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Lack of rain may hurt farmers
8 Jul 2004
The Westpac-National Farmers' Federation rural commodity index rose one per cent in June following a two per cent decline in the $AUD. Prices for beef, wool, sugar and canola all rose, but wheat, cotton and barley prices fell.
The NFF said the improvement in the index is good news for farmers who've struggled with the drought and the strong dollar. But there are concerns that many cropping farmers have so far failed to receive good rains. In June, many cropping areas received good rainfall, however many other areas are not out of the woods. More than 90 per cent of NSW is still drought-declared and there were only minor rainfalls in many parts of Queensland during the month.
A Westpac economist said there are still deep concerns about the lack of good rains. Unless rain falls soon, many farmers won't be able to capture the full benefit of robust commodity prices, he stated.
Tradingroom.com.au, 7/7/04.
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