Podcasts about SMP

Episode Summary In this episode of the Solar Maverick Podcast, Benoy Thanjan speaks with Sachu Constantine, Executive Director of Vote Solar, about why state-level policy is becoming increasingly important to the future of solar. They discuss major industry challenges including interconnection delays, permitting, policy uncertainty, and rising electricity demand from AI, data centers, EVs, and electrification. Sachu also explains how solar plus storage can improve grid reliability and how emerging solutions such as plug-in or balcony solar could expand access to renters and apartment residents. Despite political and regulatory headwinds, Sachu remains optimistic about solar's future because of falling costs, improving technology, growing consumer demand, and the need for faster deployment of new electricity generation. Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, a solar development and consulting firm, and the host of the Solar Maverick Podcast. He also serves as a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed more than 100 MWs of solar projects across the United States, advised on more than 1 GW of energy projects worldwide, helped launch some of the first residential solar tax equity funds at Tesla, and brokered approximately $50 million in renewable energy credit transactions. Before founding Reneu Energy, Benoy worked in Tesla's Project Finance Group as an environmental commodities trader, where he managed one of the company's largest environmental commodities portfolios. He originated renewable energy credit transactions and worked with senior leadership to develop monetization and hedging strategies supporting the company's expansion into East Coast markets. Benoy also served as Vice President at Vanguard Energy Partners, a solar and energy storage construction company, where he developed project finance solutions for commercial-scale solar portfolios. At Ridgewood Renewable Power, a private equity fund with approximately 125 MW of U.S. renewable energy assets, he evaluated investment opportunities, supported portfolio strategy, and played a key role in the sale of the firm's renewable energy portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and in Financial Advisory Services at Ernst & Young. He also completed an internship on the trading floor at D. E. Shaw & Co., a global investment and technology development firm. Benoy holds an MBA in Finance from Rutgers University and a Bachelor of Science in Finance and Economics from the NYU Stern School of Business, where he was an Alumni Scholar. Sachu Constantine Sachu Constantine is the Executive Director of Vote Solar, where he leads the organization's strategy and advocacy to expand access to affordable, equitable clean energy. He previously served as Vote Solar's Regulatory Managing Director from 2017 to 2022 and as Interim Executive Director in 2021. Before joining Vote Solar, Sachu spent five years as Director of Policy at the Center for Sustainable Energy, overseeing its policy, regulatory, and legislative work. His career also includes senior roles at SunPower Corporation, the California Public Utilities Commission, and the Alliance to Save Energy. Sachu's experience spans domestic and international energy and environmental work, including service as a Peace Corps volunteer in Ghana. He holds a Bachelor of Arts in International Affairs from the University of Colorado Boulder and a Master's Degree in Public Policy from the University of California, Berkeley. Stay Connected: Benoy Thanjan Email: info@reneuenergy.com LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com/ Sachu Constantine Linkedin:  https://www.linkedin.com/in/sachu-constantine-05a4176/ Biography: https://votesolar.org/team/sachu-constantine/ Vote Solar: https://votesolar.org/ Subscribe to Vote Solar's newsletter through its website for policy updates, resources, and stories from communities advancing clean energy. Sponsor: DCE Solar This episode of the Solar Maverick Podcast is brought to you by DCE Solar. Since 2009, DCE has built a unique model in the solar industry by bringing design, racking, and construction together under one roof. DCE Design provides full-scope electrical design across multiple project types. DCE Solar manufactures fixed-tilt, tracker, carport, and rooftop racking systems for commercial and utility-scale projects. DCE Services handles installation. DCE Services was named the number-one commercial ground-mount installer by Solar Power World in 2025 and the number-one commercial rooftop installer in 2026. This gives customers one company and one point of accountability, from utility-scale projects with IPPs and developers to turnkey commercial and industrial projects. Learn more about DCE and its company story in SMP 288: Why Solar Racking Can Make or Break a Project, featuring DCE Founder and CEO Bill Taylor: https://podcasts.apple.com/nz/podcast/smp-288-why-solar-racking-can-make-or-break-a-project/id1441876259?i=1000774004477 You can also meet the DCE team at RE+ Las Vegas or visit: https://dcesolar.com/ Thank you to DCE for supporting the Solar Maverick Podcast. Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. The team helps clients originate, structure, and execute opportunities across community solar, commercial and industrial, utility-scale, and Renewable Energy Credit markets. To learn more, visit: https://www.reneuenergy.com/ You can also email the team at info@reneuenergy.com. Listen and Subscribe Subscribe to the Solar Maverick Podcast on Apple Podcasts, Spotify, YouTube, or your favorite podcast platform. If you enjoyed this episode, please leave a rating and review. It helps more people discover conversations with the leaders shaping the future of solar, storage, and the energy transition.  

