Podcasts about gdt

Puntata 7 di Saranno...esperienze di gioco?SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:THE ISLE OF PENGUINS_____________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Puntata 6 di Saranno...esperienze di gioco?Puntata sponsorizzata da Boardhouse — con il codice BGOFFERTE10 avete il 10% di sconto sui prodotti non scontati.https://tinyurl.com/462k3mzhSUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:WINGSPAN POCKEThttps://tinyurl.com/3hxhj2z3_____________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Puntata 4 di Saranno...esperienze di gioco?Puntata sponsorizzata da Boardhouse — con il codice BGOFFERTE10 avete il 10% di sconto sui prodotti non scontati.https://tinyurl.com/462k3mzhSUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:HOOD TROUBLES IN SHERWOOD_____________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Milk already feels tight across much of the U.S. That could be the setup for a perfect storm. Summer heat, warm nights, wildfire smoke and plant disruptions have pressured milk production and moved milk into unexpected places. Now, Class I bottlers are preparing for schools to reopen just as cheese plants, protein beverage manufacturers and other processors compete for the same milk solids. In this episode of The Milk Check, guest host Josh White and the Jacoby team break down what could make August, September and October especially interesting for dairy markets. We cover: How heat, smoke and limited nighttime cooling affected milk production Why school bottling demand could tighten the market further How the cybersecurity disruption temporarily increased condensed skim availability How conflict, Red Sea risk and higher freight costs are complicating dairy exports The dairy market is not moving in a straight line. But competition for milk solids is building, and the next few months could determine which product sectors get the milk they need. Listen to The Milk Check episode 103: The Perfect Storm for Milk Solids. Also available on: Amazon Music, Apple Podcasts, Spotify, and YouTube. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check Transcript: [Opening commercial] Josh White: [00:00:00] Coming up on the Milk Check. Jennifer S. Kuo: The Red Sea seems to be an issue now as well. Tyler Jokerst: Yeah. Josh, if the Houthis are getting involved, when you’re looking at Yemen that’s a direct effect on the Red Sea, which is the other half of that peninsula . And then it starts to limit the only access point that you can have into the Red Sea being through the Suez Canal. Josh White: ​In absence of our fearless leader, Ted we invite our audience to join us for one of our bi-weekly commercial meetings, where our group gets together and breaks down the market based on our individual disciplines. Today’s group is a fairly large one but we have members representing our fluid team, our ultrafiltered and cream team, cheese, butterfat, milk powder, and whey, which makes up our trading group.  We’re in the dog days of summer right now, schools are out, families are traveling. There’s people out of the office not making decisions. That’s happening both in the U.S. and in Europe. Let’s touch on current market, climate, what we’re experiencing, and then what we’re paying attention to or looking out for in 30 days time. Let’s start with where we’re at on the milk side of things. Greg, both you and Jared, have experienced a little turbulence over the past week or so with some milk movements. We’re just coming out of a big heat stretch. We’re on the cusp of the South starting to refill its bottling pipelines. What are you feeling and seeing right now, Greg? Greg Scheer: We’ve had some plant closures that have pushed milk around the Mideast, the Northeast, and, around the country. We have had a week or two of that. The first heat wave, back several weeks ago, hit the cows harder than expected, and I’m wondering if maybe that’s the age of the herd is a little older that maybe it hit them a little more. Usually, you have a heat wave, the cows recover some. Normal summer, they get another heat wave, and then, it hits them a little harder the second time or third time. Seems like the first heat wave hit the cows a little harder. I think production’s down just a little bit more than we expected or earlier than maybe a normal summer. Other than plant problems that push milk around, it feels tight. We get to next month, schools start up again or are about to, and bottlers start putting milk into the bottle for schools, then it’s gonna get really tight and could be tight through September, October when maybe production comes back a little bit and the pipeline gets filled, and then it levels off demand a little bit. It feels tight other than plant closures. It’s gonna get really tight in a month. And, we’ll see where it goes. But production does seems like it was hit harder. I’m just wondering if maybe the age of the herd may have a little bit to do with it. Josh White: It was also pretty warm nights for the Midwest. It’s pretty well documented that above 70s: tough on cows; below 70s: allows them to recover nicely. I’m in Gurnee, Illinois, which is Grand Rapids [00:03:00] latitude on the Michigan side. For us to get nights above 70 is rare. And we just went through a pretty good stretch where we had a lot of them. The entire Mideast and the Midwest, we went through a solid four or five days of pretty bad smoke. At least our area was bad enough that just walking outside to get your mail, you could taste it. So I can’t imagine that helped anything. Greg Scheer: How much it hurt is hard to quantify maybe, but definitely didn’t help things. Josh White: Are we still really talking about two different countries, more or less? California, everything seems to be fine. They’re running great. They’re just pumping out milk, and then the rest of the country where it feels a little tighter? Greg Scheer: That’s the sense I get everybody I talk to. Yes. You’ve got California on an island there just filling up their plants, and everybody else in a tighter feel, all the way from the Upper Midwest, Mideast, Northeast. And then as you mentioned, I do think the pull to the Southeast will be starting fairly soon as their production slows, and by mid-August when they’re bottling for schools it’ll really get tight. Josh White: Europe is also talking about some of the same things. Heat sounds like it’s impacted France the most. Germany’s been pretty resilient. Everything I’ve read or heard is that in the recent weeks, people have taken their milk production forecast for the remainder of the year down in Europe, and by a noteworthy amount. To be clear, I think most expect European milk production for 2026 to be higher than it was in 2025, but it’s been notably higher through June. And looking ahead, for them to be taking those numbers down to modest growth means that they’re expecting year-over-year numbers to be down the second half of the year. So Europe seems to be slowing its rate of growth. Curious to what that means going into 2027. We seem to be making good milk, and we’ve got plenty of ability to process it, but the rest of the world feels like it’s starting to slow its growth rate, and maybe start to slow down as we look ahead to 2027. Class I plants looking to start filling up a bit in the next two to four weeks. Jared, what’s that mean for you and your team and your products? Jared Miklasz: Yeah, moving over to the condensed and fluid skim side, the market has become noticeably longer over the past couple weeks, and the obvious driver there was the disruption that Fairlife experienced, which affected multiple plants across the country. With those plants still operating below full capacity following that cybersecurity event, milk that would have normally went into their UF and finished protein beverages has been redirected into balancing outlets which, in turn, made condensed skim much more available, and that increased availability was real. We saw a lot more local offers as a result. As operations normalize and those plants continue to ramp up, I would expect some of that excess product to be reabsorbed, although the timing remains still uncertain. Condensed skim has been tight for much of the year. Obviously, that’s been supported by the steady Demand from both Class II and III. And the strong nonfat demand has also kept skim solids competitive. As those dryers continue to pull available skim [00:06:00] away from the condensed markets school milk will also begin here, as Greg alluded to, which should move more milk back into the bottling programs and further reduce the amount of condensed skim available for manufacturing for these Q4 months. Moving over to the UF side of things, that continues to have the strongest long-term demand story. We’ve touched on it almost every podcast, but high-protein dairy appears to have real staying power. Demand is coming from athletes, consumers focused on weight management, older adults trying to maintain muscle. And that’s even beyond the folks using the GLP-1 medications who are told to prioritize protein. That demand also extends well beyond protein shakes. It’s into yogurt, lactose-reduced products, other nutritional beverages, other applications that require greater control over protein, lactose and total solids. But the other key part of that is the cheese, as that’s an important outlet for UF. As those butterfat levels in the farm milk continue to rise, high protein UF can help rebalance that cheese vat and improve yields. The challenge is that cheese makers are competing with higher value protein beverage and yogurt for that same UF supply. More UF capacity is expected to come online, though, here later this year and into ’27, but that does not necessarily mean that the market will become over-supplied. I think the key question is whether capacity grows faster than the demand. The category obviously remains strong, although that increased competition from a wider retail perspective and potential consolidation could eventually slow growth. But so far that demand has continued to outperform expectations. That strong UF demand also tightens the broader skim market because, obviously that milk is moving into UF and no longer available for condensed skim or nonfat. But, overall improving milk production should create more opportunities, particularly in the skim market. However, that strong demand has regional processing constraints and plant reliability all play key factors here long term. Josh White: So we’re probably not gonna be moving in a straight line here, right? As production responds, we’re trying to anticipate how demand continues to grow. We definitely know it’s in vogue. It seems structural, like that we would see more of these protein-enhanced consumer products coming online that are using liquid protein, as well as the popularity of the whey products and some of the others. But over the course of the next 30, 60 days, how are you feeling like that balances out? I heard you mention that we don’t really see a lot more UF coming on until maybe later in the year. In the meantime, if I’m mapping this out correctly, particularly in the eastern half of the country, we’re already snug milk. We have a lot of capacity for cheese that has been filling. We got hit with some heat, and we’re trying to digest the impact on milk production, but we believe there’s been some already in mid-July. And Class I’s gonna start to ramp up in August, and at the moment it feels to me like we’re gonna be competing pretty heavily in all of these sectors for the available milk solids that are out there, and it’s already snug [00:09:00] before the Class I starts to pull their share. Jared Miklasz: Yeah, it feels like a perfect storm here. Everyone’s competing for those solids in the back half of this year before that additional capacity comes online to meet some of that demand. And that competition’s been playing out all summer, but I think it’ll really heat up as we get into August and September, and October, and schools start ramping up, and all, everything aligns there. So I think it’ll be very interesting to see, if any product sectors get shorted.  On the protein beverage side they have shelves to make sure they stock and keep that space at the big box stores as well. So I think they’re gonna try to get their milk, but you alluded to it, these, investments on the cheese side, they’re gonna wanna keep those plants full. Jared Miklasz: So it’s gonna be interesting to watch. Josh White: June milk production was a little bit higher than maybe most expected, 2.3% for the country, if I read it right. But most of that heat impact has been in recent weeks, right? The recent three weeks, so since July. We’re looking at a milk production number that’s dated, but we’re experiencing a milk production climate right now that seems to be a little bit tighter for a variety of reasons. But probably one of the bigger one is normal seasonal summertime heat, but may be coming on a bit earlier than expected and a bit stronger than we’re used to at this point in time. We’ve had more headwinds in July. Let’s talk cream for a second. Butter is moving counter seasonally.  Overall, the market still feels heavy, but normally this time of year we wouldn’t be moving in the direction that we are. So let’s go with where everything starts. What’s happening on the cream side of things? Jared Miklasz: Yeah, fat remains tight, which has been, somewhat surprising given the amount of milk being separated for the high-protein beverages and all the value-added skim products that we just talked about. As those markets continue to grow, obviously that generates butterfat and that has to find a home. But based on that, I, I would’ve expected more cream to be available, but instead that market has continued to absorb it. Butter is currently trading in the 155 to 160 range, well below levels that we saw last year. And at those levels, cream is much easier for the manufacturers to use in ice cream, cultured dairy, cream cheese, and other Class II applications. It reduces that risk far as finished product and carrying less value. but part of that may be the manufacturers that, you know, adding that fat back into formulations after pulling back when butter prices were much higher. Lower fat cost obviously as far as the taste and texture can improve flavor and yield across the board for a range of products. Even with the stronger milk production and continued growth in the farm level butterfat I do not expect that the cream market is suddenly gonna become long, particularly during these summer months and with the heat that’s still on the horizon and pressure on both milk and volume and components. Over time, the additional milk and fat production should help bring the market back into better balance. But right now, it’s been long. That processing capacity will remain just as important as the total volume that’s being produced. Josh White: Is Class II performance still very strong this year? Jared Miklasz: It is, yeah. They’re the ones that are soaking up the majority of that fat right now. Josh White: Do we have a sense for if we had to try to measure the whole category, and I realize there’s a lot of products that go [00:12:00] into that category, it’s pretty difficult to paint the broad brush. But do we have a sense for are people looking at current markets as an opportunity to build structural inventory, or are they just moving that much more at the shelf? Jared Miklasz: I don’t have a good answer for that one, man. Josh White: Yeah, I don’t either. It’d be curious. ‘Cause if our Class II performance, we’ve seen just domestic performance in certain products look really well year to date. Like the amount of nonfat that’s been consumed domestically, the Class II numbers suggest that things are going really well in, in those markets. I’m just curious if consumer demand is up that much for some of these because maybe pricing promotions or other things, or if there’s been some structural stock building in anticipation of needs the rest of the year. Let’s move on. Let’s talk about cheese a bit. Cheese just made a pretty decent move higher. In Europe similar things, mozzarella prices have really started to move higher in Europe. And now all of a sudden with the U.S. moving higher and European cheddar quite a bit lower than the bounce they saw on their mozzarella, we’re not maybe in quite as an advantageous price position internationally as we were before. How do we see that playing out? Jeff Daanen: You just wonder the real effect is it gonna be for a month or two when we see what happens and how much cheese is out there. But there is cheese available. If you wanted extra loads, they are there. We’re pretty heavy in cheese. The only thing that we don’t have a lot of right now is mozzarella. A lot of that had to do with the World Cup, and there’s some plants that shut down for maintenance. Like Jared said, it was kinda like the perfect storm. plants shut down. People were eating a lot of pizza because of the World Cup, a lot of house parties and stuff like that. But in about another month we’ll be out of this, and there’ll be plenty of mozzarella available. Jennifer S. Kuo: Our price is a lot higher right now than compared to Europe. especially in the Middle East, and even in Asia still, so many people delayed what they would’ve normally ordered in Q2 and going into Q3 because of all the uncertainty, the much higher fuel costs. Everybody has depleted their inventory. And despite our higher prices, we are still getting many requests now still from the Middle East. Pricing really isn’t an issue. It’s just how soon can you ship, and how soon can you guarantee that it’ll get here? So price does not seem to be the barrier right now. Everybody has used their inventory, and they all need to restock. We have the supply. They’re willing to pay a little more. Europe hasn’t really been a conversation with any of our customers. They have not really tried to push back and say, “Europe is better priced right now.” But yeah, the demand is definitely there right now, despite the jump in our market recently. Josh White: Interesting. So it feels like the international demand’s there. The customer’s de-stocked. But at least for products other than mozzarella, we feel really heavy domestically. Is that still accurate? Jennifer S. Kuo: Yeah. Yes. Yeah. But we are seeing the demand in the Middle East is not just for mozzarella right now. It is more geared towards [00:15:00] cheddar. We are getting more inquiries for cheddar than mozzarella right now, which is good for us, both white and color. Tyler Jokerst: Obvious barriers there or risk can be tied around the current situation in Iran as well. Jennifer S. Kuo: The Red Sea seems to be an issue now as well. Tyler Jokerst: Yeah. Josh, you’re dealing with updated issues if the Houthis are getting involved, when you’re looking at Yemen that’s a direct effect on the Red Sea, which is the other half of that peninsula . And then it starts to limit the only access point that you can have into the Red Sea being through the Suez Canal. So it can create a major supply chain choke point for just anybody trying to get any kind of imports into the region. Josh White: Including Europe, right? Tyler Jokerst: Yeah, because, that tends to be a route that can cut down on transit times. So you can run into situations where you might have to go around the Cape of Good Hope to get where you need to get. So it can cause a lot of complications across the board. Josh White: So, you got an international market that does demand product. They’re not well covered, but we’re constantly fighting our ability to access and supply that demand. Same story two months later. Jennifer S. Kuo: Yeah, and freight has doubled, And that did not seem to be a barrier. Tyler Jokerst: Nope. Josh White: Demand seems resilient then, huh? Tyler Jokerst: Yeah, so I guess Josh, not being too familiar on the dairy side, still learning a lot I would imagine that means the price difference there is significant enough where historically logistics has been a major barrier for U.S. product getting international. I think that clearly the opportunities continue to make themselves clearer for international growth with U.S. dairy product. Josh White: If we could wave a wand and the conflict was over tomorrow, which is not likely, I understand that, do we think that customers are going to step in heavily and demand’s gonna feel strong at that moment because they’re not getting an adequate amount of product? Or have they been purchasing to be safe all along and trying to stay ahead of their needs? Jennifer S. Kuo: I think they’ve been trying to wait it out, and they keep thinking, “Oh, okay, it’s, the war is over, the war is over,” and it keeps restarting. I don’t think they have any inventory now. They wanna know how fast can you get it here and how much. Josh White: Specifically as it relates to the Iran conflict, where are we at in terms of demand destruction? Because when we started these conversations, and I think we had Cefetra on a call probably almost two months ago now, and we asked the question: how long does this have to go on before it goes into notable demand destruction within the region because people can’t import the raw materials they need to make the products that they consume? If price isn’t, really the barrier at the moment, it still is access to the supply. I think at that point in time we talked about August sort of being, like, the magic month to where if this lasts into August, we’re gonna start to really hurt dairy consumption within the region. Jennifer S. Kuo: I think that’s still the magical question we’re trying to find the answer to. Tyler Jokerst: The war is prolonging the situation. It could’ve happened by now, but that huge variable is not really giving us a good read. Josh White: Do we think the answer is gonna be universally the same between milk [00:18:00] powders, butterfat, and cheese, or is it different for different products? Jennifer S. Kuo: The answer’s the same because it’s availability. They’re all on the same boats, right? Yeah. You don’t ship cheese separately from powder separately from butter. I think it’s all just access based. Josh White: I’ll clarify the question. It’s less about the ability to get the product and more about at what point in the timeline when you can’t get it conveniently, do you start to have demand destruction on the consumer level? Because you can’t get the cheese, which you will find its way to retail, the butterfat, which is largely an ingredient for processed cheese applications and other things, the milk powders, which serve some of the same and some different manufacturing products. All three of them overlap each other like a chain, but the cheese is closest to consumer. The butterfat is very close to consumer as an ingredient making some of these processed cheese products and other things, milk powder is going into some of that, but then also as an ingredient maybe in other applications like bakery and some consumer packaged goods. If we get into August, which of those areas is most vulnerable? Is it the consumer products because they really are bringing it in just in time, they have to make what they make they’re considered more luxury type items that, you can cut from your diet if you can’t get it versus maybe something along the lines of manufactured products that they may have more deep inventories of, and they will run out, but they might not be running out until September or beyond. At this moment I don’t get the impression talking to European colleagues, talking within our own team in the different product categories, it doesn’t feel like material demand destruction yet. It seems like we’re still finding a way to get some product in, seems like they’re still willing to pay for product, seems like some stuff’s still happening. It’s just at some moment that will come to a head, I think. And we initially expected by August it would become a real problem that meant we’re going to be missing dairy demand out of that region. And we’re knocking on the door of August. Josh White: We’ll be right back after these messages. Diego Carvallo: I’m Diego Carballo with T.C. Jacoby & Co.. T.C. Jacoby & Co. specializes in international dairy markets. For new customers that haven’t done business with Jacoby, I would tell them that we can provide them with many of the powders, dairy products that they consume, not only with the physical product, but we can also help them mitigate their risk. We know dairy. We know the main players. We know the main providers for the whole value chain. We are one of the strongest players in the U.S. market because we have contact all the way from the farmer moving the liquid milk all the way to the end users that buy the end products. I am Diego Carballo with T.C. Jacoby & Co., and we bring dairy to the world. Josh White: Let’s shift gears. Diego, let’s talk a bit about nonfat dry milk, skim milk powder, and what’s happening, globally [00:21:00] there. Yesterday, we had a firm GDT. What does that tell you? Diego Carvallo: We’ve seen the market under heavy pressure, mainly in the U.S., which was the market that was the most expensive for the past I would say six months. It seems like the U.S. market is going back into a price range where we’re competitive internationally. And that had to happen because the U.S., as we’ve mentioned before, we need to export about two out of three loads that we manufacture in the U.S. for nonfat. And we were not competitive for a long period of time. Our prices were $400 to even $1,000 per metric ton higher than European prices. And now that we finally have plenty of availability we have to find a price where exports become competitive again. And that’s what’s happened. In the past few weeks, we’ve had a few additional factors that have added pressure to prices, and that’s what Jared mentioned on plant interruptions in the U.S. And that’s definitely shifted some skim milk concentrate and some products to the drying towers. And that’s adding a lot of pressure onto prices. We’re seeing more inventory, more product availability from the manufacturers. The market is looking for other outlets, and those outlets are in the Middle East, in Asia, and other places, maybe South America, where the cost of the freight has gone up to an extent where we’re paying probably twice what we used to pay. So the exports price has to come down so that we’re competitive again. We should find some support in the current levels. We’re close to the $1.40s and the physical offers are even lower than that especially for SMP. For SMP, we’re seeing offers close to the $1.35, which is ten cents under the current futures. And I think at that level, we’re starting to be competitive even with a more expensive freight rate. I think we should find support unless we start seeing Europe trend lower and New Zealand prices also trending lower, which hasn’t happened at this point. A lot of availability around and not too many customers looking for product at this moment. Josh White: Okay, on the whey product side, it is absolutely the definition of a summer market right now. I think after two quarters of prices constantly moving up for whey proteins, and the whey market trying to rebalance so many changes over the past year. Over the course of 2025 and into early 2026, we saw a lot of large sweet whey powder producers upgrade their facilities to higher protein WPC80 or WPI. At the same time, there was the commissioning of a very large sweet whey powder facility in Texas that is offsetting the production that we’ve lost, and that’s been a bit turbulent. And that just means that we’re exchanging approved brands for both domestic [00:24:00] customers and international customers for a new brand that needs to be approved. And so we’ve seen a trading range for sweet whey powder that’s been 60 to 70 cents for quite a while. But the actual spot market has seen a lot more basis volatility. New brands trying to buy their way into business, brands that remained that have legacy or approvals for perhaps Asian clientele in a market that seems to be pretty short right now, they’re getting bigger basis premiums. So sweet whey powder has been largely range-bound, but that doesn’t really tell the story. It’s been a big shift in who has the product and where that product can go. On the protein side that story’s pretty well-documented and well-reported at the moment. It is shockingly resilient. Diego mentioned that milk proteins are realizing the benefits of this health and wellness movement. Some of the current trade relationships might be supportive of milk proteins. Aside from that, we’re just seeing more demand, people formulating to it, buying more and using more of it. Jared talked about the UF side of things and how there’s just new demand creation in a lot of different categories from beverage to, some of the other Class II products. The whey category remains just on fire. It seems to be both products. Now, we had two quarters in a row where people were terrified they couldn’t get access to supply, and they watched pricing increase by 20-plus percent. Now we get into the summer and pricing hasn’t increased over the last few weeks, and that’s making some people nervous. You’ve got a lot of people out there that are like, “Oh, it’s not gonna continuously go up. does that mean this market’s going to crash?” It’s always possible, of course. These markets don’t move one-directionally. We should expect a retracement at some moment in time. But everything I read from the consumer demand aspect of it, I don’t see any cracks in the floor. What I see is we’ve moved pricing up so rapidly that now that people are going into the summer months and maybe taking some holidays, if they come back in August and need to replenish, this thing goes right back up. If they come into August and find out that the movements on the shelf at the grocery stores have slowed as much of a price increase we’ve seen, we should look out. So I’m not in either camp right now. I guess I’m a little bit more of the belief that the consumer profile seems to be growing, seems to be willing to pay the prices that we’ve seen. And every time we start to think that the GLP-1 catalyst will end or mature, the GLP-1 drug gets cheaper, you can take it in a different form, and a larger percentage of Americans are actively using the drug. I’m also starting to see the GLP-1 aspect of the protein market get reported in Europe more. We have to remember, the U.S. market is nowhere near mature and in terms of its adoption of GLP-1 as a weight loss tool, consumers are educating themselves at a rapid level, trying to understand what the right foods are, and dairy seems to be on the right side of that discussion. Whey protein maybe being the biggest beneficiary. Milk proteins, though, certainly [00:27:00] a beneficiary. And the rest of the world still can follow. So I don’t know. I remain pretty bullish protein overall, but I think it would be irresponsible to assume that this is a one-directional market, and that it’s just gonna resume an uptrend as we get past the summer slowdown that we’re experiencing in North America and Europe. We need to be aware of what some of the potential upside shocks could be to the market as the globe enters those months where we produce the least amount of milk. We should keep our eye on a few potential shocks. Not all to the upside, some to the downside but I think we’re vulnerable to see maybe a little bit of volatility in the months to come. Let’s go through the group as sort of kind of a fun round the table. Most important discussion or impactful thing in the past week that has your attention. So Tristan, let’s start with you. Tristan Suellentrop: One of the most notable developments is the continued shift towards milk proteins. As WPC80 and WPI prices remain expensive and a little bit more difficult to source, I’ve noticed more people are evaluating MPCs as a partial replacement which is creating stronger demand across the entire high proteins category.  Kait, how about you? Kait Holzschuh: There does seem to be a lot of demand for whey permeate and lactose abroad that you just don’t see in the U.S., so I find that kinda interesting. Josh White: Yeah, good point. We didn’t touch on that, but it started with lactose, and now it’s even cascaded to whey permeate. The amount of inquiries that we’ve received in the past couple weeks across all sectors: international feed sectors, international food sectors, domestic food, and domestic feed. There’s clearly it’s clearly a tight market. Great point. Thank you. Miguel? Miguel Aragón: It might be just isolated to Mexico, but there is a glut of cheese in Mexico. When we were in the $1.40s, probably, a lot of cheese made its way down there, and it has affected the market right now. With the prices now, the hope of the customers that we talk to is that things will level off. But right now, still a lot of cheese, a lot of cheap cheese in Mexico. It affects current business right now. And the second one is demand during World Cup was not as good as expected, and this comes from the Association of Supermarkets and Convenience Stores in Mexico. So two things that really caught my eye in the last two weeks. Josh White: How do we feel the same question would be answered in the U.S.? Do we think that the World Cup impact on demand was worse than, equal to, or better than expected? Jeff Daanen: I think it was better than expected. Because when this first came out, I didn’t think that it would impact a whole lot. But when it was all said and done, it just seems like the snack part of the cheese business really took off, along with pizzas. I think there were a lot of pizzas consumed. That’s why mozzarella’s really tight, and it probably will be for at least another month or so. Josh White: Jonathan? Jonathan B. Powers: Yeah, I think probably the most impactful thing is talking about WPC [00:30:00] 34 and nonfat. Nonfat and SMP hasn’t been readily available in the Midwest, and there’s a need for that protein range in the calf milk replacer world, and we’re starting to get a lot more conversations around stockpiles for those products. As we’ve discussed, WPC 34 is kind of a dying product. There’s not a lot of people that are making it anymore, and there seems to be a lot of companies, even in the food space, that are still very reliant on it and trying to satisfy the need for it when it isn’t necessarily available. We’ve had people reach out for permeating lactose. The volume of requests has been astonishing, honestly. Josh White: Manuel? Miguel Aragón: Where I have a lot of my focus is cheese in general. It just feels like there is something brewing right now. Technically, it’s entered a uptrend right now again and it’s still choppy, right? At least on the futures board. But it feels like there’s opportunities there and yeah. So I’m just soaking up everything I can hear about cheese right now and really try to get a feeling for the market there. Besides that, nonfat is just shaving off more and more. We basically broke the support we had for a long time now, so it really feels like it’s on another leg down. Yeah, we’re gonna see how that plays out. I personally also think we’re gonna find support in the 140s. We might test a little lower than that, but at some point, it should stall and become a little more stable. Josh White: Diego, based on what you said about S&P in the 130s and then what Manuel just said about the technical support and what that looks like, that kind of aligns, right? Because I think I heard you make the comment that as we, a 140 nonfat, you can make S&P cheaper for those that don’t really pay attention to the difference. Lactose is really tight, too. Do we think that there’s a connection to why the milk sugars are tight, and all of a sudden, we are seeing pricing that’s a little bit more SMP competitive globally? Diego Carvallo: I do think that there is, yeah. We made very little SMP for the first six months of the year because it wouldn’t make any sense to export when we’re $1,000 higher than European markets. Now that we’re competitive, it does make a lot of sense to make SMP, especially when protein is very high and you can take it down with a cheap product like lactose or milk permeate. It makes sense to find demand in other markets for the SMP. So I do think that the demand for the carbohydrates has picked up now that nonfat has become competitive again. ​ Josh White: For the benefit of everyone so we’re all talking the same language, nonfat dry milk and SMP are typically universally used in applications, but they’re very different products. What we call nonfat dry milk is an unstandardized product. That specification is a minimum protein percent of 34. But today’s productivity [00:33:00] of components in our milk supply, the average unstandardized protein level in nonfat dry milk is pushing 38 or more percent at least 37 and a half in most times. Now, the rest of the world standardizes their product, and they standardize to either one of two things: 32%, which is the old Codex, 34%, which I think is a little bit more common. Or at least it’s common out of the U.S. that we would standardize to 34%. When we say why would there be a connection between lactose and milk powder, you can add lactose or milk permeate to your nonfat supply to bring the protein down to a standard level. So when we stay standardized, that’s what we mean, where they’re basically bringing it to a 34% protein, most commonly out of the U.S., and then that allows us to compete for international business. Certain markets can use either, but certainly would, prefer a higher protein content at a competitive price. So when I mention our futures are at $1.40, that’s nonfat, and our average nonfat has a higher protein. So if we’re standardizing, that means that we can add this cheaper lactose or cheaper milk permeate to the volume, and that lowers the overall price. So the whole conversation there was more or less like, “Hey, are we making SMP now, and are we competing globally for international business? ‘Cause if we are, that also tells us at least we’re closer to finding a support price, finding some type of global support level for the product.” But you’ll hear us really start to break down the difference between SMP, nonfat dry milk. But many customers can use either. I wouldn’t say most, but many Okay. I, we covered a lot. Yara, any discussions over the past week that you that you feel were most interesting? Yara Morales: It’s a lot of inventory in Mexico, and the customer was offering me nonfat dry milk instead of buying. That was the most surprise, we know that since the price is going down so bad, and they have a lot of inventory with high prices. They have a contract that they have to take it. That’s hard for them. They are losing a lot of money. And the inquires, they looking for whey permeate. They are looking for lactose and proteins. But it’s hard to get the whey permeate and the lactose like you mentioned it. But this is the inquiry we have in Mexico so far, just protein basically because otherwise it’s difficult right now. Josh White: Yeah, agreed. Okay, all, I know it was an unusual discussion. Thanks for joining us today on the Milk Check. Mike Brown: For one part of the supply chain to be successful, everyone has to be. My superpower is practical application of data and analysis. I believe firmly that Jacoby’s success is because we help our suppliers and our buyers be successful. I’m Mike Brown, and I love working for T.C. [00:36:00] Jacoby and Co. because I get to help people Make their businesses more successful. ​

