EN 
PT_BR 
Disbursements of agricultural credit began the 2026/2027 harvest plan at a slower pace than in the previous cycle, with a decline also seen in São Paulo. According to data released by the São Paulo State Federation of Agriculture and Livestock (Faesp), based on SICOR/BCB, the country released R$14.1 billion in July, while producers in São Paulo received R$1.2 billion. The national amount corresponds to approximately half of the R$28.3 billion contracted in the same month of the previous harvest. In the current cycle, the amount represents only R$3.41 of the R$416.3 billion programmed for agricultural credit, excluding the R$194 billion allocated to CPRs (Rural Product Certificates).
According to data released by Faesp, the R$ 14.1 billion disbursed in the country were distributed across 86,573 contracts in the first month of implementation of the 2026/2027 Harvest Plan.
Performance indicates a slower start to the contracting of resources, despite the R$ 416.3 billion program for rural credit in the cycle. In São Paulo, the contraction was even more pronounced. The state recorded R$ 1.2 billion in disbursements, distributed across 1,513 contracts. This amount corresponds to 8.5% of the national total and placed São Paulo in fifth position among the largest borrowers.
According to data released by Faesp, disbursements in São Paulo fell by 51.81% compared to July 2025, when they had reached R$2.5 billion. The reduction also appeared in the number of contracts. In the same period, the quantity fell from 3,881 to 1,513 operations. The contraction affected all segments of producers in the state, indicating a generalized reduction in access to or contracting of resources at the beginning of the new cycle.
Among the financing programs, disbursements through Pronamp decreased by 611%, falling from R$771.1 million to R$301.1 million. For other producers in agribusiness, the reduction was 48.8%, with disbursements reaching R$847.7 million. In Pronaf, aimed at family farming, contracted resources fell by 20.8%, to R$49.5 million. This movement shows that the reduction was not concentrated in just one group of producers, but affected different profiles of rural credit borrowers in São Paulo.
Among the purposes of rural credit, investment showed the largest drop in the state. According to data released by Faesp, contracts for this purpose decreased by 78%, going from R$ 232.3 million in July 2025 to only R$ 51 million in the same month of 2026. This contraction reduces the pace of resources allocated to the expansion or modernization of agricultural activities, at a time when a new financing cycle is beginning.
In addition to the drop in new disbursements, the Faesp report draws attention to the financial situation of São Paulo's producers. The state's active rural credit portfolio totals R$71.6 billion. Of this total, R$12.9 billion is classified as problematic operations. This category includes contracts that are overdue, delinquent, extended, or renegotiated.
According to data released by Faesp, in June 2025 the stock of problematic operations was R$ 8.3 billion. The increase to R$ 12.9 billion indicates a significant expansion of the financial difficulties faced by producers.
The figures reinforce the need to monitor the implementation of the 2026/2027 Harvest Plan and, especially, the effective conditions for accessing financing. The new cycle incorporated a reduction in interest rates in some lines and an expansion of eligible items. To date, however, these changes have not yet translated into an increase in contracts. The pace of disbursements and the evolution of problematic operations should remain on the sector's radar, especially given the importance of rural credit for operating costs, investments, and the continuity of agricultural activities.
