Regulatory Alerts2026-06-25 | Resolução CMN 5312CMN Resolution No. 5312 - Adjusts Price Guarantee Program for Family Agriculture (PGPAF) Rules under Pronaf
The National Monetary Council of Brazil, via the Central Bank, issued Resolution No. 5312 to approve guaranteed prices for family agriculture products for the 2026-2027 cycle and amend the Rural Credit Manual. The resolution mandates that financial institutions verify active family farmer registration (CAF) before granting PGPAF discount bonuses and establishes procedures for returning subsidies if such verification fails. These regulatory changes enter into force on July 10, 2026, updating the operational framework for the National Program for Strengthening Family Agriculture (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)