Puntata 4 di Saranno...esperienze di gioco?Puntata sponsorizzata da Boardhouse — con il codice BGOFFERTE10 avete il 10% di sconto sui prodotti non scontati.https://tinyurl.com/462k3mzhSUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:GLORY OF A CIVILIZATION_____________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Puntata 3 di Saranno...esperienze di gioco?SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:Mordredhttps://www.kickstarter.com/projects/cmon/mordred______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Puntata 2 di Saranno...esperienze di gioco?Puntata sponsorizzata da Boardhouse — con il codice BGOFFERTE10 avete il 10% di sconto sui prodotti non scontati.https://tinyurl.com/462k3mzhSUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:Galileo's Truth______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Rabobank’s senior agricultural analyst also comments on the GDT auction as well as Rabobank’s 2026 World Dairy Map, which shows New Zealand remaining the world’s largest single-country dairy exporter.See omnystudio.com/listener for privacy information.

Puntata 1 di Saranno...esperienze di gioco?SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:ROLLING DEEPhttps://tinyurl.com/m528j9vfQui la campagna Kickstarterhttps://tinyurl.com/3xd6j7rp______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

This episode is sponsored by Notion. Learn more about Notion's Developer Platform today at https://notion.com/mlstProtein folding stalled biology for fifty years. A sequence of amino acids dictates a three-dimensional shape, but reading that shape meant a year and roughly $100,000 of crystallography per structure. Then AlphaFold 2 won CASP14 so decisively the organizers called the problem essentially solved.In this documentary cut, John Jumper, who shared the 2024 Nobel Prize in Chemistry and has since left DeepMind for Anthropic, walks Tim Scarfe through what the system did and, more interestingly, what it did not. The architecture gets a proper dissection: MSAs, the Evoformer, invariant point attention, the FAPE loss, and Jumper's correction of the equivariance story, which ablations valued at roughly 2.5 of 30 GDT points rather than the whole win. He is blunt about the limits. AlphaFold predicts one experiment extraordinarily well; it is not a model of the cell, it does not capture dynamics, and on a given drug target it is "wrong nine times out of ten."From there: the AlphaFold Database of 200M+ predicted structures, AlphaFold 3 and ligands, Isomorphic Labs, and Jumper's quarrel with the bitter lesson, where finite data and human hypotheses still matter. Emmanuel Nji of BioStruct Africa closes the film on what changes when work that took years now takes months, and on training the next thousand structural biologists across Africa.---TIMESTAMPS:00:00:00 Cold open: predicting nature with a button press00:01:03 The protein folding bottleneck and CASP00:04:39 The Nobel, the database, and the move to Anthropic00:05:50 Sponsor (Notion) and framing: what AlphaFold does not claim00:07:39 Proteins as self-assembling nanomachines00:12:24 From structures to biology: drug discovery and Midnolin00:17:37 The humility of AlphaFold: a narrow predictor00:22:18 Inside the architecture: Evoformer, IPA and FAPE00:30:20 Ruthless empiricism: ablations and 100x in data00:35:20 Predict, control, understand00:40:00 Against the bitter lesson; AlphaFold 3 as diffusion00:45:07 Intelligence, representations and AGI00:49:23 Epilogue: AlphaFold in Africa00:52:16 Closing: the case for hybrid science models---REFERENCES:organization:[00:01:55] Critical Assessment of Structure Prediction (CASP)https://predictioncenter.org/[00:04:39] The Nobel Prize in Chemistry 2024https://www.nobelprize.org/prizes/chemistry/2024/summary/[00:05:18] BioStruct Africahttps://www.biostructafrica.org/[00:18:03] Isomorphic Labshttps://www.isomorphiclabs.com/paper:[00:03:09] AlphaFold Protein Structure Databasehttps://doi.org/10.1093/nar/gkab1061[00:17:25] Accurate structure prediction of biomolecular interactions with AlphaFold 3https://www.nature.com/articles/s41586-024-07487-w[00:22:18] Highly accurate protein structure prediction with AlphaFoldhttps://www.nature.com/articles/s41586-021-03819-2[00:23:10] Midnolin promotes degradation of substrates independent of ubiquitinationhttps://doi.org/10.1126/science.adh5021[00:27:00] Improved protein structure prediction using potentials from deep learninghttps://www.nature.com/articles/s41586-019-1923-7tool:[00:03:09] AlphaFold Protein Structure Database (EBI)https://alphafold.ebi.ac.uk/[00:45:55] AlphaEvolve: a coding agent for designing advanced algorithmshttps://deepmind.google/blog/alphaevolve-a-gemini-powered-coding-agent-for-designing-advanced-algorithms/other:[00:39:40] The Bitter Lessonhttp://www.incompleteideas.net/IncIdeas/BitterLesson.html---ReScript: https://app.rescript.info/share/d8cde5c221fb71e2c0f5aafe94f90dfaDisclaimer - not sponsored, editorial with us - we filmed it at GDM, London

(00:00:00) Ep 155 - Ace of Spades, The Voynich Puzzle, Jumanji Card Game, Res arcana (00:06:29) Jumanji Card Game (00:17:12) Ace of Spades (00:30:35) Res Arcana (00:40:47) The Voynich Puzzle Puntata numero 155SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:JUMANJI CARD GAMEhttps://amzlink.to/az0zjtdtw4eImACE OF SPADEShttps://amzlink.to/az0b3XlGVVCN1RES ARCANAhttps://amzlink.to/az0GvbgEGkkHzTHE VOYNICH PUZZLEhttps://tinyurl.com/y3x94aza______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

(00:00:00) Ep 154 - Cotton club 1923, The Gang, Dnup, After us (00:08:05) 1923 Cotton Club (00:19:13) After us (00:30:28) The Gang (00:40:02) Dnup Puntata numero 154SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:COTTON CLUB 1923https://amzlink.to/az08iAOhfyFVqAFTER UShttps://amzlink.to/az0ziJhC5C0mPTHE GANGhttps://amzlink.to/az0CkuGIJcc4LDNUPhttps://amzlink.to/az087qWM2CXVp______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

(00:00:00) Ep 153 - Cthulhu Dark Providence, Ada's Dream, Kingdom Legacy il regno Feudale (00:09:45) Cthulhu dark providence (00:29:20) Ada's Dream (00:40:15) Kingdom Legacy Puntata numero 153SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:CTHULHU DARK PROVIDENCEhttps://amzlink.to/az0vbwjTwN05kADA'S DREAMhttps://tinyurl.com/2hsbuzh8KINGDOM LEGACY https://amzlink.to/az0b0Lkr9FOOI______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

After a strong close to the 2025/26 dairy season – marked by rises in the GDT price index in eight of the last ten auctions – Rabobank’s Senior Ag Analyst is forecasting a robust opening milk price of $9.50 to $10.00 per kg/MS for the 2026/27 season. Plus, we look at the excellent prospects for red meat.See omnystudio.com/listener for privacy information.

(00:00:00) Ep 152 - Sibille, Spooky Tower, Pandemic Legacy Season 0, Oliva (00:15:22) Spooky Tower (00:23:13) Pamdemic Legacy Season 0 (00:34:05) Oliva (00:43:54) Sibille Puntata numero 152SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:SPOOKY TOWERhttps://amzlink.to/az0Cpfhvgtx5xPANDEMIC LEGACY SEASON 0https://amzlink.to/az0jQJwiQftEIOLIVAhttps://tinyurl.com/mchchu9pSIBILLEhttps://tinyurl.com/yswdyub4______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

(00:00:00) Ep 151 - Market Fresh, The fall of Kingdoms, BombBusters (00:14:27) BombBusters (00:29:26) Market Fresh (00:44:01) The Fall of Kingdoms Puntata numero 151SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:BOMB BUSTERShttps://amzlink.to/az0YQDvHQxNcaMARKET FRESHhttps://amzlink.to/az0tIhPo8aLUdTHE FALL OF KINGDOMShttps://tinyurl.com/evyn529r______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Puntata numero 150SUPPORTA il PODCAST offrendoci un Caffè qui su KO-FIhttps://ko-fi.com/boardgamesofferteISCRIVITI A BOARDGAMES OFFERTE SU TELEGRAMhttps://t.me/BgOfferteISCRIVITI Alla chat di Esperienze di Gioco su Telegramhttps://t.me/EdgPodcast______________________________________________In questa puntata:DUNGEONS & DRAMAhttps://amzlink.to/az0siRaeE6mamBOREALIS ARCTIC EXPEDITIONhttps://tinyurl.com/bdzhmnkfVANTAGEhttps://amzlink.to/az0ewYZpzNCPWNINJA MASTERhttps://amzlink.to/az0AI8DJxvtuRTAFFO CON ME NELLA TOMBAhttps://amzlink.to/az0ulCaErJx1E______________________________________________Iscriviti al canale Youtube di Valetutto!https://bit.ly/3TGPFJHIscriviti al canale Youtube de LaGiocoFamigliahttps://bit.ly/40wGr4VIscriviti al canale Youtube di Fabrizio!https://www.youtube.com/@CappellaioMoltoMatto______________________________________________SIGLEINTRO Otierre - La nuova realtàhttps://youtu.be/7DYMnYpDdT4ISCRIVITI A ZENCASTRhttps://zencastr.com/?via=EdgPodcast

Fonterra’s Chief Operating Officer reviews last night’s 1.5% lift in the GDT auction, a steady performance and largely in line with expectations. The welcomed improvements in SMP and WMP may have been expected an auction or two earlier, but better late than never. WMP 2.2%, SMP 3%, AMF 1.1%, Butter -2.6%, BMP 9% and Cheese -3.6%.See omnystudio.com/listener for privacy information.

