Farmers Well But Cautious
The highly cautious tone from the latest Federated Farmers New-Season Farm Confidence Survey should not really surprise anyone. A global pandemic simply demands vigilance from a sector that sells the bulk of its produce into offshore markets. This is even if the sector has done relatively well to date.
Relative Optimism and the NZD
Economic developments with implications for NZ’s primary sector continue to come thick and fast. After months of seemingly only downside risks to navigate, there are at least a few things starting to move in the right direction. There may still be a long way to go, with many risks and issues remaining but, as the Chinese proverb says, a journey of a thousand miles begins with a single step.