In addition to growing crops, Victoria’s farmers are also growing in confidence.
This is according to the Rabobank Rural Confidence Survey, which is conducted every three months. It usually involves approximately 1000 farmers from all over the country.
When the survey was last conducted, 22 per cent of Victoria’s farmers thought conditions were going to improve as the year continued.
This number has since skyrocketed to 48 per cent, taking the state’s confidence to a level it has not reached since the middle of 2011.
Interestingly, it’s Victoria’s dairy farmers that are most optimistic about the current and future situation. A whopping 69 per cent of them admitted they are expecting conditions in their sector to improve.
Only 36 per cent of Victoria’s dairy farmers shared this sentiment when the previous survey was conducted.
The state’s grain growers are also thinking positively, with more than half of those who participated in the survey (55 per cent) stating that they were “expecting improved prospects”.
According to Todd Charteris, state manager of Rabobank, Victoria’s grain growers are looking forward to good yields after “the mild winter and recent rains”.
He said in a September 9 statement that the crops were looking “very good in the Wimmera and were much better than last year in the Mallee”.
It seems that, overall, grain growers planted their crops “later than usual” this year. However, the mild winter has increased their yield potential.
“We are currently forecasting a 20 per cent increase in Victoria’s wheat production,” revealed Mr Charteris.
While things appear to be looking up for Victoria’s grain growers, every savvy farmer knows that conditions may change at the drop of a hat.
When they do, it pays to have a comprehensive crop insurance policy under your belt.
If you would like learn more about your crop and farmers insurance options, get in touch with MGA Insurance Brokers today.