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Queensland Farmers Pessimistic About Future

31 August 2010

AUSTRALIA – The latest national Rabobank Rural Confidence Survey has shown that sentiment among Australian farmers is weakest in Queensland.

According to ABC News, the survey of 1,300 crop producers from across the entire country found that one in five Queensland farmers was expecting the Australian agricultural economy to improve over the next 12 months.

Justin Harrison, state manager for Rabobank in Queensland, told the news provider that markets were currently volatile.

"You know wheat was on a low, it's suddenly spiked but now drifted away. Sugar was on a high and it's now drifted back just a little," he explained.

Farmer confidence in Western Australia, however, was found to have reached positive levels for the first time in more than a year.

Last week, ABC News reported that global sugar prices had hit a record high of 30 US cents per pound in February, but dropped by more than 50 per cent in the months that followed.

TheCropSite News Desk

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