Mr. Paul Kelly:

With regard to changing patterns in food production, we have seen that the implications of events such as the fodder crisis can be felt for more than one year. In Europe the managed markets with comprehensive intervention systems that we used to have under the Common Agricultural Policy are largely a thing of the past; the ending of dairy quotas in 2015 and 2016 is a classic example. There will be much greater price volatility as European prices fall much more in line with global prices. Much of this is weather-related and we can see the price of various food inputs increasing and decreasing rapidly, depending on reports on the extent to which yields are affected by weather conditions. This must be faced by the industry in its broadest sense and is something on which everybody keeps a very close eye.