"A number of ARD committee members are also dairy farmers," he added.
"So they are fully aware of the problems facing milk producers across Northern Ireland at the present time. Hardly a week goes by when representatives from the dairy sector are not speaking to members of the ARD Committee. The fortunes of the industry are closely linked to the strength or otherwise of international dairy markets. Thankfully, the Commission did step in to put a floor in the market earlier this year. Had this not been the case the milk price today might well have been down at 13 pence per litre.
"We know from experience that international dairy markets can change within a relatively short space of time. However, if milk prices show no sign of improving over the coming weeks then we must get back to Brussels on this issue well before the autumn. I am quite positive that the European Commission in Brussels wants to see a viable milk sector retained here in Northern Ireland. It is, therefore, incumbent upon local politicians to play their part in making the strongest possible case for this to Brussels."
Tom Elliott then went on to express concern about the delays to date in rolling out the new Rural Development Programme.
"The initial plan was to have all the various initiatives enacted back in 2007.
"Two years later we are still waiting for many of the schemes to see the light of day. And if we don't get our act together and get the money spent in time Brussels may well insist on a return of a proportion of this rural development funding, which is already allocated to Northern Ireland," he stressed.
"I also want to ensure that schemes capable of making a long term positive impact in our rural areas are funded accordingly. There is also a need to ensure that the Farm Modernisation Programme reflects the needs of younger farmers. This can be easily achieved. All that's required is a bit of flexibility and common sense on the part of DARD."
Tom Elliott also confirmed that the ARD Committee may seek to meet representatives from the province's banks later this year.
"The banks have received funding and support from government," he explained.
"I know they took a hit last year. But they always seem to get the best of both worlds. Farmers are extremely worried about the way they are being treated by the banks at the present time. But I don't want to see good customers suffering because of the mistakes caused by others," he said.