The Brazil Securities Commission (CVM) published the 10th edition of its quarterly Agribusiness Bulletin, presenting first-quarter 2025 data on capital markets instruments linked to agribusiness, with Agribusiness Production Chains Investment Funds (FIAGRO) and Agribusiness Receivables Certificates (CRA) as the main highlights. The bulletin reports continued growth in both products and is the first edition to cover FIAGRO under CVM Resolution 214. From March 2023 to March 2025, FIAGRO grew 204%, with net assets rising from BRL 14.7 billion to BRL 44.7 billion, while CRA grew 42% over the same period, from BRL 110 billion to BRL 156 billion. For first-quarter 2025, the bulletin reports 145 operational FIAGRO funds, up 42% year on year, and BRL 47.7 billion in net assets, up 25% year on year, with the FIAGRO-FIDC category accounting for 48% of the total number of funds. For CRA, the accumulated volume of receivables backing outstanding certificates reached BRL 156 billion, up 11.8% year on year, with 92% of captured resources directed to on-farm financing; rural producers were the main fundraisers in the agro-industrial chain and debentures were the most used underlying instrument (BRL 57.8 billion). CVM Resolution 214, issued on 30 September 2024 and effective from 3 March 2025, introduces a dedicated framework for FIAGRO after a period of temporary rules. Existing FIAGRO vehicles must adapt to the new regulation by 30 September 2025, on a different timetable from other funds, whose adaptation deadline is 30 June 2025.

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