Fewer bankruptcy filings in Brazilian agribusiness. Don't celebrate yet
Filings fell 20.7% in the second quarter. Serasa itself warns it may just be harvest cash coming in.
To save you time3
- How many filings were there?
- 448 in Q2 2026 versus 565 a year earlier, down 20.7%, according to Serasa Experian.
- Who filed the most?
- Individual farmers (197, -10.5%), led by Mato Grosso. Supply-chain companies filed 91 (-10.8%).
- So is agribusiness better off?
- Too early to say. Serasa says the drop may be seasonal, driven by harvest revenue and renegotiations.
Read the full analysis +
Good news with an asterisk: judicial reorganization filings in Brazilian agribusiness fell. But it's too soon to pop the champagne.
According to Serasa Experian, there were 448 filings in the second quarter of 2026, versus 565 a year earlier. Down 20.7%.
Who's filing
- Individual farmers: 197 filings (-10.5%), led by Mato Grosso;
- Supply-chain companies: 91 filings (-10.8%).
For scale: there were 1,990 agri filings in all of 2025.
The asterisk
The one urging caution is Serasa itself. Head of agribusiness Marcelo Pimenta says the decline may be seasonal: harvest money coming in, renegotiations with creditors, and not necessarily a real financial recovery.
Why it matters to you
Farmer reorganizations have become one of the biggest risks in Brazilian agri credit: they hit recovery on CPRs (rural product notes), the portfolios of credit Fiagros and banks' appetite. With rates at 13.75%, rolled-over debt is expensive.
My read
It's relief, not a turnaround. I'd wait for next quarter's number before changing my view on sector risk.
