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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World New Zealand farmers most confident in 2 years -survey Reuters - Wednesday, August 11 Send IM Story Print WELLINGTON, Aug 11 - Confidence among New Zealand's farmers rose to its highest level in two years in the second quarter, driven by an improving global outlook, a survey showed on Wednesday. The Rabobank survey of around 450 farmers showed a net 30 percent of respondents believed the rural economy would improve over the next 12 months, compared with a net 23 percent optimism level in the previous quarter's survey. It was the third quarter in a row that sentiment has been positive. A year ago, as New Zealand's economy emerged from recession, there was a 37 percent pessimism level. "Rising commodity prices and improved overseas markets and economies were the main drivers of New Zealand farmers improved outlook generally," said Rabobank general manager rural Ben Russell. Agriculture accounts for around half of New Zealand's NZ$41 billion annual export earnings, with dairy produce worth around a quarter of total receipts. The dairy sector was the most optimistic but the survey was taken before last week's international dairy auction which showed a fourth monthly decline in prices. Earlier this month New Zealand farmer co-operative Fonterra, the world's biggest dairy exporter, said it would be reviewing its forecast payout to farmers for the current season because of the fall in prices in recent auctions. [ID:nSGE6730NT] Of those expecting a deteriorating economy over the next 12 months, government measures were singled out as the primary cause. "This is likely to be related to the introduction of the Emissions Trading Scheme on July 1 and the associated publicity surrounding it," Russell said. Farmers are generally opposed to the ETS, which is seen as driving production costs higher. The agriculture sector, dominated by livestock emissions, accounts for nearly half of New Zealand's emissions and comes into the scheme from 2015. The survey also showed farmers expecting to invest more in their businesses, as well as expecting a rise in land values. Recommend Send IM Story Print Related Articles Diverted A380 lands in New Caledonia for 1st time AFP - 23 minutes ago India steel min sees Posco plant environment clearance Reuters - 24 minutes ago Dollar nears 15-month low vs. yen; stocks fall Reuters - 31 minutes ago US-BUSINESS Summary Reuters - 31 minutes ago TABLE-Sundram Fasteners April-June net up 32 pct Reuters - 33 minutes ago News Search Top Stories Supermodel Campbell defends war crimes testimony Euro football championship advance vital for Spurs US Fed promises stimulus to help slowing recovery New superbugs spreading from South Asia: study Chelsea agree Carvalho fee with Real More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Visitors attack Taiwan 'haunted house' actors Chelsea agree Carvalho fee with Real Sauna contest in Finland cut short as Russian dies New superbugs spreading from South Asia: study A long, hot Ramadan for many devout Muslims More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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