Mr. Colin Kelly:

In the US many farmers hedged, in that they sold forward on class 3 and class 4 milk. That is more financial, but they have the ability to lock in their inputs and are growing much of their own feed so have more control. There is some anecdotal evidence of it across Europe but we do not have any hard facts to say it is a problem in France or Germany. It is definitely a problem in the US but in that instance it has been farmers locking in on derivatives.