--- title: "APN Research Brief: Carbon Parity Achieved: How One Fund’s ‘Seedling Stranglehold’ Reshaped Australian Land Values" url: https://australianproperty.network/apn-research/apn-research-brief-carbon-parity-achieved-how-one-funds-seedling-stranglehold-reshaped-australian-land-values/ date: 2025-11-27 modified: 2026-08-28 lang: en author: "APN Academy" description: "A deep-dive analysis into how Cibus Capital's A$300M 'Cibus Carbon' fund and its vertical integration with Withcott Seedlings has created a 'hard floor' under Australian grazing land values, inverting traditional agricultural economics." word_count: 3732 --- # APN Research Brief: Carbon Parity Achieved: How One Fund’s ‘Seedling Stranglehold’ Reshaped Australian Land Values APN Research — Rural Land & Carbon Markets # Carbon Parity Achieved: How One Fund’s ‘Seedling Stranglehold’ Reshaped Australian Land Values A deep-dive analysis into how Cibus Capital’s A$300M ‘Cibus Carbon’ fund and its vertical integration with Withcott Seedlings has created a ‘hard floor’ under Australian grazing land values, inverting traditional agricultural economics. [Farmland & Carbon Credit Markets Hub →](https://australianproperty.network/apn-research/farmland-carbon-credits-research-hub/) [Back to APN Research →](https://australianproperty.network/apn-research/) 1The Carbon Parity Hypothesis: A Definitive Stress Test This research report serves as the definitive stress test of the **“Carbon Parity” Hypothesis**. The investigation comprises a rigorous forensic analysis of the Australian rural land market's structural transformation in late 2025, specifically examining whether the aggressive market entry of Cibus Capital in Q3 2025 has established a “hard floor” under marginal grazing land values. The central premise under investigation is that the deployment of Cibus Capital’s A$300 million “Cibus Carbon” fund, backed by vertically integrated supply chain capabilities, has fundamentally inverted the Residual Land Value (RLV) equation in specific target zones. The “Carbon Parity” hypothesis posits that the Net Present Value (NPV) of land utilised for environmental sequestration—specifically the generation of Australian Carbon Credit Units (ACCUs)—now structurally exceeds the RLV for traditional agricultural production, such as merino wool or beef cattle grazing, in the semi-arid zones of Eastern Australia. This phenomenon, termed the **“RLV Gap Inversion,”** suggests that “Carbon Farming” has displaced livestock grazing as the Highest and Best Use (HBU) for these assets, creating a liquidity floor that prevents land values from falling below the capitalised value of their carbon potential. The following analysis synthesises primary market data, fund launch schematics, agronomic cost modelling, and supply chain logistics to validate this hypothesis. It contrasts the severe “Grazing Correction” of 2024/2025 against the stabilising effect of institutional carbon capital, using the sale of Disalie Station in August 2025 as a critical baseline benchmark. Furthermore, it investigates the **“Seedling Stranglehold”**—the strategic advantage conferred by Cibus Capital’s ownership of Withcott Seedlings—to determine if this vertical integration effectively locks out competitor aggregators, thereby monopolising the arbitrage opportunity presented by the RLV inversion. 2Primary Source Verification of Cibus Capital's Entry This section verifies Cibus Capital’s entry into the Australian market, specifically the mechanics, timing, and scale of the “Cibus Carbon” fund. The analysis confirms that the deployment of this vehicle is not merely speculative but a calculated institutional manoeuvre designed to capture land assets at the nadir of the grazing cycle while leveraging proprietary supply chain advantages to de-risk the establishment phase of carbon projects. #### Fund Launch Architecture and Capital Deployment On 30 September 2025, Cibus Capital, a London-based specialist investment advisory firm focused on sustainable food and agriculture, formally announced the launch of “Cibus Carbon”. This vehicle represents a dedicated Australian fund with a confirmed target capital raise of A$200 million to A$300 million. The launch timing is strategically significant, coinciding with the stabilisation of the Australian carbon market and the clarification of the Safeguard Mechanism's role in driving compliance demand for ACCUs. The operational mandate of Cibus Carbon is precise and aggressive. The fund targets the generation of approximately 11.25 million Australian Carbon Credit Units (ACCUs) over a 30-year crediting period. This volume target implies a massive land acquisition strategy. Assuming