GDT's first American movie is definitely a big swinging flick, and Brian & Weinberg are here to bug you with all their opinions on Mimic! Scurry on over to Patreon to support JFC! 

The chief executive of Open Country Dairy comments on this week’s GDT, fuel and fertiliser prices, conversions in Canterbury, and the happiness scale of dairy farmers.See omnystudio.com/listener for privacy information.

Rabobank’s Senior Agricultural Analyst reviews last night’s GDT auction (down 3.4%) - WMP -0.7%, SMP -1.6%, BMP 0.7%, AMF -7.1%, Butter -8.1%, and Cheese -3.1%. Plus, we look at how the Middle East crisis is affecting red meat prices. See omnystudio.com/listener for privacy information.

Jala is joined by Moxie (The Level) and Ryn (Neon Pantheon) to discuss Guillermo del Toro's 2025 movie, Frankenstein. This episode covers the story (Creature's Tale) and themes. Related Episodes: Jala-chan's Place Ep 87: Frankenstein (Novel) - Jala and Dave Jackson discuss the original novel as well as the life and times of author Mary Shelley. Jala-chan's Place Ep 88: Frankenstein (2025 Movie), Part 1 - Jala, Moxie and Ryn discuss production, artistry, characters and design. Jala-chan's Place Ep 89: Frankenstein (2025 Movie), Part 2 - Jala and Moxie discussion the story (Prologue and Victor's Tale). Mentioned During the Episode: Kate Hawley's Instagram post Music: Opening: “Creature's Tale” by Alexandre Desplat featuring Eldbjørg Hemsing Ending: “Forgiveness” by Alexandre Desplat featuring Eldbjørg Hemsing Check out the Swag Shop to share your love with the world! Support this show via Ko-fi! Just like Patreon, there are subscription tiers (with bonus content!) in addition to the ability to drop us a one-time donation. Every little bit helps us put out better quality content and keep the lights on, and gets a shout out in a future episode. Check out ko-fi.com/fireheartmedia for the details! Don't forget to rate & review us on your podcasting platform of choice~ Jala Prendes Bluesky - @jalachan Bluesky - @fireheartmedia The Level Twitch Moxie The Level Ryn Bluesky Neon PantheonSpecial Guests: Moxie and Ryn.

Jarden analyst reviews last night’s GDT auction, up 0.1%, the sixth consecutive rise. While the result remained basically unchanged, “unders and overs” were all over the place. Whole milk powder down 4%, skim milk powder up 5.2%, anhydrous milk fat up 6.4%, butter down 0.9%, and cheddar up 0.1%. See omnystudio.com/listener for privacy information.

Ahead of the next GDT auction, there's concerns about what the ongoing Middle East conflict could do for prices. The conflict has seen oil prices spike, and experts have warned this will likely impact other key sectors of the economy. The Country's Jamie Mackay speculated further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Fonterra’s Managing Director of Co-op Affairs reviews another stunning GDT result overnight (up 5.7%) with SMP leading the charge at 9.1%. We also look at staff safety and operations in the Middle East.See omnystudio.com/listener for privacy information.

Rabobank’s Australian-based Senior Dairy Analyst comments on the surge in the GDT auction, and we also look at the trade challenges of the Middle East War for the world economy.See omnystudio.com/listener for privacy information.

