared by the Financing Department (Defin) of the Agricultural Policy Secretariat of the Ministry of Agriculture (Mapa), based on information from the Rural Credit and Proagro Operations System (Sicor) of the Central Bank of Brazil.

The main highlight of the period was the growth in financing for industrialization, which increased from R$ 19,7 billion to R$ 31,5 billion, a rise of 59,5%. This result reflects the expansion of processing and value addition to agricultural products, with significant participation from cooperatives. Industrialization was also the only purpose to register an increase in the number of contracts, with a growth of 17,7%.

CPR expands its participation in rural credit.

Rural Product Certificates (CPRs) maintained their growth trajectory, reaching R$ 185,2 billion in contracts, an 8% increase compared to the same period of the previous harvest.

With this performance, the CPR (Rural Product Certificate) came to represent 42,8% of the total volume granted in the 2025/2026 crop year, compared to 37,4% in the previous cycle, consolidating itself as the main instrument for financing agricultural costs.

Considering both operating loans and CPRs (Rural Product Certificates), the volume allocated to financing production reached R$ 322,7 billion, a decrease of only 2,1% compared to the previous harvest.

Another expanding segment was the National Program to Support Medium-Sized Rural Producers (Pronamp), which recorded R$ 56,4 billion in loans, a growth of 4,3%. The performance of financing for medium-sized producers surpassed that of the previous harvest and reflects the measures adopted in the Harvest Plan to expand the supply of resources destined for this public, including the increase in the sub-requirements for demand deposits.

interest rates

Investment programs registered a 28,1% contraction in total operations, a movement that still reflects producers' caution in the face of high interest rates.

The largest declines occurred in the Financing Program for Irrigated Agriculture and Protected Cultivation (Proirriga), with a drop of 56%; in the Cooperative Development Program for Adding Value to Agricultural Production (Prodecoop), with a reduction of 54%; and in the Program for Modernizing the Fleet of Agricultural Tractors and Associated Implements and Harvesters (Moderfrota), also with a contraction of 54%.

According to the report, the under-scheduled execution in all investment programs indicates that the main constraint lies in the demand for credit, influenced by the financial cost of operations, and not in the supply of resources, although financial institutions have adopted more selective criteria in granting loans.

The scenario is also impacted by international economic instability, increased default rates, rising production costs, and the climate risks faced by the sector in recent years.

funding sources

Among the sources of financing, the growth of Controlled Agribusiness Credit Notes (LCAs) stood out, increasing from R$ 927 million to R$ 28,8 billion, becoming the second main source of controlled resources for rural credit.

The Free LCA (Letras de Crédito do Agronegócio - Agricultural Credit Notes) registered a 38% contraction. Part of this reduction was offset by the expansion of Free Rural Savings, which grew 49,5%, equivalent to R$ 19,1 billion, reaching R$ 57,6 billion in contracts.

As for subsidized loans, those with interest rates subsidized by the National Treasury, they totaled R$ 48,9 billion in the 2025/2026 crop year, with a remaining balance of 47%.

According to the report, the observed reduction in this source is associated with the increase in interest rates, the greater selectivity of financial institutions, and the beginning of mandatory compliance with the requirements for demand deposits by credit unions and cooperative banks, which have shifted their contracting to this source.

In the regional distribution of rural credit concessions, excluding CPRs (Rural Product Certificates), the Southern Region led both in financial volume, with R$ 74,2 billion, and in the number of contracts, with 131.109 operations carried out. The Northeast registered the largest decrease in value among the regions, with a 26% reduction compared to the same period of the previous harvest.