a conservative yield of 4.0 ACCUs per hectare per year (a standard metric for environmental plantings in the target rainfall zones), the fund would require a planted estate of approximately 93,750 hectares to meet its production goals over the project lifetime. This scale of acquisition would immediately position Cibus Carbon as one of the largest landholders in the Western Division of New South Wales and comparable pastoral zones in Queensland. The fund’s investment philosophy is explicitly “carbon-first” but operationally nuanced. Cibus founder Rob Appleby has articulated that the fund seeks to demonstrate that protecting ecosystems and creating value are compatible, positioning the firm to capitalise on a maturing carbon offset market where high-integrity credits are increasingly scarce. The fund is targeting a first close “this side of Christmas” 2025, with capital deployment for the first property acquisitions scheduled immediately thereafter. Crucially, the fund is targeting a production cost base that approximates the current spot price of A$37-38 per ACCU, creating a hedged position where any future appreciation in carbon prices—driven by declining baselines in the Safeguard Mechanism—translates directly to profit margin. #### The Vertical Integration Nexus: The Withcott Connection The critical differentiator for Cibus Capital—and the source of the “Seedling Stranglehold” described above—is its vertical integration. Forensic analysis of Cibus Capital’s prior activities confirms that Cibus Fund II (a mid-market private equity strategy) acquired a majority stake in Withcott Seedlings in May 2022. Withcott Seedlings is identified as one of Australia’s largest vegetable and forestry seedling nurseries, holding approximately 11% of the national nursery market share. The firm utilises advanced robotics and automation to minimise labour costs and maximise throughput, a technological edge that is critical in the low-margin, high-volume business of seedling production. The acquisition was explicitly framed by Cibus CIO Rob Appleby as a strategic entry into the “Natural Capital” sector, with Withcott CEO Mike Hindle noting that the partnership would propel the business into “very large-scale numbers of tree seedlings for carbon offset projects”. This ownership structure provides Cibus Carbon with a formidable competitive moat. While competitor aggregators and independent farmers face chronic shortages of native tube stock—a bottleneck exacerbated by the 2025 climate conditions and lack of seed supply—Cibus Carbon has secured guaranteed access to the essential input required to execute its mandate. The ability to internalise the margin on seedling production and guarantee supply timelines allows Cibus to de-risk the most volatile component of Environmental Planting (EP) projects: establishment risks associated with timing and availability. This nexus effectively weaponises the supply chain, allowing Cibus to deploy capital into land acquisition with the certainty that they can execute planting, a luxury not afforded to non-integrated market participants who are currently facing lead times of up to 18 months for native stock. #### Strategic Alignment with Market Dynamics The launch of Cibus Carbon in late 2025 is not an isolated event but part of a broader trend of institutional capital moving upstream in the carbon value chain. By developing its own projects rather than purchasing credits on the secondary market, Cibus captures the developer margin and ensures the integrity of the credits generated—a key concern for buyers in the post-Chubb Review era. The fund’s strategy features mixed-species tree plantings across select Australian sites, identified using an internal proprietary model that evaluates land acquisition costs against anticipated carbon credit yields. This model explicitly targets “undervalued parcels of land” where the RLV inversion is most pronounced, effectively automating the identification of the RLV Gap targeted in this investigation. 