EN 
PT_BR 
The Mato Grosso Institute of Agricultural Economics (Imea) released the financing breakdown for soybean cultivation in Mato Grosso for the 2025/26 crop year. The estimated area is 13.01 million hectares. The total cost is expected to reach R$ 54.39 billion. The financial system concentrates 35.42% of the resources. Multinational companies, a group that includes trading companies, account for 30.74%. The scenario is one of scarcer and more expensive credit.
According to the "Funding Soja 2025" survey, the decline in resellers is the most visible trend compared to the previous harvest. Judicial reorganizations of large groups and stricter guarantee requirements reduced supply. With less availability in this channel, producers migrated to banks and the capital market. They paid more for the money and still didn't cover all their needs.
Some had to supplement with their own resources and the sale of assets. "The decline in resales stems from judicial reorganizations and the greater demand for guarantees; the producer sought the financial system, paid more, and had to contribute more of their own capital, including through the sale of land," says the superintendent of Imea, Cleiton Gauer.
Imea emphasizes that the increased availability of bank credit and capital from producers themselves does not indicate improved cash flow. The trend reflects a greater need for resources and market restrictions, coupled with high interest rates. Margins have been declining in recent harvests. The projection for 2025/26 is one of the lowest in the last five years.
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The default rate recorded in the last year and throughout 2025 has increased the risk assessment. Institutions have strengthened guarantees and the financial cost has risen, even with signs of improvement in economic activity. The interest rate remains high and without a clear indication of a decrease in the short term. For Imea, this combination slows down the credit cycle and affects the purchasing schedule and cash management in the field.
"The increased use of credit and equity does not signal slack, but a structural necessity in an environment of scarce, expensive credit and squeezed margins," said Cleiton Gauer.
The funding composition shows the relevance of the major players. Multinational corporations maintain a central role in the origin of resources and in the exchange for inputs. Even so, they lost relative ground to the financial system this season. Resellers declined due to credit shocks and the revision of limits. Banks with federal resources and the private system sustained the largest share of fundraising.
According to the survey, the challenge for the next harvest is managing costs and risks. The recommendation is to extend deadlines when possible, equalize guarantees, and lock in input and exchange rate prices during favorable periods.
The study indicates that diversification reduced dependence on a single link, but increased the average cost of raising capital. The purchase of inputs shifted to shorter windows, advance sales were calibrated to preserve liquidity, and risk allocation considered the increased cost of money and new collateral requirements.
