Apparently milk and dairy product prices continue to fall to the economic detriment of many farmers (Farming, 6 February).
The similarities between milk and oil prices falling precipitously on global markets are noticeable and interesting.
Both oil and milk are said to have a “hierarchy of uses” in industry and commerce.
Also, both are subject to the vagaries of global markets when supply exceeds demand. Now the question is: should states organised in Opec or the EU intervene in the markets?
Not many consumers would be enthused if prices of petrol, milk and dairy products were inflated.
EU taxpayers already pay out billions of euros a year protecting farmers with subsidies and grants. Arguably, in the context of the global economy, you can’t buck the markets.
Old Chapel Walk