Flush season is here. Protein solids are up. Global milk production is up. So… Where's all the skim milk powder? In this episode of The Milk Check, host Ted Jacoby III and the Jacoby team sits down with Martijn Goedhart and Henk-Jan Bouwman of Cefetra Dairy for a European perspective on the volatility rippling through global dairy markets. We talk through how traders got caught short and why the spring flush might not loosen up the skim milk powder/nonfat dry milk market. Plus, are we pricing U.S. out of the export market? We'll get you up to speed on: Why skim solids are being pulled away from dryers and into protein streams How hand-to-mouth buying turned into a short squeeze What record-high butter stocks in Europe mean for upside potential Tune in to hear how Europe and the U.S. are navigating one of the most volatile stretches in recent memory. L If you're making sourcing or coverage decisions right now, don't miss The Milk Check episode 94: The Dryer's Getting Robbed. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check TMC-Intro-final Ted Jacoby III: [00:00:00] Coming up on The Milk Check. Martijn Goedhart: You have supply growing, and then you think, “Oh, we’re gonna build stocks.” But then, demand caught up. And quite viciously. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby and Company, your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. This week we are excited to have two special guests, Martijnjn Goedhart and Henk-Jan Bouwman from Cefetra Dairy in the Netherlands. We’ve been working closely with these guys for some time and we thought it would be a great idea given all the craziness and dairy markets going on in the United States, to ask them to give us a little bit of perspective on what’s going on in Europe so we can get a feel for how the global markets are affecting our U.S. dairy markets. Martijn, Henk, thanks for joining us today. Martijn Goedhart: Thanks for having us, Ted. Henk-Jan Bouwman: Thank you, Ted. Ted Jacoby III: I feel like what’s going on in nonfat right now more has an origin in the U.S., but I also noticed that you guys started to feel that maybe this market was gonna be a little bit shorter than we expected over in Europe before we realized it in the U.S. [00:01:00] Tell us about the skim milk powder market in Europe and what’s been going on the last month. Martijn Goedhart: In Europe, we’ve been overwhelmed by milk production growth since the second half of 2025, due to bluetongue, late calving, second peak, as some of us call it. And that has resulted in good outputs, and that output needs to go to the commodities. So, we’ve seen butter stocks build up significantly, and everyone assumed that that would mean that the skimmed stocks were also building up because that’s basically the other product you’re gonna produce when you do butter, right? A few things we, I think, overlooked is like the general protein trend in the world and the demand for protein, both on the whey side as well as on the milk side nowadays. So a lot of protein has ended up in other products than your typical skimmed nonfat production bucket. Adding to that, Europe has been the most competitive source in the world market for a long time. Demand wasn’t great because buyers were buying hand-to-mouth because they would basically wait for that carry to come toward them and buy at the lowest price at the last moment. But [00:02:00] now we see that the exports out of Europe have been great. And that’s been keeping the market clean. I think some traders speculated on lower prices and got caught short, basically needed to cover. And that’s where we are at now. And I think more than ever, if you look at NZX (New Zealand Exchange), this all started with a firmer GDT (Global Dairy Trade), with China stocking up a bit. So, if you look at NZX, CME (Chicago Mercantile Exchange) and EEX (European Energy Exchange), those markets are starting to correlate better than they did before because everyone’s looking at the developments of the other exchanges and then draw their conclusions for their own home base. And yeah, that cocktail, together with some U.S. developments that we’re gonna dive into, has caused record-high volatility over the last few weeks. Ted Jacoby III: So, Martijn, you’re telling a story that sounds very familiar ‘ cause that’s exactly what we’ve seen here in the U.S. We’re not making anywhere near as much nonfat dry milk as we expected because the protein demand is forcing those skim solids into other places. What are those other places in Europe? Where is that protein being used and what is it being made into in Europe right now? Martijn Goedhart: I think there’s two main [00:03:00] streams. Bear in mind that the milk pressure in Europe was so high that you need to burn milk, and the way to do that is to produce casein. So, I think casein production has increased by like double-digit numbers, that’s not because it was such a nice valorization, you can just dry more milk per hour. And considering the liquid markets over the last few months, during our low season, liquid milk was trading way below the commodity equivalent, proving that there’s a surplus of liquid milk that can’t be processed by drying it or churning it. So, that’s one part. The other part is, it’s the same in the U.S. We’ve been around here for a few days now, but in Europe, you see the same: everything is protein fortified, extra protein, in basically everything you can buy. So, a lot of protein that is processed in line before it even reaches the other class. So, like the dryers basically. Ted Jacoby III: Martijn and Henk, do you guys think that the skim milk powder market in Europe has tightened up primarily because everybody who was living hand-to-mouth saw the market started going up, and they decided they wanted to buy more now because they wanted to get the product at a lower price before the price [00:04:00] went higher, and then they just started chasing the market? Or do you think demand has shifted and there’s a true increase in the demand for the product? Henk-Jan Bouwman: There’s two things to touch upon here, Ted. One is, you’re absolutely right: people were buying hand-to-mouth, and they were actually rewarded for doing that because everybody believed that the price of tomorrow was better than the price of today. And for a fairly long period of time, they got rewarded for that. That also led to traders being short, as Martijn touched upon. From a demand perspective, yes, there’s actually quite some demand, and people also realize that they have to turn to Europe to find their cheapest skim. That also creates a bit of a demand pull towards European skim, which makes the price go up. And we’ve seen that, in particular, in low heat in comparison to medium heat. But in general, export markets for us are pretty strong, and, I would say, pretty much all the demand ends in European skim milk powder of origins. Josh White: Is anybody extending days in inventory? Do we think that there’s a short squeeze driving international clients to buy a couple extra weeks, a month, more than that of product? The nature of your question, Ted, [00:05:00] is what’s caused us to tighten up on that product? Is it truly demand for nonfat dry milk, or is it just reduced production overall? And I think maybe it’s both in a way. On the one hand, Martijn mentioned that the catalyst of this was actually a GDT event where China stepped in and bought more. And I think that we’ve been talking about the disappearance of China as a structural buyer of milk powder for quite some time. But their stocks to use ratio has been reported to be fairly low, and maybe they felt it was time to extend some days of inventory. At the same time, you evidenced what’s happening in the U.S., And Martijn alluded to it a little bit in Europe as well, that the pull for dairy protein in general is actually vacuuming some solids away from the dryer, and particularly the SMP or the nonfat dryer. So, is it both? Are we seeing people look to build a little bit more safety stock at the same time that our production is down a bit because protein demand overall is robbing our supply. Henk-Jan Bouwman: There’s a, there’s a couple of things to touch upon, Josh. One is in this whole upward movement, there were quite some international buyers [00:06:00] who still had demand open, for instance, for Q2 and Q3, and decided to step in and said, “Hey, this is a moment to buy, to cover that demand, because I am anticipating an upward movement.” So, in that sense, I’m completely with you. Producers did the same, as well. For them it was also attractive to lock some forward sales. And that has led to lesser availability of skim in EU. And that basically also caused the rally to continue. Martijn Goedhart: I think the difference with the U.S., as I understand it, is we have never not been able to buy product during this whole volatility. So, producers were always offering, customers would like step in, step out. If they really need it, they would book. They were also cautious. And we went up, then we went down, then we went up again. But in that down movement, customers were like, “Yeah, you see, so it’ll come off again.” So, that didn’t prompt them to build any length. I think producers did fairly well in putting a fundament below their sales book for the flush that’s upcoming. Traders are holding a fair bit of cash product right now for the next three, four months. It’s not tight as [00:07:00] such, but you see that certain buyers need certain origins that are scarce. So, it’s very much about the origin, the spec, and the product that you have, whether you can monetize on those higher prices. Ted Jacoby III: It seems to me, just listening to you guys talk about Europe, that the U.S. and Europe are both experiencing a very similar phenomenon in our supply chain. Demand for protein is pulling skim solids away from the dryer, first and foremost, which means on a skim milk powder / nonfat dry milk supply-demand balance, you’re reducing the supply even though we are both experiencing pretty significant increases in milk production. The traditional math is: more milk means more skim milk powder. It didn’t happen this time around, and it caught people by surprise. The demand for protein in Europe, just like in the U.S., is exceptional right now. But then that makes me ask the question: if we have less skim solids, in the form of skim milk powder and nonfat, in the global supply chain, is this increase in price directly proportional [00:08:00] to reduced supply, so we got more people buying because they want to get in the front of it. So, you got this bubble. But you also have had this slow decrease in overall skim milk powder demand going on. Like a slow creep every year. I’m not sure if it’s about 1%, but we’ve all kind of felt it that the global demand for skim milk powder has been just slowly weakening, but this sudden supply crunch was a bigger issue than the slow decrease in demand, and it caused this price bubble that’s just gonna take some time to work itself out. And if the protein continues to take the skim solids away from the dryers, it may be a really long time before it works itself out. Martijn Goedhart: Q4 of global SMP export has been very strong, but Q3 and Q2 were relatively weak. I’d have to look at how the balance looks at the end of the year. Also, the export figures have been more volatile than Ted Jacoby III: Yeah. Martijn Goedhart: Before. So, I think everyone thought like, “Okay, demand is sluggish. We have so much milk in the U.S. We have so much milk in Europe. [00:09:00] New Zealand’s season is looking good.” So, in your mind, you extrapolate that demand. Then, you have supply growing, and then you think, “Oh, we’re gonna build stocks.” But then, demand caught up. And quite viciously. So, that’s the thing I think people underestimated. We’re in a situation where we don’t see any old stocks or inventories building up. Josh White: So I wanna throw three thoughts out. On the first hand, we know our global milk supply is year over year up significantly. Martijn Goedhart: Yeah. Josh White: On a solids basis, protein and fat are up significantly. We’re talking about the overflow valve, the powder stocks not being very robust, and that on the end-user level, globally, people didn’t have a lot of additional days of inventory. So, that would suggest on one hand, maybe we need all this milk. Maybe we need it. Demand for protein and other products is up enough that we need all this milk. But then on the other hand, I think there’s probably two things that we need to be careful that we don’t overreact to. There’s seasonality in our products. We know that the northern hemisphere heavy milk production season is upon us. We’ve [00:10:00] started in California. We’re gonna continue to see our daily milk volumes increase seasonally in the U.S. as we get into the second quarter. Another thing that I’m wondering being, you guys with more international trade experience coming out of Europe is: buying seasonality. So, Ramadan every year moves up a little bit; Chinese New Year, there’s usually a surge leading up to it. And it’s gotten to the point where that was almost a collision with the traditional holiday season of December. Is it possible that we just robbed demand from the first quarter, and everyone tried to get in front of some of that demand in the late third and early fourth quarter, and that we’re about to go into a unique seasonal period where customers have now gotten scared. They’ve extended a few days in inventory, the structural demand won’t be there at the same time that the northern hemisphere flush is upon us. I mean, is it possible that we were just short squeezed based on seasonal issues in the first quarter, and we’re gonna resolve that with plenty of product in the second quarter? One final note I think that we [00:11:00] shouldn’t forget is that our year over year comparables are against a disease-infested 2024. We had bird flu in the U.S.; we had bluetongue to in Europe. How much are we actually over 2023 going into 2024. Ted Jacoby III: On 2023 versus 2024, I think Europe, you guys were down like a half a percent to 1% in 24. Does that sound about right? Martijn Goedhart: 23, 24 was pretty much flat. Ted Jacoby III: Mm-hmm. Martijn Goedhart: And 24, 25 we added like a hundred thousand metric tons. So, like, 6%, 7%. 24, 25. Ted Jacoby III: So you guys had a couple of flat years, followed by a year where you added quite a bit. Martijn Goedhart: Yeah. Ted Jacoby III: Which actually is pretty similar to what happened in the U.S. Yes. We had some disease like avian flu , and bird flu hit California ,and we were down in some places and up in others, but overall we were flat. But the solids were up a little bit. Martijn Goedhart: Yeah. Yeah. Ted Jacoby III: While dairy prices were decent, I didn’t feel like we were facing a massive supply scarcity in those two flat years, which is one of the [00:12:00] things that has me very perplexed about what’s going on now. Because it’s one thing to say, Hey, there’s all this new demand for protein. All the skim solids are going to protein, and that’s why there isn’t any skim milk powder in nonfat. Okay, let me phrase this a different way. That means that we are suddenly being faced with massive increases in demand for protein. The price of protein today is a lot higher than it was a year and a half ago when we were dealing with flat supply.  So, why is protein demand so much higher now compared to a year ago? Is it completely and solely demand driven? As amateur economists , like all traders are, that math doesn’t seem right. Martijn Goedhart: Last year, we had significant competition among our export customers from Iran and Belarus, in terms of SMP. The Iran exports were surging. I think it was like 150,000 tons of skim, something like that, that suddenly shows up. Europe is doing about 700. So, that has an impact when you’re talking to [00:13:00] buyers. But that disappeared just as quickly as it appeared. Which yeah, that 150,000 tons, or whatever it was, it will turn back to the next cheapest origin, which was Europe. So, demand didn’t grow, but shifted towards another origin being EU. Henk-Jan Bouwman: Yeah, I think in general, overall competitiveness of EU skim milk powder is a lot better than last year, even in comparison to a bigger skim producing regions. As Martijnn touched upon, being based in the Middle East, I saw a lot of competition coming out of origins, which were a bit more nontraditional. Iran was one of them. What happened is their overall competitiveness finished really, really quickly due to a couple of things. One of them being disease. So, they had foot-and-mouth disease in Iran. Two, their overall ability to import a sufficient amount of feed, and three, their competitiveness due to a currency standpoint, which quickly changed. That, indeed, meant that the material that was supplied by Iran is now being supplied by Europe. Diego Carvallo: It’s a fascinating situation. Some of those [00:14:00] solids that are going into MPCs are definitely reducing the demand for skim, unless it’s coming from a different end-user application. If we’re seeing the MPCs going into sports nutrition, it’s definitely new demand that is finding a new end-user. It’s a combination of a lot of the things that we have discussed in this call: the whole market being short and getting super used to being hand-to-mouth for years, where you could buy product cheaper a month from now, so, why would you buy it? Especially if you have high interest rates, right? So, that’s part of it. The other factor is definitely the whole market was shocked by the impact of the UF pull of the additional MPC production and the amount of solids that we’re not going into a dryer that everybody expected would go right. Also a few additional manufacturing productions, a few key plants in the U.S., this is starting to look like more of a fundamental shift than a short squeeze. [00:15:00] And three weeks ago, everybody was saying, “Yeah, short squeeze, it’s an amazing short squeeze. It’s gonna come down.” Right? And now that same rhetoric has been changing to, “Actually, this is not that much of a short squeeze, but it is more of a there are not that many solids.” There’s a new big plant in Texas. There’s a new big plant in New York. There’s a lot of solids that are being pulled, and nobody was taking that into account. Everybody was expecting after the bird flu in California, we’re simply gonna go back to producing the same amount of nonfat that we were producing two years ago. And if you look at the data, it’s not correct, you know, Josh White: We also gotta give credit to substitution and other things. And what I mean by that is like calf milk replacer industry in the