While a swathe of farmer concerns contributed to the record-low sentiment, Rabobank New Zealand country banking general manager Bruce Weir said lower commodity prices had emerged as the chief source of farmer anxiety. The survey found 77% of farmers were expecting conditions in the broader agricultural economy to worsen over the next 12 months, with only 5% expecting improvement. The latest Rabobank rural confidence survey, also released last week, showed the lowest reading in its 20-year history, at -72%. The global outlook for the red meat sector remained fragile. In a statement last week, BLNZ chief economist Andrew Burtt said that was a 15-year low when inflation was taken into account. That followed a decline of 32% in 2022-23 which meant profits for farmers had more than halved in two years, Beef + Lamb New Zealand’s new season outlook report said. PHOTO: STEPHEN JAQUIERYSheep and beef farmers are in for another challenging year as profitability is forecast to fall by 31% in 2023-24. Snow tops the Takitmu mountains near Te Anau as sheep and beef graze on a perfect spring day in Southland.
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