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Farm outlook weak for next year
7 Aug 2008
Business conditions in the agricultural sector are expected to deteriorate over the next 12 months says NAB. Businesses relying on farm produce faced tough trading conditions and poor profits in the June quarter this year because of rising raw material and fuel costs as well as falling customer confidence and the high dollar. Dry conditions sapped confidence from most farm sectors during the three months to June. Confidence in the wool and beef sectors was dented by poor prices, high grain costs and poor pastures. Confidence in the cropping sector also eased with downward revisions in expected plantings. In dairy, confidence was down, despite high milk prices and a small expected lift in production. The National Farmers'' Federation said farmers and businesses faced challenges in the short term, but the long term outlook was positive.
The Weekly Times, 07/08/2008
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