U.S. Historically, we’ll toggle for the cheapest protein between whey and milk powders. For sure, we’re seeing that appetite pick up for nonfat dry milk right now. Whereas two years ago there was a lot of WPC 34 on the market. All of that’s gone [00:16:00] because of the whey movement. I think the utilization is shifting quite a bit. We’ve talked about where it’s more difficult to track where milk solids are being consumed into a lot of protein enhanced beverages and things along those lines. That’s becoming more difficult. We’re saying demand’s not great globally, but if you pick up feed demand because they can’t buy the whey products they bought before, that is more demand for milk powder. And by far the cheapest dairy protein right now is nonfat dry milk. The big question I have is seasonally in the second quarter, are we going to catch up? Are we gonna be able to catch up globally or not? I think the whole market’s really struggling to try to form an opinion on that. Mostly because we can’t really measure and put a finger on just how much new protein-related demand there is in that difficult to measure space that I alluded to earlier. Diego Carvallo: Particularly in the U.S. right? In Europe doesn’t seem like that situation is as strong as it is the U.S. It seems like in the U.S., you have all of these new [00:17:00] cheese plants and UF plants, Class I plants, et cetera. It seems like, at least in the U.S. that inventory building is gonna be more difficult than in other regions. Josh White: And the European dryers are full right now, correct? Martijn Goedhart: Yes. Josh White: And the California dryers are full right now. Midwest dryers are nowhere near full. The answer to that might be a little bit easier than we’re making this discussion. We’ve added a whole lot of cheese capacity. There’s plenty of milk, but a lot of it’s being processed into cheese. Ted Jacoby III: Are there many new dairy plants of any kind in Europe right now? Martijn Goedhart: Not coming online this flush as far as I know. Not surprisingly, but most of the investment obviously is in WPC and WPI, I think Friesland has a big plant coming up, but it’s 2027, am I right, Henk-Jan? Henk-Jan Bouwman: Their latest expansion is 27. Yes. Ted Jacoby III: So we’re not really seeing any milk solids going to new places in Europe. It’s all still within the traditional milk sheds going to the usual suspects. Martijn Goedhart: Yeah. Yeah. Ted Jacoby III: Okay. Let’s switch topics to butter. The [00:18:00] U.S., a year ago, a year and a half ago, we were around $3 butter. It came down into the 2s, $2.50ish, and then the bottom dropped out, and it went all the way down to, I think, $1.28 at one point in the U.S. Now it’s back up in the $1.70s. But Europe dropped even more from an even higher precipice. Where have we been over the last year and where’s the butter market now in Europe, and what’s it doing? Martijn Goedhart: Yeah, well, butter was the main driver of the volatility that we see right now because €7 butter prices, the fed and the milk would already pay an above break-even price to farmers. And then your skim return is just bonus, right? Friesland just released their yearly report and they’ve been paying like, I think 56¢ on average, which is, well it’s a bit debatable, but I would say at least 16¢ above break-even. And then they get even a bit more profit share. That has like sparked that extra milk output, because every liter you produce is making you money as a farmer. You wanna get your components up, you wanna squeeze the maximum out of the milk. That’s how we ended up in this situation and the vicious correction at the other end of it that [00:19:00] we’ve seen. We’ve seen inventories build up and anecdotally we’ll also hear that all the chilled storage is full. That’s still the case. Those stocks haven’t disappeared. And also we’ve imported quite a bit when the spread with the U.S. and before New Zealand was significant enough to do so. That product is arriving now. And that adds to the supply pressure. However, that market has been stable for the last few months. I would say it’s been volatile, but we’re at the same levels than one and a half, two months ago. So that also shows that price correction ultimately also triggers extra demand. It’s an elastic product, especially on the consumer side. However, it’s also capped in terms of upside because those stocks are there. The liquid equivalent, cream, if you would buy cream today, you’d make it into butter. You’d be like at €3.30–€3. 40 cost price where the market is trading at €4.20–€4.30. So, there’s like a thousand euro. Ted Jacoby III: So the multiples in cream are low. Martijn Goedhart: It has been like this during our whole down season, which is very atypical. You could [00:20:00] argue that that multiple is only gonna weaken because milk starts flowing. Ted Jacoby III: Mm-hmm. Martijn Goedhart: The main discussion we have is like, is all that bearishness already priced in? And have we hit the bottom? Have we hit a level at which people are happy to buy? Or is there more to come? Ted Jacoby III: So you guys aren’t really seeing much upward-ness in the butter market in Europe right now? Martijn Goedhart: No. No. If you look from a, let’s say, traditional supply and demand theory, we have record-high stocks and record-high stocks, they basically kill any prolonged upside to a market, I would say, until you work through it. Ted Jacoby III: What about the cheese market in Europe? Is the cheese market high or low right now? And how’s it acting? Martijn Goedhart: It’s surprisingly tight. You would think that especially over the past few years, quite some capacity has been added to the European landscape. You would reckon that this extra milk would flow into the cheese plants, and you can’t find demand for it, so you’d have to move your cheese, and you’d see supply pressure from producers. But, the opposite is true actually. The cheese that’s supplied is very fresh. Within the range of what you can supply, it’s on the fresher side. That [00:21:00] indicates that there are no older stocks or backlog in terms of supply. I think producers have done a good job in capturing those moments when they were competitive on the world market by getting to make cheese disappear out of Europe. And then the last few weeks there were some production disruptions, some factory outages, and that even caused a bit more tightness in the cheese market. But it has stabilized ever since. It has been stable like butter. We’ve seen the bottom for now, and it went up a bit. The only thing is that in cheese there are no inventories. That makes you think that there’s more upside in cheese when milk growth starts to slow compared to butter because there’s no inventory holding it back. Ted Jacoby III: Why isn’t there any inventory? Was Europe doing some really good exporting for a while? Martijn Goedhart: Yeah, that’s the main reason. Big producers did big sales of gouda at some point or mozz when they were competitive, just to keep that supply chain clean. Butter, you can freeze, carry if the market pays for it. Ted Jacoby III: Mm-hmm. Martijn Goedhart: Cheese, you can only do it on paper, but not in reality. You need to get rid of it. Ted Jacoby III: Right. Josh White: How far out do we think the [00:22:00] international cheese buyer is covered right now? Because that was a big topic coming into the first quarter is how much of the cheese business, particularly in contestable markets, did Europe win away from the U.S. Ted correct me if I’m wrong, but our exports have been fine, haven’t they? Ted Jacoby III: Our exports have been fine. That’s actually a good way to put it. We experienced a real nice pop in exports last year. I would say this year, second half of Q4 into Q1, we’ve experienced exports that were relatively similar to last year. Maybe a hair behind. And I think we’ll start seeing those numbers soon, but I wouldn’t be surprised that when we finally see January export numbers, we’re down like 5% versus last year, when last year was a really, really, really good number. I’d almost say down 5% is unexpectedly good relative to how good it was last year. Martijn Goedhart: Josh, coming back to your coverage question, I think both our markets have seen massive carries right over the last few months. So, that’s not a very interesting structure for buyers to cover long. Our market was [00:23:00] trading like spot plus two months maximum. And producers would only make big sales if they have the product already, if they feel it already a little. So, I would suggest that cheese buyers in Europe, as well as around the world, are relatively shortly covered, just the same as with nonfat. Henk-Jan Bouwman: Yeah, I see the same in my export markets where basically all the inquiries we are getting for cheese, are relatively close to home, so maybe one maximum two months out from a shipment perspective. Ted Jacoby III: Mm-hmm. Josh White: So, Ted, are you interpreting this though, that the pressure’s gonna be on more so in the U.S. to win that business going into the second quarter? Based on what you just heard from our European friends? How are you digesting this discussion? Ted Jacoby III: That’s a great question. I would say yes, but price action makes me wonder if the U.S. is trying to price itself out of this market. Martijn Goedhart: Take cheddar for example. EU is about $300 per ton elevated over U.S. So, in certain applications, such as process cheese, I think, by default the U.S., will win that export business. Ted Jacoby III: Even [00:24:00] at current futures prices for April and May of a $1.80? Martijn Goedhart: Little bit of a different story. But that also depends on the outcome of European flush and the effect of that flush on cheddar pricing in Europe. Ted Jacoby III: I would agree with you that about three weeks ago, we were cheaper, but after this rally, I don’t know if that’s still true. Josh White: The point Ted’s driving home right now is the big carry in the Class III cheese markets in the U.S., you’re concern is pricing out the second quarter? Ted Jacoby III: That’s exactly right. I’m concerned we’re in the middle of pricing ourselves out of the market. Josh White: Are we putting ourselves in a spot where we’re the best priced cheese product. We know, out of the U.S., our daily milk volumes are gonna increase. We know that a lot of that milk’s gonna go into cheese. We know that we’re gonna have to compete for cheese business. But even despite the fact that Europe’s relatively balanced, it feels like on cheese, are we putting ourselves in the global market in a position where Europe may win? Martijn Goedhart: It’s gonna be a good fight, Josh.  None of the origins can afford to lose a lot of export business over the flush. We need to get those volumes [00:25:00] moving. So, the products where we compete, we will compete. Ted Jacoby III: Mm-hmm. And here’s what’s likely to happen. The U.S. having a little bit more mature and developed futures market means that as Europe goes out there and makes sure they get that business, the U.S. at some point will say, rather than going and exporting this cheese, I’m just gonna put it in a warehouse and hedge it out on the futures because there’s a carry in the futures market right now and I can make 10¢ just sitting on it for a month or two. If we are gonna have to go head to head with Europe, to get that export business, we might not get as much as we did last year in the second quarter, because in the second quarter we really did get a lot of that cheese export business. Martijn Goedhart: I agree. Only, to what extent can you actually carry it, physically, without refreshing, Ted? Because in Europe, that’s a bit of an issue. Ted Jacoby III: In the U.S., there’s a number of strategies, a lot of it being rolling your inventory. So, you take your working inventory and you just start rolling it because I don’t think there’s a huge difference between 30-day-old cheddar and 90-day-old cheddar to a lot of people. There are strategies to [00:26:00] manage through higher inventory levels. But at a certain point, even that working inventory carry, it starts to max out the warehouse, start to get full, and then they just gotta sell it. Martijn Goedhart: Right. Ted Jacoby III: What’s interesting is, I think that a lot of people went into 2026 thinking, “We’ve gotta make sure we’ve got a home for this cheese, because there’s a lot more cheese, and the U.S. market demand is not that great. It’s very flat. And so, if we’re gonna make 4% or 5% more cheese, we’re just gonna have to export it.” Martijn Goedhart: Yeah. Ted Jacoby III: And so, they weren’t even looking at that equation. But I think what’s happened in the last month with this volatility in the market, it’s gonna have the inverse effect of getting everybody to actually sit on that cheese and keep it at home, and you’d think it would be the opposite, but no, I think we’re gonna end up bringing more cheese home and letting you win some of those battles. Josh White: Ted, can we talk a minute about the milk production outlook in both regions and how that’s shifted a bit over the past month or two? I’ll start within the U.S. We generally believe that the margins have not been squeezed to a point where we’re gonna see a massive [00:27:00] supply response, a negative supply response in the U.S. for the foreseeable future. Ted Jacoby III: And the bounce off The bottom, if anything, we may be back into a place where we’re encouraging more production. Josh White: We’ve got some big comparables. There’s maybe some vulnerabilities in the market. We’ve obviously been surprised with disease and other things in the past, so it’s not imminent, of course, but the math says we should expect to continue to have a good amount of milk out of the U.S. going forward. How does that look out of Europe presently? Martijn Goedhart: I would say almost copy paste Josh. Skimmed has bounced back. Butter has stabilized. Cheese has stabilized up to a point where if I look at the valorization of gouda at €3,300/MT you’re well above the 40¢/kg mark, which is basically the pain point for European farmers. And then I’m taking into account sweet whey. Not even WPC, right? So, if you have your WPC return, that’ll add another few cents at least. So yeah, we didn’t go deep enough to encourage any decline in milk production. The big question is how that’s gonna turn out this year: if we see the same curve or more [00:28:00] corrected to normal seasonality. But from a margin perspective, I think, just like Ted said, we bounced off the bottom, and it didn’t hurt enough or long enough for anything structural to change in 2026. Josh White: Hey, Martijn, would you add a little bit of color to what you just mentioned a moment ago? The two flush situation coming from the bluetongue outbreak and issue. Martijn Goedhart: In early 2025 in Europe, there were cases of bluetongue and that spread quite quickly across Western Europe. Spring started, early temperatures went up, and mosquitoes that spread the virus sting cows and then they get infected. It has an effect on calving. A lot of calves are not born in the right way, and also the cows, the output goes down, and it’s harder to get them pregnant. So, some cows, they first have to get over the bluetongue disease before they would start to calve. Some cows would calve late and that means that the milk also starts flowing late. Where you’d typically see a peak, in March, April, and then in eastern Europe, it’s a bit later, but now you’ve seen a similar peak because margins were good, but a longer [00:29:00] plateau at that level as well. Those cows get dried off later as well. So, are they gonna calve later again or is it like maybe some like refreshing of cows in the system, and the new ones will be set up according to the normal season? It’s a big question mark. We don’t know. Even the co-ops are struggling with that. Ted Jacoby III: So, you could have a flush that does not hit the peak it usually does, but it’s just longer. Martijn Goedhart: Yeah. If it’s the same as last year, that’s what’s gonna happen. If we somehow move back to a normal seasonal pattern, then you’ll see a higher peak than last year, but a bigger decline in the second half of the year. Josh White: If we’re talking about demand being okay and large amounts of milk in both Europe and the U.S. likely to continue, is there anywhere in the world that is suffering on their milk production? Do any of us have an idea of what’s going on with milk production in China? Martijn Goedhart: I think margins there are low. It’s been flat until now, the output, but it’s hard to get consistent numbers from China. But margins are still very low. So, that would not incentivize [00:30:00] growth. Ted Jacoby III: Milk production in China popped over a two year period, about five, six years ago. Then held steady for a couple of years, then it pulled back. Now, after that pullback, it’s flatlining again. Josh White: What we’re basically concluding from this is that we’re gonna have a lot of milk still, but, with the exception of some risk maybe on the cheese side and maybe in the butter situation in Europe, the rest of the products don’t seem to have concerning inventory levels as of right now. Ted Jacoby III: I would agree. I think there’s enough supply, but there seems to be surprisingly good demand, especially for protein. All right guys, we’re wrapping up here. Lightning round question. Do you think what’s happening in the nonfat market is a result of increased demand or less supply? Josh, you go first. Josh White: I wanna say both. We’re experiencing more demand across the entire curve that is both pulling more nonfat supply and is also pulling away skim solids from the dryer. Ted Jacoby III: Martijn? Martijn Goedhart: I agree with Josh. Some of it is fundamental SMD but a big part of it is demand waiting too long and needing to deliver. Ted Jacoby III: Henk? Henk-Jan Bouwman: yeah, I’m with you [00:31:00] guys. Ted Jacoby III: I do not want a chicken out like you and say both, so I’m trying to decide which one. I think it’s very subtle, but this is actually demand driven more than supply driven. Martijn Goedhart: Yeah. Ted Jacoby III: Yeah. All right guys. Thanks for joining us again. We really appreciate all the time that you guys spent tuning in and listening to us.  Keep milking those cows, and we’ll keep showing up and telling you what we’re seeing out there. Ted Jacoby III: We’ll be back in two weeks for a market update with the Jacoby team. Looking forward to seeing you then. All right guys. Hey, Martijn. Henk, thank you so much for joining us today. Really appreciate the conversation. Martijn Goedhart: Thanks guys. Huge pleasure. Henk-Jan Bouwman: Thank you very much. Martijn Goedhart: Cheers.

