While 2017 was a good year for the dairy sector in terms of price, it is worth asking if we have done anything in the past 12 months to ready the sector for the next downturn.

Inside the farm gate, the key is obviously to focus on efficiencies in order to drive margin, while at the same time maintaining debt at a level that is sustainable.

However, the discussion needs to be extended beyond the farm gate. It is unfortunate that there appears to be a reluctance within Government to introduce income stabilisation tools to protect farmers from price shocks.

We should acknowledge the role of co-ops in helping to buffer these price shocks by continuing to roll out fixed milk price schemes.

Perhaps one of the most controversial discussions is what type of response we should be calling for from the EU. Previously when prices collapsed, the focus has been on intervention. But in the case of dairy, is that really the best response for Irish farmers?

If we believe that our grass-based model is one of the most efficient in the EU, then the long-term merits of putting product into storage only to create an overhang when markets improve are clearly questionable.

Perhaps it is worth having this discussion now rather than waiting until we are in the eye of the next storm.

Meanwhile, Jack Kennedy asks what the future holds for the Irish dairy sector.

With the easy expansion done, further increases will come from a higher cost base in terms of leased land, labour and debt servicing.

How will this be reflected in the market to ensure that it is farmers who see the benefit?

Are we right to be continuing with the same product mix or is it time for some fresh thinking?

Elsewhere, our AgriBusiness team look at how we can invest in capacity while ensuring we move product further up the value chain.