Based on current milk supply trends, over-quota dairy farmers look set to incur a massive superlevy bill in excess of €75 million for the final milk quota year.

Minister for Agriculture Simon Coveney announced on Wednesday that the country was 5.1% over quota to the end of February. Our survey of processors this week shows March milk supplies have not decreased as expected but have actually increased. A fine of €75m for 2014/2015 would be a staggering 50% of the total amount - €145m - paid out in the 30 years since quotas were introduced.

While milk will be held on farm on Monday and Tuesday, it does appear that the situation is going to improve between now and the end of EU milk quotas on Wednesday (1 April).

Many processors have already filled their annual milk quota well before the last week of quota has even started.