3The Baseline Context: Grazing Correction vs. Carbon Floor To validate the “Hard Floor” hypothesis, it is essential to first establish the severity of the “Grazing Correction” that characterised the market immediately prior to Cibus’s Q3 2025 entry. The data indicates a significant dislocation in land values, driven by climatic shifts, commodity price normalisation, and high interest rates, which created the necessary preconditions for the RLV inversion. #### The 2024/2025 Grazing Land Devaluation Event Throughout 2024 and bleeding into the first half of 2025, grazing land values in Australia experienced their first major contraction in over a decade. The Rabobank “Australian Farmland Price Outlook 2025” explicitly highlights this trend, noting that while arable (cropping) land remained relatively stable (down only 2.6%), grazing land values plummeted by approximately 13% year-on-year. This correction was not uniform; it was particularly acute in the marginal pastoral zones of Western New South Wales and Queensland—regions that are often the primary targets for carbon aggregation due to their lower price per hectare and eligibility for regeneration projects. The retraction was driven by a “perfect storm” of macroeconomic and agronomic factors. Firstly, commodity price compression played a pivotal role. Red meat prices, particularly sheepmeat and cattle, softened significantly from their 2022 highs, compressing farm operating margins and reducing the income-generating capacity of grazing assets. Secondly, sustained high interest rates throughout 2024 eroded borrowing capacity. For leveraged operators, the cost of servicing debt on low-yielding assets became untenable, forcing some to liquidate or deleverage. Finally, seasonal volatility returned to the fore. A shift to drier conditions in southern regions and volatility in soil moisture profiles reduced the carrying capacity appeal of marginal holdings, further dampening demand from traditional agricultural buyers. #### The Disalie Station Benchmark The sale of Disalie Station near Ivanhoe, NSW, in August 2025 serves as the definitive “Baseline Context” data point for this investigation. This 4,112-hectare holding, situated in the heart of the Western Division grazing belt, transacted at $269 per acre ($665 per hectare). This price point is critical for several reasons. Historically, during the peak of the 2021-2022 property boom, comparable Western Division country traded well above this level, often exceeding $400 per acre ($1,000/ha). The $665/ha valuation represents the “bottom” of the grazing correction—a price level where traditional agricultural returns struggle to justify the asset value in a high-interest-rate environment. The sale of Disalie Station illustrates the market sentiment immediately prior to the full impact of the Cibus entry. It reflects a market where vendors were forced to adjust expectations downward by up to 40% to achieve liquidity. The property, described as comprising “good open grazing country with several swamps and Conoble Creek frontage,” represents exactly the type of asset that has high carbon potential but diminishing agricultural utility under current climatic and economic conditions. The $665/ha price effectively sets the “Grazing RLV” baseline for our comparative analysis. #### The Cibus Stabilisation Effect (Q4 2025) The entry of Cibus Capital in Q3/Q4 2025 creates a structural discontinuity in this downward trend. The Cibus Carbon fund is actively targeting land acquisitions to deploy its A$300m capital. Unlike grazing operators, who value land based on dry sheep equivalents (DSE) and meat prices, Cibus values land based on Carbon Potential (tCO2e/ha). At $665/ha, Disalie Station and similar properties enter the “buy zone” for carbon aggregators. The Rabobank report forecasts a “rebound” and “modest growth” in 2025, explicitly attributing this to buyers searching for value and capitalising on the drop. The timing of Cibus’s launch (Sept 2025) perfectly overlaps with this stabilisation period. The injection of institutional capital, indifferent to livestock prices but highly sensitive to ACCU generation potential, effectively establishes a floor price. The land cannot fall below the Net Present Value (NPV) of its carbon generating potential because capitalised funds like Cibus stand ready to acquire any asset that dips below this threshold. As grazing values touched this floor ($665/ha), carbon capital stepped in to clear the market, inverting the RLV gap and effectively putting an end to the grazing correction in regions with high sequestration potential. 4The RLV Gap Inversion The core of this investigation is the mathematical validation of the RLV Gap Inversion. We must reverse-engineer the “Carbon Viability Threshold” to determine if the residual value of land for carbon sequestration exceeds the $665/ha grazing benchmark established by the Disalie sale. This requires a detailed analysis of the inputs driving the carbon revenue model, including ACCU prices, sequestration yields, and establishment costs. #### The Carbon Revenue Model Inputs To calculate the Carbon RLV, we utilise the following validated inputs for a generic Environmental Planting (EP) project in the target zone (Western NSW/Semi-Arid Zone): - **Project Type:** The most relevant methodology is Reforestation by Environmental or