Shutterstock Track 1219389Monetization ID TFGEPGEI0LHEIJAIKia ora.Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from interest.co.nz.Today we lead with news the bond market is shouting louder warnings at US policymakers. And China is rolling out more stimulus and subsidies to counter a growing slowdown there.First today, the overnight Pulse dairy auction delivered mixed results although both the SMP and WMP prices rose from the prior event, up by about +1.6% in USD terms. But as the NZD took a bit of a thrashing overnight, these prices were up more than +3% in local currency terms.Also mixed were the August US JOLTS labour market data. While much of it was little-changed, the number of job openings fell by an outsized -256,000 to just over 7 mln, the lowest in five months. Analysts had expected them to rise to 7.23 mln so this is a notable miss. And the fall was broad-based in most sectors and most regions, although the South did manage to book a small rise.The US Conference Board reported a sharp fall in consumer sentiment in September, in fact taking it to its lowest since 2014. While it isn't as low as the University of Michigan survey yet, it is tracking in the same negative direction, both for its Present, and Expected monitoring of sentiment.Yesterday we reported a positive Dallas Fed factory survey, even if it is suffering high cost challenges. But today's update on the Texas services sector is not so bright with a 'stall' reported and their first decline in four months. They also reported increased strain in input and selling prices.Canada reported that their August economic activity rose, their tenth rise in the past twelve months and through a difficult period. That likely puts their GDP up +1.7% real from a year ago. Their 'resilient economy' may be enough for the Bank of Canada to start hiking rates again to contain the inflation pressures building again. The next rate review there is on October 28 (the same as the RBNZ).In China, businesses there are said to be facing weak demand ahead of their Golden Week holiday. And that has pushed the Chinese central bank to lower a technical interest rate. And Beijing is to start subsidising mortgage interest rates for low income borrowers, aiming to create demand in their housing markets.EU business and consumer sentiment sagged in September, but to be fair the overall level is still sitting close to its long-run average. The movement is basically due to lower confidence by consumers as they look forward to winter and an uncertain energy outlook.In Australia, the RBA delivered the expected +25 bps rate change. That raises this rate to its highest in the developed world. They emphasised their strong commitment to the inflation fight and noted that more hikes may be needed before that is won. They are in an "whatever it takes" mindset now, and their new rate levels are 15 year highs.Meanwhile, global air cargo demand rose +4.4% in August from a year ago, largely on work-arounds from the disrupted seas trade on major routes. International volumes were up +5.3% with Asia/Pacific volumes up +5.5%. But it was the +10.1% jump in North American volumes that is the standout feature, a notable rush to shore up supply lines ahead of more expected policy disruptions.The UST 10yr yield is now just under 5.27%, up another +3 bps from yesterday and a new high since June 2007. The 30 year yield is at 5.60%, up +6 bps and its highest since January 2001.The price of gold is at US$4148/oz and up +US$11 from yesterday. Silver is at just under US$61.50/oz and almost -US$1.Oil prices have fallen -US$2.50/bbl from yesterday to just over US$90.50/bbl in the US, while the international Brent price is just under US$103.50/bbl and also down -US$2.50. This is all due to the US releasing more from their strategic reserves, although Saudi Arabia also confirmed that its pipeline repairs are complete too.The Kiwi dollar is down a sharpish +40 bps from yesterday, now at 56.3 USc and that is now a ten month low. Against the Aussie we are unchanged at 80.8 AUc. Against the euro we are down -20 bps at just on 49.7 euro cents. That all means our TWI-5 starts today at just over 60 and down -40 bps yesterday and that takes us down to a level we last had in 2009, a 17 year low.The bitcoin price starts today at US$82,936 and down -0.8% from yesterday. Volatility over the past 24 hours has been modest at just under +/-1.0%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston and we'll do this again tomorrow.Track 1219389Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389Monetization ID TFGEPGEI0LHEIJAIKia ora.Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from interest.co.nz.Today we lead with news inflation's pressures are building everywhere, even if oil prices took a small dip today.But first, overnight there was a Pulse dairy auction where prices dipped marginally in USD except for SMP, but were all higher in NZD, although this too was only marginal.In the US, the ADP weekly jobs data rose to an average of a +20,000 jobs gain per week over the past four weeks. That recovers it back to late June levels.Meanwhile the Richmond Fed factory survey was expected to rise marginally in September, but it fell and its first retreat in six months. This was essentially driven by retreating new order levels and order backlogs shrank as well. Input and output costs both rose however and at a faster pace in both cases.There were a few Fed speakers out overnight. New York Fed boss Williams defended how they have been handling monetary policy, although he didn't give any guidance on what is coming next. Vice Chair Jefferson also avoided guidance comments although he has been on record recently of supporting their rate hikes. But Richmond Fed boss Barkin did address the recent rising trend and what comes next. More hikes are possible, he said.There was a giant US Treasury two year bond auction overnight and this one did not display the sagging demand of the other recent events. However, it came with much higher yields. This lates one delivered a median yield of 4.74% (high 4.79%), up notably from the 4.16% at the prior equivalent event a month ago. This is a meaningful rise given the 2 year Note has the largest supply of any maturity they offer - US$79 bln. Just for this bond, that has the US Treasury paying +14% more in interest pa than just a month ago. Debt servicing is becoming an ugly problem, and fast.Just when you might have thought Taiwanese export orders couldn't grow much faster, they did in August. They exceeded US$100 bln in the month for the first time, up a staggering +71% from a year ago (which itself was rising and close to a record at the time). In local currency, they were up +82%.After improving since April (that is, betting less negative) EU consumer sentiment hit a setback in September, one that was not expected. Winter is approaching there and with the energy supply issues unresolved there, perhaps it is understandable that concerns are rising again.In Australia, RBA governor Bullock suggested that their labour market is too tight and that is putting upward pressure on inflation. This suggests they will continue raising their benchmark rate until they see the jobless rate rise and labour-cost pressures ease. She is on a track that will create difficult politics. Not helping is the rise and rise of petrol prices, now approaching their pandemic highs again. An RBA rate rise is now almost a certainty next week, taking it to 4.6%. The UST 10yr yield is now just on 4.97%, up +1 bp from yesterday.The price of gold is at US$4352/oz, and up a minor +US$7 from yesterday. Silver is at just over US$66.50/oz and up +50 USc.Oil prices have fallen another -US$4.50 to at just on US$91/bbl in the US, while the international Brent price is down -50 USc to US$99.50/bbl.The Kiwi dollar is unchanged from yesterday, still at 57.2 USc. Against the Aussie we are up +20 bps at 80.5 AUc. Against the euro we are up +10 bps at just over 50 euro cents. That all means our TWI-5 starts today at just over 60.7 and little-changed.The bitcoin price starts today at US$86461 and up +0.8% from yesterday. Volatility over the past 24 hours has been low at just over +/-0.6%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston and we'll do this again tomorrow.Track 1219389Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Episode Summary In this milestone 300th episode of the Solar Maverick Podcast, Benoy Thanjan is joined by longtime friend and co-host Nate Jovanelly, Founder and CEO of SunRaise Capital. Benoy and Nate reflect on how much the solar industry has changed since the podcast began and explore where the market is headed next. They discuss the evolution of residential solar, the growing importance of battery storage, changing financing models, rising electricity costs, policy uncertainty, and the continuing challenge of customer acquisition. They also examine the advantages regional solar companies may have over national providers, how shifting customer demographics could affect the market, and why solar plus storage represents one of the industry's greatest opportunities over the next decade. The episode concludes with lessons from entrepreneurship, reflections on navigating constant change, and a special Monday Motivation.   Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, a solar development and consulting firm, and the host of the Solar Maverick Podcast. He also serves as a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed more than 100 MWs of solar projects across the United States, advised on more than 1 GW of energy projects worldwide, helped launch some of the first residential solar tax equity funds at Tesla, and brokered approximately $50 million in renewable energy credit transactions. Before founding Reneu Energy, Benoy worked in Tesla's Project Finance Group as an environmental commodities trader, where he managed one of the company's largest environmental commodities portfolios. He originated renewable energy credit transactions and worked with senior leadership to develop monetization and hedging strategies supporting the company's expansion into East Coast markets. Benoy also served as Vice President at Vanguard Energy Partners, a solar and energy storage construction company, where he developed project finance solutions for commercial-scale solar portfolios. At Ridgewood Renewable Power, a private equity fund with approximately 125 MW of U.S. renewable energy assets, he evaluated investment opportunities, supported portfolio strategy, and played a key role in the sale of the firm's renewable energy portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and in Financial Advisory Services at Ernst & Young. He also completed an internship on the trading floor at D. E. Shaw & Co., a global investment and technology development firm. Benoy holds an MBA in Finance from Rutgers University and a Bachelor of Science in Finance and Economics from the NYU Stern School of Business, where he was an Alumni Scholar. Nathan “Nate” Jovanelly Nathan Jovanelly is the Founder and CEO of SunRaise Capital, a technology and financial infrastructure platform supporting residential solar deployment. Before founding SunRaise Capital, Nate helped build IGS Solar and later launched its residential division. Under his leadership, the division grew to 150 MW and approximately $600 million in managed assets. Across his career, Nate has been involved in deploying more than $3 billion into residential, commercial, and utility-scale solar infrastructure. Nate has worked on solar projects for organizations including Amazon, FedEx, Unilever, and numerous nonprofit groups. He is also a licensed Professional Engineer with a background in chemical engineering and serves on the Board of SunVena Solar. Stay Connected: Benoy Thanjan Email: info@reneuenergy.com  LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com/ Nathan Jovanelly LinkedIn: https://www.linkedin.com/in/natejov/ SunRaise Capital: https://www.sunraisecapital.com/ Sponsor: DCE This episode of the Solar Maverick Podcast is brought to you by DCE. Since 2009, DCE has built a unique model in the solar industry by bringing design, racking, and construction together under one roof. DCE Design provides full-scope electrical design across multiple project types. DCE Solar manufactures fixed-tilt, tracker, carport, and rooftop racking systems for commercial and utility-scale projects. DCE Services handles installation. DCE Services was named the number-one commercial ground-mount installer by Solar Power World in 2025 and the number-one commercial rooftop installer in 2026. This gives customers one company and one point of accountability, from utility-scale projects with IPPs and developers to turnkey commercial and industrial projects. Learn more about DCE and its company story in SMP 288: Why Solar Racking Can Make or Break a Project, featuring DCE Founder and CEO Bill Taylor: https://podcasts.apple.com/nz/podcast/smp-288-why-solar-racking-can-make-or-break-a-project/id1441876259?i=1000774004477 You can also meet the DCE team at RE+ Las Vegas or visit: https://dcesolar.com/ Thank you to DCE for supporting the Solar Maverick Podcast. Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. The team helps clients originate, structure, and execute opportunities across community solar, commercial and industrial, utility-scale, and Renewable Energy Credit markets. To learn more, visit: https://www.reneuenergy.com/ You can also email the team at info@reneuenergy.com. Listen and Subscribe Subscribe to the Solar Maverick Podcast on Apple Podcasts, Spotify, YouTube, or your favorite podcast platform. If you enjoyed this episode, please leave a rating and review. It helps more people discover conversations with the leaders shaping the future of solar, storage, and the energy transition.  

Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)Dr. Bruce Hartung joins Tim Ahlman and Jack Kalleberg to unpack new Wellspring research examining the health of senior pastor–associate pastor relationships across the LCMS—and some of the findings are genuinely surprising. See the results here Then the conversation turns to one of the LCMS's most debated subjects: pastoral formation. According to the data examined in this cohort, researchers found no statistically significant difference between traditional/residential and SMP pastors on the outcomes measured—including senior pastors' willingness to recommend associates for future senior-pastor roles. What should that mean for the church's ongoing conversation about pastoral formation, SMP, mentorship, and the development of future leaders?Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

Nelver - Proud Eagle Radio Show #641 [Pirate Station Online] (09-09-2026) ✅ Subscribe to Telegram channel: https://t.me/nelvermusic All episodes: https://band.link/proudeagle YouTube Video: https://youtu.be/SBQ0Y8iCvBU Tracklist: 01. Loboski & Changing Faces - Rising Higher 02. Mela - Stop Go 03. Killer Hertz - Life Is Good [feat. Alison David] (VIP Mix) 04. Voicians - Ready Set 05. OSGD & Azis - Hold The Line 06. Tengu - Yappatron 07. Kenzo Rom - End Of The Night 08. Kanine & Sota & Mila Falls - Touchdown 09. YUSSI & Elipsa - Infrared 10. Stretch & Vern - I'm Alive (Sudley Remix) 11. Southside Spinners - Luvstruck [Tantrum Desire Remix] (Extended Mix) 12. Gifta & MIYAMORO - Unholy 13. Daymu - Back To Life 14. Document One - Too Lazy (VIP) 15. Vici & Screamarts - Groove To It 16. Yatuza & Notequal - Candle Sauce 17. Rift - Back Off 18. Minor Forms & Crystal Clear - Nightmares 19. Tweakz & Re:growth - Pull Up 20. Trex - Times Up 21. Re:growth - Microphone Funk 22. Tom Hostile & Proton Kid - Time Stamp 23. Amoss & Minor Forms - The Set 24. KYRRA - Tech Alteration 25. Typecell - Under The Radar 26. Ewol - The End 27. Quadrant & Iris - Prismatic 28. Justin Hawkes - Night 29. Nelver - Betelgeuse 30. Kings Of The Rollers - Forever 31. René LaVice & Benny L - 1000 Days 32. Xyde - Duck Face 33. Revan & Morrow - Plan A (feat. Ellis Esco) 34. Makoto & Gabriella Bongo & PVC & Blocksberg - Better Days 35. Nelver - Start Key 36. Matt View & DJ Basic & Hannelotta - Tell Me When 37. Monyu - Peace Of Mind 38. Salaryman - Voices In My Head (Nelver Remix) 39. Insideman - Disposition 40. Coben - For the Both Of Us 41. Mojoman - Golden Light 42. Nelver - Call Me Up 43. Villem - Love Is Everything 44. Warno - Complicate It 45. Marble Elephant - The Lost City of Edinkirk 46. Nelver - Flicker 47. GLXY - Help Me Understand 48. Nelver - What I Think 49. Neuron - Calling For You 50. Tremor - Read Too Deep 51. Nelver - Mountain Height 52. Invold - Above The Clouds 53. Nelver - Fallen Angel 54. SMP & Exult - Let It Ride 55. Actraiser - Falling Apart 56. DØSHI & DIMOD - Hold Me Back (feat. Me.Kai) 57. Nelver - Green Colours 58. Skuff - Just A Number 59. Random Movement - A Spontaneous Jump 60. Mineral - We Look Back 61. Sistym - Fever Dream 62. Technimatic - Falling Away 63. Logistics - Over End (feat. India Shan) 64. Nelver - Soul Space Weekly updated Playlist "Proud Eagle" on Spotify: https://bit.ly/4ncuv3g Follow Nelver: https://vk.ru/nelver https://spoti.fi/2ThGKDT https://soundcloud.com/nelver https://www.facebook.com/nelverdnb/ https://www.instagram.com/nelvermusic/ https://www.mixcloud.com/Nelver/ https://twitter.com/Nelvermusic #nelver #nelvermusic #drumandbass #newmusic #electronicmusic #dnbculture #vibes #mood #exclusive #trending #viral #proudeagle

Sekolah di seluruh wilayah Kota Tangerang, Kota Tangerang Selatan, dan Kabupaten Tangerang menerapkan pembelajaran jarak jauh atau PJJ selama dua hingga tiga hari ke depan. Kebijakan ini berlaku bagi siswa TK, SD, SMP, SMA, dan sederajat untuk menghindari paparan abu vulkanik akibat erupsi Gunung Anak Krakatau.