Australian farmer confidence reaches two-year high due to rainfall, recovering livestock prices, and rising commodity prices.

Australian farmer confidence has surged due to widespread rainfall and recovering sheep and cattle prices, reaching its highest level in two years. Rabobank's latest quarterly survey of rural confidence revealed that 31% of producers expect the farm sector economy to improve in 2024. Rising commodity prices and better seasonal prospects were the key factors contributing to the increased confidence. Investment intentions have also increased, with 21% of farmers planning to spend more in their businesses this year compared to 15% last year.

March 12, 2024
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