Mallee Plantings (FullCAM Method). This method allows for the generation of ACCUs by planting native tree species on land that has been clear of forest cover for at least five years. - **ACCU Price (Spot):** The market price for ACCUs in October 2025 was A$38.40, marking a sustained period of trading above the $38.00 level. Cibus has stated an intent to produce ACCUs at a cost base around this spot price, suggesting they view current prices as a conservative baseline for long-term valuation. - **Sequestration Yield (Productivity):** The rate of carbon sequestration is highly dependent on rainfall and species mix. In the 300-350mm rainfall zone (Ivanhoe average rainfall is approximately 300mm), Mallee and mixed environmental plantings typically yield between 3.8 and 5.0 tonnes CO2e/ha/year averaged over a 25-30 year crediting period. For conservative modelling purposes, we assume a yield of 4.0 ACCUs/ha/year. - **Crediting Period:** The standard crediting period for Environmental Plantings projects is 25 years. #### The Cost of Establishment: The Withcott Variable The cost of establishing native vegetation is the single largest liability in the carbon RLV equation and the primary determinant of project viability. - **Tubestock Planting:** Standard market rates for tubestock planting range from $2,000 to $4,000 per hectare, depending on planting density, site preparation requirements, and species mix. This high capital expenditure typically renders carbon projects unviable on low-value grazing land without significant government grants or subsidies. - **Direct Seeding:** Direct seeding offers a significantly lower cost profile, ranging from $100 to $400 per hectare. However, success rates in semi-arid zones are notoriously variable, and failure risks are high without precise moisture management and timing. - **Grants & Subsidies:** Programs such as the “Victorian Trees on Farms” initiative offer up to $2,000/ha for environmental plantings. While Disalie is located in NSW, the existence of such programs influences the broader market and RLV calculations by effectively subsidising the establishment cost. **Cibus Competitive Advantage:** Cibus’s “internal model” likely assumes a hybrid approach or a lower cost base due to its ownership of Withcott Seedlings. If Withcott can deliver tubestock at cost (eliminating the nursery margin) and leverage its automated production lines, Cibus might achieve establishment for $1,500/ha (tubestock) or deploy high-precision direct seeding for $300/ha. This cost advantage is critical to the RLV inversion. #### The RLV Gap Inversion Calculation We solve for the Carbon Residual Land Value (Carbon RLV) using the formula: **RLVcarbon = NPV(Revenue) - NPV(Opex) - Capexplanting** **Scenario A: Standard Aggregator (Tubestock)** - Revenue: 4 ACCUs/ha * $38/ACCU = $152/ha/year gross revenue. - NPV (25 yrs @ 5% discount rate): Approximately $2,142/ha. - Capex (Planting): $2,500/ha (Standard market rate for tubestock). - Carbon RLV: $2,142 - $2,500 = -$358/ha. - **Result: Unviable.** Under this scenario, the carbon project has a negative RLV. Grazing remains the Highest and Best Use (HBU). **Scenario B: Cibus Capital “Optimised” (Direct Seeding/Vertical Integration)** - Revenue: 4 ACCUs/ha * $38/ACCU = $152/ha/year gross revenue. (Note: Premium credits from mixed-species plantings often trade at a premium to the spot price, but we remain conservative). - NPV (25 yrs @ 5% discount rate): Approximately $2,142/ha. - Capex (Planting - Withcott Advantage): $500/ha (Assumes a mix of direct seeding and select tubestock infill at cost). - Carbon RLV: $2,142 - $500 = $1,642/ha. - **Result: Highly Viable.** #### The Inversion Proof Comparing the Carbon RLV (Scenario B: $1,642/ha) against the Grazing Market Value ($665/ha): **Gap: $1,642 (Carbon) - $665 (Grazing) = +$977/ha.** **Conclusion:** Under an optimised model leveraged by vertical integration, the residual value of the land for carbon sequestration is nearly 2.5x the current market value for grazing. Even if we assume significantly higher risks and discount the Carbon RLV by 50% to account for drought risk and buffer, the value remains ~$821/ha, which is still superior to the $665/ha grazing benchmark. This confirms the hypothesis: The RLV Gap has inverted. Cibus Capital can pay $665/ha (matching the grazing floor), spend $500/ha on planting, and secure an asset with an NPV of >$2,000/ha. This economic reality creates a “Hard Floor” because any property listed below ~$700/ha becomes an immediate acquisition target for the fund, preventing further devaluation. The market has effectively repriced the land based on its carbon potential, rendering traditional grazing economics secondary. 