CMN Resolution No. 5312 - Adjusts Price Guarantee Program for Family Agriculture (PGPAF) Rules under Pronaf

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on June 25, 2026, in accordance with Articles 4, caput, item VI, of Law No. 4,595 of December 31, 1964, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, Article 3, § 3, of Law No. 11,326 of July 24, 2006, and Decree No. 5,996 of December 20, 2006,

R E S O L V E S:

Art. 1. The guaranteed prices contained in Table 2 - Guaranteed prices in effect for funding and investment operations with maturity from 10/7/2026 to 9/7/2027 of Annex I - Guaranteed price tables for products covered by the Price Guarantee Program for Family Agriculture – PGPAF of Section 15 (Price Guarantee Program for Family Agriculture – PGPAF) of Chapter 10 (National Program for Strengthening Family Agriculture – Pronaf) of the Rural Credit Manual – MCR, as attached to this Resolution, are approved.

Art. 2. Section 15 (PGPAF) of Chapter 10 (Pronaf) of the MCR shall be amended as follows:

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c) in the case of extended operations, the PGPAF discount bonus shall be granted on the outstanding balance, based on the percentages established for the new maturity date of the installment or the extended contract, including, in these cases, extensions carried out.” (NR)

“14. The financial institution may only grant the PGPAF discount bonus to borrowers who, on the date of installment payment, have an active National Registry of Family Agriculture – CAF registered under Pronaf according to MCR 10-2 criteria, electronically registered in the MDA registration system, provided that payment is made by its due date, with the responsibility for verifying active CAF registration in the MDA registration system lying with the institution.” (NR)

“15. In the case of granting the discount bonus based on an inactive CAF, the financial institution must observe the subsidy return procedure described in § 2 of Article 6 of Law No. 8,427 of May 27, 1992.” (NR)

Art. 3. This Resolution enters into force on July 10, 2026.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil

ANNEX

“
Annex I - Guaranteed price tables for products covered by the Price Guarantee Program for Family Agriculture – PGPAF:

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Table 2 - Guaranteed prices in effect for funding and investment operations with maturity from 10/7/2026 to 9/7/2027

Products

Regions and States

Unit

Guaranteed Price (R$)

Pineapple

Brazil

kg

1.13

Garlic

Brazil (except North)

kg

14.80

Banana

Brazil (except MS, MT and SC)

20kg

32.45

MS, MT and SC

17.99

Cultivated natural rubber

Brazil

kg

4.87

Cultivated cocoa (kernel)

Center-West and North

kg

14.97

Northeast and ES

16.78

Cashew nut

Northeast and North

kg

5.50

Arabica Coffee

Brazil

60kg

792.53

Conillon Coffee

Brazil

60kg

556.97

Yerba Mate

South

15kg

15.70

Orange

Brazil

40.8kg

28.76

Milk

Southeast and South

liter

2.05

Center-West (except MT)

2.08

North and MT

1.38

Northeast

2.29

Honey

Brazil

kg

16.71

Corn

Northeast

60kg

63.08

Sisal (processed raw fiber)

BA, PB and RN

kg

4.72

Sorghum

Northeast

60kg

47.31

Wheat

South

60kg

78.51

Southeast

82.40

Center-West and BA

82.40

” (NR)