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Australian Farmers More Confident After Rainfall

Widespread rainfall and improving livestock prices are giving Australian farmers more confidence than they’ve had in a couple of years. A survey published this week shows Australian farmers’ confidence levels at their highest point in two years.

Australia is one of the world’s biggest agricultural exporters and a top competitor of the United States. An El Nino weather pattern last year sank farmers’ confidence as the weather brought dry conditions that hammered crop yields hard and pushed livestock markets lower. Unexpected rain across the southern and eastern parts of the country during the southern hemisphere’s summer season has turned pastures green, pushed sheep and cattle prices higher, and raised the prospect of bigger harvests.

Reuters says some forecasters expect El Nino to flip to La Nina later this year. That typically brings wetter weather to eastern Australia. More farmers are positive than negative in expectations for the first time since June 2023.

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