Crop outlook improved.

Improved rainfall across much of Australia has lifted farmers’ confidence in the future of the agricultural economy from low levels three months ago, Reuters reported, citing a quarterly survey by Rabobank published on Monday.

Australia is one of the world’s biggest agricultural exports. Farm confidence plunged earlier in the year as unusually low rainfall in many regions threatened crop yields and pastures.

However, widespread rain has improved the crop outlook, and strong export demand has helped raise livestock prices.

“The patchy start to this year’s season has been corrected in many farming regions, especially in Western Australia where seasonal conditions looked dire last quarter but have really turned around,” said Rabobank executive Marcel van Doremaele.

“Livestock producers are more optimistic after improvements incattle and sheep prices, and there are also positive signals for dairy production,” he said.

“Grain and cotton farmers, though, face more bearish conditions with global drivers putting downward pressure on prices.”

Rabobank’s survey of around 1,000 farmers found that 23% expected the agricultural economy to improve in the coming year, up from 15% three months ago.

Twenty-seven percent of respondents expected conditions to worsen, down from 36%, while 47% thought the situation would remain stable.

Drought remained the main worry for farmers but fewer were concerned than three months ago, and fear of rising input costs also lessened.

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