Ghosts of '09 hang over the dairy sector
Fears of another 2009 haunt the dairy sector and more particularly dairy farmers.
They see parallels in the conditions that played out three years ago and those that are now emerging.
Atrocious weather, sick global markets and falling milk prices are cited like the three horsemen of the apocalypse.
However, while things will certainly be difficult for the summer, fears of a repeat of 2009 have been dismissed by many within the dairy sector.
They maintain that the market conditions in 2009 and 2012 are fundamentally different -- 2009 was a demand issue, 2012 is a supply one.
Whereas there was a total collapse in demand for dairy commodities in 2009, industry sources insist that demand has actually increased this year. However, that lift in demand was outstripped by greater dairy supplies.
Global milk supplies have expanded by 4pc over the last year but demand has increased by just 2pc.
The resultant 2pc overhang in supplies has allowed buyers to stand back from the market and wait for dairy commodity prices to fall.