Rabo’s lastest AU confidence survey shows that all states have declined in confidence from 27% 3 months ago to 24%; 44% registering no change.
Grain, cotton, beef and dairy are the most optimistic – grain and cotton because of production levels, beef and dairy both production and prices. Sheep farmers are the most pessimistic because of the food service orientation of the product.
So not a lot of change in all except mutton and lamb
where market instability still causes a great deal of uncertainty.
NSW farmers are looking to increase on-farm investment, up 4% to 35%, the remainder are stable at 25%. Of those looking to invest, 62% earmarked fences, sheds and silos, 52% on pasture, fodder crops and fertiliser.
Intention to grow their holdings also remain high. This correlates to strong farm sales and indicates a high degree of confidence in the sector post covid.