Brazilian agribusiness is one of the pillars of the national economy, representing approximately 25% of GDP in 2024, according to data from the Confederation of Agriculture and Livestock of Brazil (CNA). The sector moved R $ 2.72 trillion only in 2024 and has been one of the main engines of the country’s economic growth, with emphasis on export volume and generation of direct and indirect jobs. However, agribusiness participation in the capital market has always been historically under-presented, corresponding to 3.5% of the total financial assets linked to the sector. There is therefore a prosperous niche of opportunities to be better explored. It is in this context that the Securities Commission (CVM) has been strategically acted to bring agribusiness closer to the financial system.
With the symbolic force of the pun, CVM intensified the planting of agribusiness seeds in the capital market from 2022, with the creation of a specific technical area for the sector and the launch of the CVM Agribusiness Bulletin. In addition, it issued CVM Resolution No. 214, which consolidates the definitive regulation of strokes, integrated with the regulatory framework of investment funds (CVM Resolution No. 175), such as Annex VI. The municipality also adopted regulatory measures aimed at expanding the attractiveness of the capital market to agribusiness agents, such as CVM Resolution No. 194 and the stimulus to the security market. As a result, the fruits began to be harvested: only the strokes recorded 315% growth in two years.
Traditionally, agribusiness financing was based on the official rural credit, especially the crop plan and other lines subsidized by the public sector. These models were fundamental for decades for the success of the Brazilian agro. However, given the expansion of the sector and the growing global integration of Brazil as a supplier of agro -industrial chains, the traditional model began to reveal limitations. In a scenario of high interest rates and greater need for fiscal responsibility, it is becoming increasingly evident that public credit lines need to be complemented by more modern fundraising alternatives.
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In this context, the capital market emerges as a solid and strategic alternative to meet the financial needs of agribusiness. Many producers, who previously depended exclusively on bank credit or suppliers, face limitations such as required guarantees, high interest rates and reduced credit limits. The capital market, in turn, allows direct access to the investor, with more transparency, competition and efficiency.
Instruments such as agribusiness receivables certificates (CRAS) and the Green Rural Product Card (Green CPR) have been fundamental in this transition. CRAS, backed by receivables from the agricultural sector, grew 60% between 2022 and 2024, reaching R $ 153.5 billion in circulation. CPR Verde, introduced in 2021, enables sustainable financing by rewarding producers for the adoption of responsible environmental practices.
Since its inception by Law No. 14,130, the strokes have become the flagship of the presence of agribusiness in the capital market. Regulation went from an experimental stage (CVM Resolution No. 39) to the current stage, with CVM Resolution No. 214. The most relevant advances include:
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- Greater flexibility in asset management: Fiasts can combine in a single CRAS portfolio, CPRS, rural properties and stakes in companies in the sector, diversifying risks and increasing the possibilities of return.
- Expanded scope of the agroindustrial chain: Funds can invest in the entire production chain, from inputs to logistics and agro -industries, contemplating activities such as “production”, “marketing”, “industrialization” and “processing”, strengthening the structure of the Brazilian agro and giving more dynamism and flexibility for the construction of investment strategies, highlighting the possibility of wide and transversal spinning, according to policy, according to policy. Investment of the Fund, in what the market has informally named “multimarket” strokes.
- Innovation and sustainability: The strokes are allowed to purchase carbon credits and CBios, aligning with the green economy. CVM has imposed additional governance requirements for these funds, such as controls on integrity, ownership and existence of credits, promoting security and transparency for investors even in innovative operations.
The insertion of agribusiness in the capital market generates systemic benefits:
- Attraction of new investors: Fiagros democratize access to the sector, attracting investors of various profiles. This expands liquidity, reduces intermediation costs and strengthens the governance of operations.
- Relief to the crop plan: By allowing large and average producers to capture directly in the market, public resources can be concentrated in more sensitive areas, such as family farming, promoting efficiency in the use of public budget.
- Stimulus to the green economy: Instruments such as CPR Verde, Carbon Credits and CBios place the rural producer in the center of climate finance. Reforestation, regenerative agriculture and clean energies projects are funded with market support. This agenda positions Brazil strategically in the global leadership of sustainable finances.
More recently, the CVM has announced the flexibility of the rules so that agricultural cooperatives can structure their own strokes. With this innovation, cooperatives, suppliers and employees will be able to invest in these funds, and cooperatives will be able to centralize emission, storage and marketing operations. This increases the predictability of resources and expands the access of the cooperative to structured financing.
In this scenario, the role of CVM has been central: promoting innovation, expanding access, ensuring legal certainty and closing investors and producers, always focusing on investor protection and the development of the capital market.
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Integrating agribusiness with the capital market goes beyond regulatory evolution – it is a strategy of national transformation. This approach strengthens the agricultural sector, boosts the financial market and directly contributes to the sustainable development of the country. Brazil, with its agricultural vocation and environmental leadership, has the historical opportunity to unite productivity and responsibility, consolidating itself as a global reference in sustainable finances and innovation in the countryside.