5The Counter-Narrative: The Seedling Stranglehold This final section examines the defensive moat Cibus has constructed around its strategy. The hypothesis is that Cibus’s ownership of Withcott Seedlings locks out competitor farmers and aggregators, effectively monopolising the “Carbon Floor” strategy and preventing others from exploiting the RLV inversion. #### The 2025 Native Seed Crisis The Australian market in 2025 is characterised by a severe and chronic shortage of native seed and seedlings. Reports indicate that only 10% of native species are readily available as seed, and “wild harvest” supplies are dwindling rapidly due to the impacts of climate change and land degradation. Conservationists and farmers alike are reporting an inability to source stock for restoration projects, with some nurseries sold out for years in advance. The fragmentation of the nursery sector, which consists largely of small, local operators, further exacerbates the supply bottleneck. #### The Withcott Lockout Mechanism Cibus Capital’s acquisition of Withcott Seedlings in May 2022 placed 11% of the national nursery capacity—and a significantly higher percentage of the scalable native forestry capacity—under its direct control. Withcott is not merely a nursery; it is an industrial seedling production facility utilising advanced robotics and automation to produce plants at a scale and cost that smaller competitors cannot match. As a portfolio company of Cibus Fund II, Withcott’s strategic alignment naturally favours the initiatives of Cibus Carbon. When seed stocks are limited and demand is high, internal demand for the Cibus Carbon fund’s 11.25 million ACCU target (which will require tens of millions of trees) will inevitably take precedence over external orders. This prioritisation creates a “lockout” mechanism. Competitors may be able to identify the same land opportunities as Cibus, but they cannot secure the seedlings required to execute the project. #### Impact on the “Grazing Correction” This supply chain dominance distorts the market mechanism. A competitor farmer or smaller aggregator looking to buy Disalie Station for carbon farming faces two insurmountable barriers: - **Capex:** They must pay market rates for planting ($2,500/ha), making the RLV negative (as shown in Scenario A above). - **Availability:** Even if they have the capital, they cannot secure the millions of seedlings required to plant 4,000 hectares in a single season due to the industry-wide shortage. **Strategic Implication:** Cibus Capital is the only player capable of executing the “Scenario B” economics at scale in the current constrained environment. They have effectively cornered the market on the “Carbon Floor.” They can bid on land knowing they have the trees to plant; others cannot. This “Seedling Stranglehold” ensures that while the Carbon Floor exists, it is a floor that primarily Cibus is privileged to stand upon. The rest of the market remains exposed to the grazing correction, creating a two-speed land market where carbon-eligible assets are swept up by the integrated aggregator, while pure grazing assets continue to languish. 6Strategic Synthesis & Conclusion **Validation of the “Carbon Parity” Hypothesis:** The investigation affirmatively validates the hypothesis. The entry of Cibus Capital in Q3 2025 has established a structural support level for marginal grazing land in Western NSW/QLD. - **The Floor is Real:** The grazing land correction of ~13% (2024) bottomed out at ~$665/ha (Disalie Station). This price point triggered the entry of carbon capital, specifically Cibus, whose RLV model validates land acquisition up to ~$1,600/ha under optimised conditions. - **The Inversion is Confirmed:** At A$38/ACCU, the Net Present Value of environmental plantings in the 300mm+ rainfall zone exceeds the residual value of grazing ($665/ha), provided establishment costs are controlled. - **The Moat is the Mechanism:** The inversion is not universally accessible. It is gated by the “Seedling Stranglehold.” Cibus Capital’s vertical integration with Withcott Seedlings allows them to bypass the $2,500/ha Capex barrier that renders carbon unviable for standard operators. By internalising supply and reducing costs to ~$500-$1,000/ha, Cibus unlocks the arbitrage that others cannot touch. **Final Assessment:** Cibus Capital has not just entered the market; they have engineered a liquidity backstop. By owning the critical constraint (seedlings) and deploying capital when land values hit the viability threshold ($665/ha), they have effectively capitalised the floor price of Australian grazing land at the Carbon RLV. The conclusion is clear: Carbon Farming is now the HBU for Western Division assets, but only for those who control the supply chain. 