Today to a bright spot amongst all the gloom. I’m talking wool and it’s seen a remarkable recovery in the past 12 months, up more than 50 per cent.

While prime lamb producers are enjoying record high prices, it’s a very different story for meat processors many of which are running at a loss.

The Federal Government will underwrite the cost of fertilizer to take some of the risk out of buying at such elevated prices.

Bega Cheese has lifted the price it pays dairy farmers by 5 cents a litre.

And while dairy prices are starting to recover, however high production costs and global supply pressures are likely to contain any major growth as we head into the new milk season.