The fickleness of world markets – and especially agricultural commodities – has become clearly evident over the last number of days and weeks.

We have Irish grain farmers cutting wheat and barley in full knowledge that the profit margin they will reap is minimal to non-existent at current prices. We have Irish dairy farmers producing milk at or below the cost of production. Both sets of farmers will in the main stay in the game as they are in the business for the long haul. The investment required to get into both enterprises is significant.