Jala is joined by Moxie (The Level) to discuss Guillermo del Toro's 2025 movie, Frankenstein. This episode covers the story (Prologue and Victor's Tale). Related Episodes: Jala-chan's Place Ep 87: Frankenstein (Novel) - Jala and Dave Jackson discuss the original novel as well as the life and times of author Mary Shelley. Jala-chan's Place Ep 88: Frankenstein (2025 Movie), Part 1 - Jala, Moxie and Ryn discuss production, artistry, characters and design. Music: Opening: “Victor's Tale” by Alexandre Desplat featuring Eldbjørg Hemsing Ending: “Body Building” by Alexandre Desplat featuring Eldbjørg Hemsing Articles & Resources Wikipedia (film) Wikipedia (Evelyn tables) Butou performance Frankenstein and the Occult Frankenstein: Written and Directed by Guillermo del Toro by Sheila O'Malley Check out the Swag Shop to share your love with the world! Support this show via Ko-fi! Just like Patreon, there are subscription tiers (with bonus content!) in addition to the ability to drop us a one-time donation. Every little bit helps us put out better quality content and keep the lights on, and gets a shout out in a future episode. Check out ko-fi.com/fireheartmedia for the details! Don't forget to rate & review us on your podcasting platform of choice~ Jala Prendes Bluesky - @jalachan Bluesky - @fireheartmedia The Level Twitch Moxie The LevelSpecial Guest: Moxie.

The chief executive of Open Country Dairy talks about the Gulf Food Trade Show in the Middle East, why Trump is good for business, and the prospects for tonight’s third GDT for 2026.See omnystudio.com/listener for privacy information.

Jala is joined by Moxie (The Level) and new guest Ryn (Neon Pantheon) to discuss Guillermo del Toro's 2025 movie, Frankenstein. This episode covers production, artistry, characters and design. Mentioned During the Episode: Dolls of the main cast, part 1 Dolls of the main cast, part 2 The National Wallace Monument Crucifixion (Corpus Hypercubus) by Salvador Dalí Saint Bartholomew Flayed Shattered Reminiscence, Jala's game Related Episode: Jala-chan's Place Ep 87: Frankenstein (Novel) - Jala and Dave Jackson discuss the original novel as well as the life and times of author Mary Shelley. Music: Opening: “Frankenstein” by Alexandre Desplat featuring Eldbjørg Hemsing Ending: “Victor & Elizabeth” by Alexandre Desplat featuring Eldbjørg Hemsing Articles & Resources Frankenstein: Written and Directed by Guillermo del Toro by Sheila O'Malley LA Times Interview Collider Interview Take a Look Interview CBS Sunday Morning Interview Marvelous Videos Netflix Deep Dive Check out the Swag Shop to share your love with the world! Support this show via Ko-fi! Just like Patreon, there are subscription tiers (with bonus content!) in addition to the ability to drop us a one-time donation. Every little bit helps us put out better quality content and keep the lights on, and gets a shout out in a future episode. Check out ko-fi.com/fireheartmedia for the details! Don't forget to rate & review us on your podcasting platform of choice~ Jala Prendes Bluesky - @jalachan Bluesky - @fireheartmedia The Level Twitch Moxie The Level Ryn Bluesky Neon PantheonSpecial Guests: Moxie and Ryn.

The next GDT auction is due to take place tonight, and farmers are speculating about the tone this could set for the new year. The last GDT auction, held on January 7th, saw a 6.3 percent bounce back in the Index, but farmers are unsure of what this could mean. The Country's Jamie Mackay explained further. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Jarden’s head of derivatives takes a look at last week’s buoyant first GDT for 2026.See omnystudio.com/listener for privacy information.

Kicking off the New Year, this episode takes a close look at the current milk market. Ben Eagle, Chris Walkland and podcast producer Becki Reay discuss the latest trends in farmgate prices and milk volumes, and whether the sector is beginning to turn a corner. The discussion touches on the disruption caused by a plant breakdown over the Christmas period, which resulted in milk not being collected, before examining what the latest AHDB figures showing milk volumes down year on year could mean for supply. The focus then turns to more positive signals, including a recent rise in the GDT index and growing optimism around dairy prices heading into January, supported by milk price announcements for January and February from processors. Please note: The information provided during this podcast has been prepared for general informational purposes only and does not constitute advice. The information must not be relied upon for any purpose and no representation or warranty is given as to its accuracy, completeness or otherwise. Any reference to other organisations, businesses or products during the podcast are not endorsements or recommendations of Dairy Consulting Ltd or its affiliated companies. The views of the presenter are personal and may not be the views of Dairy Consulting Ltd. The contents of this podcast are the copyright of Dairy Consulting Ltd.

Five Nights at Freddy's grossed almost $300 million dollars at the box office in 2023, and two years later the sequel hit the big screen to the tune of $225 million so far. Brendan and Conor are huge fans of the game and break down the movie from a critical lens and as super fans while Ryan gets confused. Come back next episode for either GDT's Frankenstein or the start of our Avatar series with the 2009 original!

