(Agribusiness Receivables Certificates) returned to their highest historical levels in 2026, due to the increased perception of risk in the agricultural sector and investors’ greater caution in the face of the current macroeconomic scenario.
In practice, the spread represents the additional return that the investor receives for investing in private securities instead of investing in government securities, considered safer.
The greater the spread, the greater the premium required by the market to compensate for the risk of the operation.
According to Marilia Fontes, presenter of Resenha do Dinheiro, CRA spreads reached close to 0.8% in July 2025, but increased to around 1.68% in May 2026.
“What we saw recently was a very strong adjustment in spreads, which were at historic lows even in a high risk scenario. Now the market has returned to pricing CRAs in a way that is more aligned with the current risk”, he states.
The movement is reminiscent of the scenario observed in 2023, when credit events increased the perception of risk in the private market following cases such as Lojas Americanas and Light.
This time, the pressure came mainly from the agricultural sector, especially after the extrajudicial recovery of , which affected securities linked to the segment, says Marilia.
In addition to credit events, it also contributes to increasing investor concern.
“The sector faces several instabilities, from fertilizers and input costs to agricultural commodities that have remained at low prices for a long time. In addition to the climate risk linked to El Niño, which could further harm agriculture”, he highlights.
Therefore, the presenter believes that the moment still requires caution.
“I still don’t see it as a mega opportunity. I see it more as a market that has started to price current levels of risk more fairly”, he observes.
Money Review
Carried out with the support of B3 and the investment manager BlackRock, the program is presented by Thiago Godoy, the “Finance Daddy”, Marilia Fontes, founding partner of Nord Investimentos; Bernardo Pascowitch, founder and CEO of Yubb, proposes a light, direct and uncomplicated approach to topics related to financial education and investments. The attraction addresses the main economic topics every week with the informality of a conversation between friends — without compromising on analysis.
The Money Review airs every Friday, at 7pm, on the channel CNN Money on YouTube and on Sundays at 3pm on CNN Brasil.
