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Farmer confidence buoyed by recovering lamb prices

Farmer confidence buoyed by recovering lamb prices

After declining sharply earlier this year, New Zealand farmer confidence has staged a moderate rally off the back of a recovery in lamb prices, according to the latest bi-monthly Rabobank/Nielsen Rural Confidence Survey.

• Farmer confidence has increased moderately, after a sharp decline last survey.
• Improved sheep farmer confidence buoyed results, with 34 per cent of sheep farmers now expecting the rural economy to worsen over the next 12 months, down from 41 per cent in the last survey period.
• Interest rate expectations have changed significantly, with 16 per cent now expecting interest rates to reduce, up from five per cent last survey. Only 31 per cent expect an increase, compared to 45 per cent last survey.

Biggest confidence decline was amongst beef producers, with 49 per cent expecting the rural economy to worsen.

Full press release attached: Rural_confidence_Survey_May_2008_23May.doc

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