There aren't any numbers here because that would imply a ranking. (Or at the very least, can draw the question about ranking.) Here are this movies that at least one of dug this year: SINNERS Directed by Ryan Coogler Written by Ryan Coogler From IMDB: Trying to leave their troubled lives behind, twin brothers return to their hometown to start again, only to discover that an even greater evil is waiting to welcome them back. When this was announced, I wasn't sure of what to make of it. Surely, a dip into the From Dusk Til Dawn pond wasn't a thing that crossed my mind, but we got a wee bit of that here. Currently on HBO Max WEAPONS Directed by Zach Cregger Written by Zach Cregger From IMDB: When all but one child from the same class mysteriously vanish on the same night at exactly the same time, a community is left questioning who or what is behind their disappearance. What a great follow-up to Gregger's Barbarian. Not quite as What-The-Fuck-y as Barbarian, but it's not in short supply of nuttiness. Currently on HBO Max PREDATOR: BADLANDS Directed by Dan Trachtenberg Written by Patrick Aison and Dan Trachtenberg From IMDB: A young Predator outcast from his clan finds an unlikely ally on his journey in search of the ultimate adversary. Dan Trachtenberg returns to the Predator franchise for the third time in his career and the second time in 2025. (See below,) This time, telling the story through a young Predator out to prove to his father and his clan he is worthy of his armor. Currently in theaters with Cinema AT Home rentals coming soon.   PREDATOR: KILLER of KILLERS Directed by Dan Trachtenberg Written by Micho Robert Rutare From IMDB: Three of the fiercest warriors in human history become prey to the ultimate killer of killers. With only his third feature film of his career, Trachtenberg tells his latest stories from Man versus Predator saga in animation form this time. Great storytelling all around, with a TON of Easter Eggs to be had. Currently on Hulu   FRANKENSTEIN Directed by Guillermo del Toro Written by Guillermo del Toro From IMDB: Dr. Victor Frankenstein, a brilliant but egotistical scientist, brings a creature to life in a monstrous experiment that ultimately leads to the undoing of both the creator and his tragic creation. Del Toro makes his way back into the class monster stories with his own take on Mary Shelley's well-worn story of the same name. But he does it only in a way that GDT can. Currently on Netflix   SORRY, BABY Directed by Eva Victor Written by Eva Victor From IMDB: After a tragic event, a woman finds herself alone while everyone else continues with their lives as if nothing had happened.   *THUNDERBOLTS Directed by Jake Schreier Written by Eric Pearson, Joanna Calo, and Kurt Busiek From IMDB: After finding themselves ensnared in a death trap, an unconventional team of antiheroes must go on a dangerous mission that will force them to confront the darkest corners of their pasts. Currently on Disney +   COMPANION Directed by Drew Hancock Written by Drew Hancock From IMDB: A weekend getaway with friends at a remote cabin turns into chaos after it's revealed that one of the guests is not what they seem. Currently on Prime Video and HBO Max   Superman Directed by James Gunn Written by James Gunn From IMDB: Superman must reconcile his alien Kryptonian heritage with his human upbringing as reporter Clark Kent. As the embodiment of truth, justice and the human way he soon finds himself in a world that views these as old-fashioned. Wake Up, Dead Man Directed by Rian Johnson From IMDB: Detective Benoit Blanc teams up with an earnest young priest to investigate a perfectly impossible crime at a small-town church with a dark history.   BLACK BAG Directed by Steven Soderbergh Written by David Koepp From IMDB: When intelligence agent Kathryn Woodhouse is suspected of betraying the nation, her husband - also a legendary agent - faces the ultimate test of whether to be loyal to his marriage, or his country. Currently on Prime Video, and Available to Rent on All Rental Platforms, as well as 4K Ultra HD and Blu-ray. CHAINSAW MAN THE MOVIE - REZE ARC Directed by Tatsuya YoshiharaWritten by Tatsuki Fujimoto and Hiroshi Seko From IMDB: Denji encounters a new romantic interest, Reze, who works at a coffee café.   2025 had a really nice mixed bag of movies we dug, and very little we didn't. We're looking forward to 2026 with some new stuff including new additions to Patreon for us to engage with all of you a little more! Here's to another year of great movies! ENJOY! Love and Rockets, Corey, Joseph, and Freddy ------------------ If you'd like to show your support for members of WGA, SAG, IATSE, as well as other workers in the entertainment industry, please take a look at the link below and maybe make a donation: Entertainment Community Fund https://entertainmentcommunity.org/support-our-work ------------------ As always, and maybe even more than ever, here are some mental health resources for North America: United States  https://www.mentalhealth.gov/get-help/immediate-help https://suicidepreventionlifeline.org/ The Suicide Hotline phone number has been changed. Now, just text or call 988. Canada https://www.ccmhs-ccsms.ca/mental-health-resources-1 1 (833) 456-4566 Even though we don't say it in this episode, more NOW than ever before: PLEASE PLEASE PLEASE take care of yourselves and those around you. Be mindful of your surroundings. Karate in the Garage Linkages   

It's a big day in Washington D.C for wolves. The House of Representatives will vote on the Pet and Livestock Protection Act. Ultimately, the decision will determine if the gray wolf will stay on the endangered species list. Fabulous Farm Babe Pam Jahnke and Wisconsin DNR Large Carnivore Specialist, Randy Johnson, discuss Wisconsin's wolf population data and movement patterns. Ag meteorologist Stu Muck and Kiley Allan talk about the warmer temperatures we have been seeing. Temperatures will continue to swing in the upcoming week. No two days as a veterinarian look the same. Dr. Monty Belmer, a local veterinarian explains the standard practices and the heightened precautions veterinarians take when a disease outbreak occurs to Stephanie Hoff. Dr. Arden Anderson, a Physician and Agricultural Consultant, tells Ben Jarboe that farmers are a high-risk group for several health concerns including cancer, heart disease, and Parkinson’s disease. He tells us one reason why the group is considered high risk.Dairy market analyst, Cody Koster, breaks down the suspected market effects of Avian Influenza. He looks into his crystal ball and forecasts the GDT trends we can expect going into the new year.See omnystudio.com/listener for privacy information.

In today's episode of Backpacker Radio presented by The Trek, brought to you by LMNT, we are joined by Jessica Guo known on trail as Stitches. This year, Stitches became the first woman on record to connect both the Continental Divide Trail and Great Divide Trail northbound in one calendar year. We talk all about this logistically and physically impressive feat, hiking through the Sierra during a record snow year, how she earned her trail name the hard way, her unconventional relationship with pain, how 10 her day silent meditations better prepare her for thru-hiking and gives us a sample 2 minute meditation, what it was like becoming social media famous this year- going from less than 2K followers to 50K, and much more.   We wrap the show with a call for Trek Vloggers, a breakdown of how hard the Long Trail is as measured by Katie's steps per mile, apparently some people can smell ants, and the triple crown of peanut butter combinations. LMNT: Get a free sample pack with any order at drinklmnt.com/trek. Gossamer Gear: Check out the Type II collection at gossamergear.com.  Ka'Chava: Get 10% off at kachava.com/backpacker. [divider] Interview with Jessica "Stitches" Guo Stitches' Instagram Stitches' Trek Author Page Stitches' Substack Time stamps & Questions 00:05:00 - Reminders: Apply to VLOG for the Trek, subscribe to our Youtube channel, and listen to our episodes ad-free on Patreon! 00:11:47 - Introducing Stitches 00:14:15 - What is your background? 00:20:00 - Scenario: If Zach & Chaunce are fighting, how would you help them work through it? 00:22:25 - How did you get into the outdoors? 00:30:15 - Were you an athlete when you were younger? 00:31:35 - How did you like the Teton Crest Trail? 00:32:40 - Tell us about getting started on the PCT and your injury 00:40:20 - What did it feel like to walk on your injured leg after 8 days? 00:48:35 - What does your meditation practice look like? 00:55:50 - What does a silent meditation retreat look like? 00:58:05 - Are there purists in the meditation world? 01:03:00 - Stitches leads a guided meditation 01:08:20 - Tell us about your second injury on the PCT 01:20:55 - Was the Sierra Type 1 fun for you? 01:21:30 - Tell us your fun story from the Colorado Trail 01:26:20 - Where did the idea come from for the CDT + GDT? 01:32:50 - Why can it be nice to have a detailed itinerary and plan? 01:38:10 - If someone's interested in the GDT, what advice would you give? 01:40:20 - What were the differences between your three itineraries? 01:42:10 - Would a silent retreat be a good way to mentally train for a thru-hike? 01:44:15 - What are some standout moments from the CDT? 01:47:38 - What are you afraid of? 01:51:10 - How did your experience change when you got a ton of followers? 01:55:55 - Tell us more about making videos on trail 01:59:00 - Discussion about evidence of climate change on trail 02:00:05 - Tell us about how you interacted with your ethnicity on trail 02:08:22 - Tell us about your post on women in the outdoors 02:14:20 - Tell us about your friction video 02:16:00 - What were the highlights of the GDT? 02:19:00 - Did you have any practices for when you felt mentally low? 02:22:45 - Tell us about the birds you saw 02:27:15 - What are your Big 5 for gear? 02:34:15 - Stay Salty Question: What's your hottest take in the world of backpacking? 02:39:30 - Where can people go to keep up with you? Segments Trek Propaganda How Hard Is the Long Trail, and Is It Worth It? The Stats From My Thru-Hike Reveal the Answers by Katie Jackson Rescuers Say a Hiker Died on Mount Whitney Over the Weekend by Anna McKinney Smith QOTD:  Can you smell ants? Infection Thing of the Week Triple Crown of peanut butter combos Mail Bag  5 Star Review [divider] Check out our sound guy @my_boy_pauly/ and his coffee. Sign up for the Trek's newsletter Leave us a voicemail! Subscribe to this podcast on iTunes (and please leave us a review)!  Find us on Spotify, Stitcher, and Google Play. Support us on Patreon to get bonus content. Advertise on Backpacker Radio Follow The Trek, Chaunce, Badger, and Trail Correspondents on Instagram. Follow Backpacker Radio, The Trek and Chaunce on YouTube. Follow Backpacker Radio on Tik Tok.  Our theme song is Walking Slow by Animal Years. A super big thank you to our Chuck Norris Award winner(s) from Patreon: Alex and Misty with NavigatorsCrafting, Alex Kindle, Andrew, Austen McDaniel, Bill Jensen, Brad & Blair Thirteen Adventures, Bret Mullins aka Cruizy, Bryan Alsop, Carl Lobstah Houde, Christopher Marshburn, Clint Sitler, Coach from Marion Outdoors, Eric Casper, Erik Hofmann, Ethan Harwell, Gillian Daniels, Greg Knight, Greg Martin, Griffin Haywood, Hailey Buckingham, Jason Kiser, Krystyn Bell, Matt from Gilbert, AZ, Patrick Cianciolo, Randy Sutherland, Rebecca Brave, Rural Juror, Sawyer Products, SPAM, The Saint Louis Shaman, Timothy Hahn, Tracy 'Trigger' Fawns A big thank you to our Cinnamon Connection Champions from Patreon: Bells, Benjy Lowry, Bonnie Ackerman, Brett Vandiver, Chris Pyle, David, David Neal, Dcnerdlet, Denise Krekeler, Jack Greene, Jeanie, Jeanne Latshaw, Luke Netjes, Merle Watkins, Peter, Quenten Jones, Ruth S, Salt Stain, and Spencer Hinson.

Is the 2025 Guillermo del Toro "Frankenstein" actually just one film? Yes. Is it way too long? Also yes! That's why this week we're discussing the first part, Victor's Tale. Special topics for your consideration include: a romance hack (have you tried being super tall?), another romance hack (have you tried being hunky hunky Oscar Isaac?), bad dads begetting bad dads, jaunty hats, and the undeniable beauty of a GDT film. Do you like the Frankenstein lore? You might enjoy Episode 94- "Bride of Frankenstein" or, just for fun, Episode 516- "Lisa Frankenstein" or Episode 518- "Abbott and Costello Meet Frankenstein." the regular lineup of links! You can support us at patreon.com/werewolfambulance and listen to a ton of action movie episodes and two episodes of our third podcast, "Nice One, Mate!" This month we're talking the 2012 film "Dredd" with the next episode of "NOM!" dropping very soon! leave us a message at 412-407-7025 hang out with some cool listeners at https://discord.gg/DutFjx3cBD buy merch at www.teepublic.com/user/werewolfambulance the best place to reach us is at werewolfambulance@gmail.com we're on Reddit at r/werewolfambulance sorta on Twitter @werebulance sorta on Instagram @werewolfambulance www.werewolfambulance.com if you feel you really must lodge a complaint with us, please do it on Facebook at facebook.com/werewolfambulance because we are probably not gonna see that, ever. If you liked this, please leave us a review on Apple Podcasts or wherever you listen! It helps others find us and allows us to continue to grow. Intro song is by Alex Van Luvie Outro song is A. Wallis- "EMT" Seriously, we have the best listeners, hands down.

We're starting up another quick trio of reviews this time of the Now You See Me movies. Magic! Heists! Twists! Oh my! Come back next episode as we review Now You See Me 2 or GDT's Frankenstein (if Brendan has finished the book by then). Either way, join us then!

