The effect of currency exchange rates was clearly seen this week as butter trading at €2,800/tonne was suddenly worth £,2089/t on Monday, which was more than £100 up on the £1,972/t that it was making on Friday. The opposite effect on prices for products coming into the UK provides some potential for improved prices in NI.

The euro exchange rate was 73.14p on Wednesday, but if it was to settle at this or a higher level against sterling, it would provide a boost to prices for several farm products, including lamb, beef and dairy, as well as grain.

If sustained through September, it would also have a very welcome effect on the value of the first of the new subsidy payments due to be issued in December, for which the exchange rate will be set at the average of the European Central Bank daily rates for September.