A couple of nights ago EU agriculture commissioner Mariann Fischer Boel made a speech to a dairy conference in Brussels in which she praised the booming state of the EU dairy market.
"All too often in the past I've found myself defending policies in a given agricultural sector when prices were low and farmers were unhappy," she said.
"No one would claim that dairy prices are in difficulties at the moment. They have been riding so high that we have been able to set all dairy refunds at zero, for the first time since they were introduced."
As far as commodity markets are concerned, she is right. Skimmed milk powder is up 47% on last year to £2000/t, whole milk powder is up 53% to £2300/t. Butter is up 12% to £1900/t
But Mrs Fischer Boel is deluding herself if she thinks British dairy farmers are also "riding high".
Their prices are still stuck at around 19p/litre, meaning the average producer is still losing about 2.5p on every litre he produces.
Which begs the question, where is the profit from the booming dairy market going? Retailers do not appear to be raising their prices to consumers. Could it be that processors are pocketing the profits? What do you think?