Welcome back to SIDETRACKS! On this week's catch-up episode, we take an unexpectedly disappointing turn about GDT's FRANKENSTEIN, then into utter horror at the travesty of ALL'S FAIR, a little detour to IT: WELCOME TO DERRY, and a review of the D-Box experience of PREDATOR BADLANDS.Next week we'll be talking about LONGLEGS.Stay spoopy ya'll!Timestamps:00:00:35 Start/Thanksgiving00:08:05 PREDATOR BADLANDS (Theatres) (Light Spoilers)00:18:56 ALL'S FAIR (Hulu) (Light Spoilers)00:25:31 AHS Season 13 Cast List 00:32:20 BUGONIA (Theatres)00:39:17 Guillermo del Toro's FRANKENSTEIN (Netflix)(SPOILERS with long rants)00:56:48 SPOILERS for THIRST01:16:48 JURASSIC WORLD: REBIRTH (Peacock) (SPOILERS)01:26:10 IT: WELCOME TO DERRY (HBO MAX) (SPOILERS through S1 Ep4)01:31:36 RHOSLC Season/SURVIVING MORMONISM (Peacock)01:33:25 Upcoming Releases01:36:00 TERRIFIED (AMC+)01:40:19 Wrap Up01:44:31 Next Week (LONGLEGS on Hulu) and GoodbyesThe Grindhouse Girls Podcast is created by Katie Dale and Brit Ray. This week's episode is edited by Katie Dale.Part of the Redacted Entertainment Network.Royalty free music used: Ready Set Go and Outro White SmokeCopyright 2020 Grindhouse Girls PodcastThis podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy

We're back with a spoiler-filled double feature of ROOFMAN and Guillermo del Toro's FRANKENSTEIN (2025). We unpack why ROOFMAN feels like an instant “Reddit classic,” how it fits in that cozy mid-2000s Little Miss Sunshine / Logan Lucky / adult dramedy lane, and whether Channing Tatum just delivered one of his best performances opposite a lights-out Kirsten Dunst.Then we go long on GDT's FRANKENSTEIN.Is Oscar Isaac miscast or perfectly hammy as Victor?Is the movie too sympathetic to its creator, or just honest about tech-bro god complexes?How hard does Jacob Elordi cook as the Creature?Do the practical effects and gore outweigh the “Netflix look” of the CG backdrops?Mia Goth as the true nature-vs-nurture conscience of the movieFrankenstein as an AI / capitalism / “move fast and break things” parableTimestamps 00:00 - ROOFMAN spoiler review 28:20 - FRANKENSTEIN (2025) spoilers with Lee

It's finally here, Cultists. Gothic Horror maestro Guillermo del Toro's long awaited adaptation of Frankenstein has dropped and your Horror Hosts promptly put it on the Exam Table. GDT has assembled a monster of a film, taking elements from all the most iconic versions of the story and filtering them through his own unique sensibility. Please join us for the Dissection    Dissection Topic https://www.imdb.com/title/tt1312221/?ref_=ext_shr  https://www.netflix.com/title/81507921  Unholy Sacrament  Veiled Vision, Hazy IPA with Pink Reaper Lemon Peppers - Funky Fauna Artisan Alesh ttps://untp.beer/Lwg8z  Dark Tidings  Vault Of Darkness  Listen to The Strain by Guillermo del Toro, Chuck Hogan on Audible. https://www.audible.com/pd/B002V0RCEO?source_code=ASSORAP0511160007  Frankenstein Alive, Alive! By Steve Niles and Bernie Wrightson with Kelly Jones https://www.penguinrandomhouse.com/books/796437/frankenstein-alive-alive-the-complete-collection-by-steve-niles-bernie-wrightson-kelley-jones/  Predator: Badlands (Trachtenberg, 2025) https://www.20thcenturystudios.com/movies/predator-badlands    #frankenstein, #guillermodeltoro, #frankensteingdt, #gdt, #oscarisaac, #jacobelordi, #miagoth, #christophwaltz, #netflix, #mikehillcreations, #frankensteinnetflix,  #maryshelley, #frankensteinsmonster, #alexandredesplat, #frankensteinmonster, #thecreature, #victorfrankenstein, #frankenstein2025, #katehawley, #netflixfrankenstein, 

Cars Suck Now, No More Whimsy, Customer Service Sucks, GDT's Frankenstein First Impressions

Sticking closer to Mary Shelley's novel than most other adaptations, Guillermo del Toro's Frankenstein is the culmination of a lifelong dream. His vision echoes the gothic maximalism of Francis Ford Coppola's Dracula, starring Jacob Elordi as a sympathetic interpretation of Frankenstein's Creature. But does this movie measure up to GDT's past hits? Steffan and Gavia have mixed feelings, delving into the film's characterization choices, production values, and relationship with the novel.

Tyler and Konnery are joined by B.P.R.D. member Ryan Hasegawa to fight off supernatural fascists, Lovecraftian horrors and teenage romances as they cover Guillermo del Toro's "Hellboy (2004)"! Together they discuss Mike Mignola's original comic, honor GDT's new take on Frankenstein, the humor and teamwork found the team of heroic freaks, beautiful creature design, and so much more in this quip-whipping episode of The Friendchise Podcast!   TikTok Threads Instagram Twitter Bluesky     Have a message for The Friendchise? Send an under-3 minute voice memo to: thefriendchisepodcast@gmail.com What's New: Tyler: Good Boy (In Theaters, Shudder) Kon: The Pink Panther (1963) (Tubi) Ryan: One Battle After Another (In Theaters)

Send us a textA monster is born, a father is made, and a legend gets a new pulse. We brought filmmaker Justin Robert Vinall into the studio to dive headfirst into Guillermo Del Toro's Frankenstein, pulling apart what this adaptation embraces from Mary Shelley and what it boldly rewires. We start with the immediate gut checks—why the production design is breathtaking, how the exteriors can feel oddly digital, and where the Arctic bookends unlock fidelity to the novel while straining the final act's momentum.From there, we go deep on performances. Jacob Elordi's creature emerges as the film's soul: empathetic, physically mythic, and quietly devastating as he learns language, kindness, and cruelty. Oscar Isaac's Victor is a lightning rod—baroque and volatile, thrilling for some and cartoonish for others. Mia Goth brings poise and spark but isn't given enough runway to leave a mark beyond one standout confrontation. We parse the lecture hall resurrection, the companion request, and the rushed father-son reconciliation, asking whether the story earns its closing warmth or retreats from the abyss Shelley dared to face.This conversation keeps one eye on awards season—production design, hair and makeup, and a potential best picture play—while tracking where the film sits in Del Toro's body of work. Is this a companion to Crimson Peak and Nightmare Alley, or a mid-tier entry lifted by an all-timer creature performance? Along the way we explore the themes that make Frankenstein evergreen in 2025: consent, responsibility, otherness, and the cost of creating life without love. Hit play, then tell us—did the ending land, and where does this monster rank in your GDT canon?If you enjoy the show, follow the pod, share with a friend, and leave a quick review. Your support helps more listeners find conversations where movies still matter.Support the showMax's Letterboxd Alex's Letterboxd ETI Instagram

John and Ray have seen GDT's Frankenstein and they tell you why this one is best enjoyed on the biggest screen possible!Watch the visual episode: https://youtu.be/OyjGFaGdHAkCheck out The Horror Vision on Instagram: https://www.instagram.com/thehorrorvision/Join our exclusive Facebook Horror Fan Community: https://www.facebook.com/share/g/18LsUmWw5n/Check out our merch! https://the-horror-vision.creator-spring.com

On this episode of Project Big Screen, we review two movies: ‘BLACK PHONE 2' and ‘GOOD FORTUNE'. Does Black Phone 2 live up to the standard that Scott Derrickson set in his first outing with the now-franchise? Does Good Fortune continue a positive streak of studio comedies in 2025? Stick around until the end to see how we rank Keanu Reeves' filmography! Also on the episode, we give our reactions to other things we've been watching the past week as well as discuss the biggest news stories of the week including a wild one involving Kevin Costner and hidden treasure. Make sure to like and subscribe — and if you want to be a part of our fan rankings, listen for Gooch's instructions in this episode on how to join! Timecodes: Intro - (0:00) Black Phone 2 Review - (2:00) Black Phone SPOILERS - (15:45) Good Fortune Review - (27:44) Good Fortune SPOILERS - (36:24) Ad Read #1 - (42:24) Stallone Biopic - (44:02) Springsteen First Reactions - (50:47) Wicked's Massive Cameo - (56:39) Kevin Costner is a Pirate - (1:01:02) Ad Read #2 (1:05:40) Scorsese Docu-Series - (1:06:50) The Chair Company - (1:08:06) House of Dynamite - (1:09:50) Physical Media Corner - (1:10:30) GDT's Frankenstein - (1:12:52) The Diplomat - (1:14:34) The Mastermind - (1:15:38) Keanu Reeves Top 10 - (1:17:18) Follow us on Social Media: barstool.link/pbs X | Twitter | Letterboxd: @ProjBigScreen IG | Tik Tok: @ProjectBigScreen Our Personal Letterboxds: Jeff: @JeffDLowe Gooch: @Bobby_Gooch Kenjac: @KenjacPBS Klemmer: @ChrisKlemmer Kirk: @KirkMinihaneYou can find every episode of this show on Apple Podcasts, Spotify or YouTube. Prime Members can listen ad-free on Amazon Music. For more, visit barstool.link/lightscamerabarstool

"You're dating an OS?"LO-FI SCI-TEMBER continues with HER! We also discuss how how DudeWipes work or don't work, Danny watching INTERSTELLAR and THE SOUND OF METAL, Proto THE PARALLAX VIEW and THE MEG, slime enjoying EDDINGTON and much more. In the uncut post-show of the episode we got into the new iPhones 17, the buzz on GDT's FRANKENSTEIN, and more DudeWipes talk.Chapters:(00:00:00) Introductions + DudeWipes(00:06:05) What we watched(00:20:50) The Man From Earth(01:23:44) Next weekSupport the 70mm Patreon to join our VHS Village Discord and access exclusive episodes in the 70mm Vault like the 1990s Batman movies, Harry Potter, The Matrix, SHIN Godzilla, and over 70 others. Signing up for the Patreon also get your own membership card, member-only discounts on merch, and the ability to vote on future episodes!Don't forget you can visit our website to shop our storefront to buy prints and merch, follow us on Letterboxd, email the show, and much more.70mm is a ⁠TAPEDECK⁠ podcast, along with our friends at ⁠BAT & SPIDER⁠,  ⁠The Letterboxd Show⁠, Austin Danger Pod, ⁠Escape Hatch⁠, ⁠Will Run For...⁠, ⁠Lost Light⁠, ⁠The Movie Mixtape⁠, and ⁠Twin Vipers⁠.(Gone but not forgotten; ⁠Cinenauts⁠ + ⁠FILM HAGS⁠.) ★ Support this podcast on Patreon ★

Telluride & Venice first reactions are finally here, and rave reviews have hit for Hamnet, Dwayne “The Rock” Johnson, The Testament of Ann Lee, Adam Sandler, No Other Choice, Julia Roberts, Springsteen: Deliver Me From Nowhere, Greta Lee, and so many more. VENICE & TELLURIDE REACTIONS (Including Reviewing the Reviewers): Jay Kelly + M1's Headline for the Episode - 2:00 . Supporting Actor Category Snapshot - 8:11 . Bugonia + Our Trailer 2 & Poster Review - 12:02 Hamnet, the Big 3 in Best Picture right now + Our Trailer Review - 16:48 . Lead Actress Category Snapshot - 23:14 . Springsteen: Deliver Me From Nowhere & M1's Born To Run Fantasy - 25:43 Ballad of a Small Player & why we're predisposed to love Colin Farrell in this - 32:09 Tuner includes a starmaking performance per NBP - 34:16 After the Hunt took a beating, but could Julia Roberts still get a nom? - 36:08 No Other Choice is great, but non-werewolf loving critics are a problem - 40:47 Frankenstein, another disappointing masterpiece from GDT (?!?!) - 45:27 Late Fame might be another Greta Lee showcase - 51:48 Father Mother Sister Brother & the ovation rule almost gets dealt with - 53:41 The Wizard of the Kremlin & ovations that don't fit the tomato score - 56:48 La Grazia, Venice's Opening Night film puts our rule to the test - 58:54 The Smashing Machine & Dwayne “The Rock” Johnson's big Venice moment - 1:00:20 . Lead Actor Category Snapshot - 1:02:51 . Supporting Actress Snapshot - 1:06:17 . The Testament of Ann Lee & suspicions re: unexpected musicals - 1:08:34 Cover-Up & a new Doc Feature contender - 1:13:43 . Holdovers from Cannes, Sundance, & Berlin including It Was Just An Accident, Sentimental Value, Train Dreams, Blue Moon, Nouvelle Vague, The History of Sound & The Secret Agent + its trailer review - 1:14:41 . Venice & Cannes Standing Ovations Tally - 1:18:45 . OUTRO: 1:20:49 Upcoming Venice & TIFF schedules + Words of Wisdom involving stopwatches that beep or not. If you enjoy our show, please help spread the word. You can rate, review, like, subscribe, and follow us via all these links here. https://linktr.ee/mikemikeandoscar