Brazil: R$149.1 billion (≈ $26.4 billion) in farm credit and CPR notes in July–October, 19.5% below a year ago

Brazil's Ministry of Agriculture (Mapa) published on November 13, 2026 the lending results for mid-size and large farms in the first four months of the 2026/27 season. From July to October, credit and CPR notes totaled R$149.1 billion (≈ $26.4 billion), against R$185.2 billion (≈ $32.8 billion) a year earlier.

Key figures

• −19.5% vs last season
• CPR: 47.8% of total volume
• Custeio: 32.2% of volume
• 161,379 contracts
• 2026/27 limit: 28.8% used

What changed

Mapa summed up lending to farms outside the Pronaf program for July–October 2026. The volume is below last year's, and almost half of it is CPR trade notes.

• CPR and operating credit (custeio) together make up 80.0% of the total.
• 161,379 contracts were signed, 53,684 of them CPR notes.
• The South and Southeast each logged R$23.9 billion (≈ $4.2 billion) in credit excluding CPR; the South has the most contracts, 47,588.

By the numbers

• Total: R$149.1 billion (≈ $26.4 billion) vs R$185.2 billion (≈ $32.8 billion) a year ago, −19.5%.
• CPR: R$71.2 billion (≈ $12.6 billion), +0.8%; share 47.8% vs 38.1% a year earlier.
• Custeio: R$48.0 billion (≈ $8.5 billion), 32.2% of volume.
• Crop marketing credit (comercialização): R$11.8 billion (≈ $2.1 billion), −8.0%.
• Investment: R$11.9 billion (≈ $2.1 billion).
• Subsidized resources for 2026/27: program R$97.6 billion (≈ $17.3 billion), R$28.1 billion (≈ $5.0 billion) granted, or 28.8%.
• Investment lines: Pronamp R$1.41 billion (≈ $250 million), RenovAgro R$1.20 billion (≈ $212 million), Moderfrota R$1.04 billion (≈ $184 million).

What it means for the buyer

For a farmer in Brazil, investment credit matters most, including credit for machinery: R$11.9 billion (≈ $2.1 billion) was lent in four months. Among the subsidized lines, Pronamp has drawn the most, followed by RenovAgro and Moderfrota. The season's subsidized-resources program, R$97.6 billion (≈ $17.3 billion), is only 28.8% used, so most of it is still undrawn. BNDES accounts for the largest share of these loans (42.4%).

Source: Brazil's Ministry of Agriculture and Livestock (Mapa), November 13, 2026