Dr. Kevin Hanrahan:

At the moment, all models are wrong but some models are useful. Dairy cow numbers are declining. They are down 2% compared to this time last year. The latest numbers came out on Monday from the CSO. Department data corroborates that. It is released on a monthly basis. Beef cow numbers are also falling by low amounts. Suckler cow numbers are contracting at a rate of around 5% per year. In a big-picture sense, our numbers are on the curve. Where we want the curve to get to is open to discussion. Where we are today is not dramatically different from where we were projected to be when we did the first analysis for the first two carbon budget cycles.