<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>

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伊塔烏 BBA 預計到 2026 年，巴西的農業商業投資組合將增長 10%，這主要是由於伊朗戰爭導致的燃料和化肥成本上升，同時也推動了生物燃料的需求。儘管利潤空間收窄影響了糧食生產者，該投資組合預計將從 1350 億雷亞爾（約合 269.2 億美元）增長。更高的油價可能會促進乙醇消費，預計牛牧場、咖啡和棉花行業將表現強勁。貸款逾期還款率預計將在未來幾個月保持穩定或下降

伊塔烏 BBA 預計巴西農業將增長 10%，因為伊朗戰爭推高了成本並增加了對生物燃料的需求