Farmer confidence in the broader agri economy remains at a near-record high

The latest Rabobank Rural Confidence Survey has it unchanged at net 44 percent - following consecutive lifts in the previous three quarters.

Forty-eight percent of respondents expect the performance of the economy to improve in the year ahead - while four percent expected conditions to worsen.

Rabobank CEO Todd Charteris says the positivity is driven by commodity prices.

He says that's across different sectors, with dairy prices strong and sheep and beef prices significantly higher than 12 months ago.