Brazilian agribusiness is undergoing a structural transformation in its funding sources. The Financial Rural Product Note (Cédula de Produto Rural Financeira (CPR-F) has moved beyond a mere backing instrument to become central to capital markets funding strategies.
Why has the CPR-F become the instrument of choice?
The new regulatory framework has brought greater efficiency and simplification for producers and companies in the sector:
Direct access to investors: once classified as a security, the CPR-F allows direct fundraising in the market, dispensing with the mandatory intermediation of securitization companies.
Cost efficiency: the simplified structure reduces the financial toll, ensuring that a larger share of the credit actually reaches the productive end of the chain.
Benchmark asset: the instrument has evolved to serve as a reference asset in complex issuances, broadening its legal and financial versatility.
The market in figures (2025/2026 harvest season)
Data from the Rural Credit Performance Report (Ministry of Agriculture – Mapa) confirm the shift toward private funding sources:
| Indicator | Performance (Jul–Dec 2025) | Growth |
| Volume raised via CPR | BRL 121.9 billion | +30% |
| Funds for processing | BRL 17.6 billion | +43% |
| Share of CPR in total credit | 45% (previously 34%) | +11 percentage points |
Consolidation and capital markets
Recent multibillion-real issuances by major players such as Klabin and Suzano confirm the instrument’s safety and liquidity. The strengthening of private funding sources and the growing interest of financial institutions in production-linked transactions consolidate the CPR as the supporting pillar of the current crop season.