Queensland farmers have reported a more optimistic outlook for the year ahead off the back of rising commodity prices and positive seasonal conditions.
The latest quarterly Rabobank Rural Confidence Survey has found a rebound in confidence after a dip midway through the year.
The Queensland result was in line with an overall national farmer confidence rise.
Despite the lift, farmer confidence remained in negative territory in quarter three at the financial year, rising from minus 13 percent to minus four percent.
Rabobank acting state manager Brad James said the rainfall outlook was likely to be “within the typical seasonal range over much of the eastern half of the country in coming months” and this was lifting hopes for the season ahead.
“The expectation for interest rates to start easing has come as a relief for many producers, who have been watching monetary policies closely in recent times,” he said.
Mr James said the mood was also lifted through improved trade relations with China.
The survey showed 19 percent of Queensland farmers expected improved conditions over the year ahead and 54 percent expected conditions to be unchanged.
The proportion expecting worse conditions dropped from 28 percent to 22 percent over the quarter.
The survey found concerns around rising input costs dropped from 39 percent to 29 percent and farmers worried about soft commodity prices dropped from 28 percent to 18 percent.
The Rabobank Rural Confidence Survey questions an average of 1000 primary producers across a wide range of commodities and geographical areas throughout Australia on a quarterly basis.