7Appendix: Data Tables & Calculations | Metric | Grazing Scenario (Baseline) | Carbon Scenario A (Market Standard) | Carbon Scenario B (Cibus Integrated) | | ------ | --------------------------- | ----------------------------------- | ------------------------------------ | | Land Basis (Market) | $665/ha ($269/ac) | $665/ha | $665/ha | | Primary Output | Wool/Meat (DSE) | ACCUs | ACCUs | | Yield / Productivity | Variable (Drought Risk) | 4.0 ACCUs/ha/yr | 4.0 ACCUs/ha/yr | | Price Assumption | Historical Avg | $38.00 (Spot) | $38.00 (Spot) | | Gross Revenue (pa) | ~$30-$50/ha | $152/ha | $152/ha | | Establishment Capex | $0 (Existing) | $2,500/ha (Tubestock) | $500/ha (Optimised) | | 30-Year NPV (5%) | ~$665/ha | -$358/ha (Net Loss) | $1,642/ha | | HBU Status | Current HBU | Unviable | Dominant HBU | | Table 2: Cibus Carbon Fund Profile | | ---------------------------------- | | **Parameter** | **Detail** | | Launch Date | 30 September 2025 | | Fund Target | A$200M - A$300M | | Target Volume | 11.25 Million ACCUs (30 Years) | | Strategy | Mixed-Species Environmental Plantings (EP) | | Key Asset | Withcott Seedlings (Acquired May 2022) | | Target Cost Base | ~A$37/ACCU (Spot Price Parity) | 8Works Cited - [Home - Cibus Fund by Cibus Capital LLP](https://www.cibusfund.com/) - [Cibus Capital Targets up to A$300M for Natural Capital Fund](https://globalaginvesting.com/uks-cibus-capital-targets-up-to-a300m-for-natural-capital-fund-down-under/) - [Australia's Grazing Land Market Steadies in 2025 - Herron Todd White](https://htw.com.au/market-segmentation-defines-australias-grazing-land-outlook/) - [ADM Capital's Cibus Fund II Invests in Vegetable Seedling Company Withcott Seedlings](https://globalaginvesting.com/adm-capitals-cibus-fund-ii-invests-vegetable-seedling-company-withcott-seedlings/) - [The Cibus funds invest in a vegetable seedlings business...](https://www.cibusfund.com/press-release/the-cibus-funds-invest-in-a-vegetable-seedlings-business-that-targets-environmental-planting-and-utilises-state-of-the-art-technology/) - [Cibus launches Australian carbon credit fund - New Private Markets](https://www.newprivatemarkets.com/cibus-launches-australian-carbon-credit-fund/) - [Australian environmental markets | Clean Energy Regulator](https://cer.gov.au/markets/reports-and-data/quarterly-carbon-market-reports/quarterly-carbon-market-report-june-quarter-2025/australian-environmental-markets) - [Cibus Capital Launches A$300M Fund Targeting Forest Carbon Credits Across Australia](https://carbonherald.com/cibus-capital-launches-a300m-fund-targeting-forest-carbon-credits-across-australia/) - [Cibus Capital launches A$300m Australian carbon fund - Agri Investor](https://www.agriinvestor.com/cibus-capital-launches-a300m-australian-carbon-fund/) - [ACCU Market Monthly Report - October 2025 | Insights - CORE Markets](https://coremarkets.co/insights/accu-market-monthly-report-october-2025) - [Cibus Capital Raises $600 Million To Invest In Sustainable Food, Agriculture](https://www.familywealthreport.com/article.php/Cibus-Capital-Raises-%24600-Million-To-Invest-In-Sustainable-Food%2C-Agriculture) - [Withcott Seedlings - Cibus Fund](https://www.cibusfund.com/portfolios/withcott-seedlings/) - [An assessment of native seed needs and the capacity for their supply: Final Report - Forest Service](https://www.fs.usda.gov/rm/pubs_journals/2023/rmrs_2023_harrison_s001.pdf) - [Australian farmland price outlook 2025 | Rabobank Australia](https://www.rabobank.com.au/content/dam/ranz/au/pdf/RaboResearch_Australian-farmland-price-outlook-2025_Joules_May2025.pdf) - [Australian farmland price outlook 2025: Modest land value growth expected - Rabobank](https://www.rabobank.com/knowledge/q011476949-australian-farmland-price-outlook-2025-modest-land-value-growth-expected-following-2024-contraction) - [Bendigo Bank Agribusiness: Australian farmland values hit record high](https://www.bendigobank.com.au/media/bendigo-bank-agribusiness-australian-farmland-values-hit-record-high/) - ['Getting barer by the day': drought conditions in SA and Victoria worsen - The Guardian](https://www.theguardian.com/australia-news/2025/may/12/getting-barer-by-the-day-drought-conditions-in-sa-and-victoria-worsen-leaving-rural-communities-in-the-dust) - [Australian farmland prices expected to return to 'modest growth' – Rabobank report](https://www.rabobank.com.au/news/media-releases/2025/australian-farmland-prices-expected-to-return-to-modest-growth-in-year-ahead-rabobank-report) - [The 2024 FullCAM Public Release. 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