Farmer confidence has risen for the fourth straight quarter in the latest Rabobank survey.

87% of the nation’s farmers expect economic conditions to remain stable or improve, and more than half of all dairy farmers are optimistic things will get better.

Rabobank senior analyst Hayley Moynihan says the mood may have changed since the survey however, as the data was taken before the latest globalDairyTrade auction and Fonterra’s announcement it will review its forecast payout.

“Basically the survey was held between the two globalDairyTrade auctions, in mid July.

"So farmers would have been aware of the first, larger drop in the auction price, but [neither] the early August auction [nor] the payout review was taken into account.”