<div id="readability-page-1">SAO PAULO, April 24 (Reuters) - Itau BBA expects 10% growth in its agribusiness portfolio in 2026 as the Iran war raises fuel and fertilizer costs while also boosting biofuel demand, the investment bank's agribusiness director Pedro Fernandes told Reuters. -- The portfolio is set to grow from 135 billion reais ($26.92 billion) recorded at the end of last year, despite tighter margins reducing grain producers' investment appetite, Fernandes said. -- Higher oil prices from the conflict could drive ethanol consumption, including through a potential increase in Brazil's gasoline blend to 32% from 30% being studied by the government. -- The Iran war will weigh more on planning for the 2026/27 grain crop, raising costs for fuel and fertilizers, he said. -- Sugar and ethanol producers have strong cash positions despite low sugar prices, he added, having capitalized during a period of high margins and positioning them to maintain investments in cane field renewal. -- &#34;Ethanol price prospects for the 2026/27 crop are better than they were two months ago,&#34; Fernandes said. -- The bank also sees strong performance in cattle ranching, with beef prices near record highs due to Chinese demand, as well as in the coffee and cotton sectors. -- Delinquency on loan payments is expected to remain stable or decline from early April to late May, a critical payment period, the executive added. ($1 = 5.0155 reais) (Reporting by Roberto Samora; Writing by Kylie Madry; Editing by Gabriel Araujo)</div>

伊塔乌联合

iShares MSCI巴西指数ETF

BRAZ

伊塔乌 BBA 预计到 2026 年，巴西的农业商业投资组合将增长 10%，这主要是由于伊朗战争导致的燃料和化肥成本上升，同时也推动了生物燃料的需求。尽管利润空间收窄影响了粮食生产者，该投资组合预计将从 1350 亿雷亚尔（约合 269.2 亿美元）增长。更高的油价可能会促进乙醇消费，预计牛牧场、咖啡和棉花行业将表现强劲。贷款逾期还款率预计将在未来几个月保持稳定或下降

伊塔乌 BBA 预计巴西农业将增长 10%，因为伊朗战争推高了成本并增加了对生物燃料的需求