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Farmers still optimistic despite the drought
11 May 2007
Despite the continuing drought, farmers and food manufacturers in Victoria are increasingly upbeat and have not cut capital spending, according to the March quarter Westpac and Charles Sturt University agribusiness index. However business confidence was 10 per cent lower than in the December quarter. Westpac's senior agribusiness economist, Justin Smirk, said farmers were cautiously upbeat. Rural commodity prices and demand was strong, but the rising dollar posed a threat, especially for beef exporters. There were signs that some global prices were easing, particularly cotton, beef and barley. Only dairy experienced a lift over the month, with an increase of 6.9 per cent.
The Age, 11/05/2007
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