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news bond yields worldwide climbing as rising oil prices are raising inflation concerns. Financial markets have raised the chance of widespread interest-rate hikes. US Treasury 10 year yields hit 2025 highs at 4.8%, while Japan's equivalent rate hit 3% for the first time since 1996. German bund yields climbed to 15-year highs and UK gilt yields to 18-year highs. Not helping are a new round of attacks by a trigger-happy US on Iran. But first, there was a full dairy auction overnight and the overall results were modestly positive. Prices in USD were up +0.9% and up +0.6% in NZD. The big mover down was cheddar cheese suffering a -6.6% fall. The big mover up was SMP with a +5.3% gain. WMP was very little-changed. In fact, SMP prices are now higher that WMP prices, the first time like this since July 2022. In between, the WMP premium actually got as high as +US$1550/tonne. In the US, there were two factory PMIs out for August, both essentially holding a moderate expansion there. The widely-watched ISM one came in fractionally lower than for August, with new orders growing at a slightly slower rate and price pressure little-changed. The internationally benchmarked S&P Global one was little changed, noting output and orders both rising at slower rates, with stock building efforts continuing amid supply issues and higher prices. The US Logistics Managers' Index fell for a second consecutive month due to a slowdown in inventory expansion, while logistics costs continued to rise at a high pace. July JOLTS data shows job openings rising while quits fell, but these changes were actually quite minor. The US RCM/TIPP optimism index is still in an easing trend that started in early 2025, but it has held at a modest level in August, similar to the June and July levels. There were offsetting shifts with greater confidence among investors and higher-income households, but a deterioration in sentiment for non-investors and lower-income households. Meanwhile the Dallas Fed services sector activity moderated in August, but is still expanding. The Canadian factory PMI was little changed where their expansion was maintained at solid rate with output, new orders and employment all rising in August. Japanese consumer sentiment rose again in August, something it has been doing consistently since April. As we suspected, the private China factory PMI by S&PGlobal (Rating Dog) came in much more positively that the official version, and expanded at a rate that beat estimates, even if it is modest. How sustainable that improvement is will be interesting to see because input price inflation rose but output prices fell for first time in 2026 so far. And we should probably note that China's government debt is now at ¥100 tln for the first time (NZ$25.3 tln),107% of their GDP. And that is just their central government. (But to be fair, a notable part of that rise involves a shift from old opaque local government debt to a more transparent national treatment.) While that may seem high (and it is), the equivalent US federal debt level is 124% of their GDP. For New Zealand it is 49%, for Australia 34%. EU CPI inflation came in at 3.3% in August, the expected level, but up from 2.9% in July. All this rise was fuel cost related. Their core CPI rate actually dipped slightly to 2.4%. Meanwhile, German retail sales actually fell, and quite hard, down -2.5% in real terms in July from a year ago with the current month drop an outsized -3.4%, so the recent bite has been aggressive. In nominal terms there year-on-year levels are just level-pegging. Australian building consents were expected to fall in July and they did, and by about the expected amount, down -3.6% from June to remain up +9.0% from a year ago. House consents fell -4.2% but multiunit consents held little-changed (-0.4%). Still, that leaves the multiunit sector up almost +20% from a year ago. (Some of those are likely to have been Bathla developments in Western Sydney, so are unlikely to proceed now.) The UST 10yr yield is now just on 4.80%, up another +4 bps from yesterday at this time. The price of gold is now at US$4335/oz, and down -US$97 from yesterday at this time. Silver has fallen -US$1.50 to just under US$64.50/oz. Oil prices are up +US$4.50 at just over US$90/bbl in the US, while the international Brent price is just under US$94.50/bbl. The Kiwi dollar is down -30 bps from yesterday at just on 58.9 USc. Against the Aussie we are down -20 bps at 82.4 AUc. Against the euro we are also down -20 bps at 50.8 euro cents. That all means our TWI-5 starts today at just over 62.4, down -30 bps from yesterday. The bitcoin price starts today at US$77,297 and down -2.0% from yesterday at this time. Volatility over the past 24 hours has remained modest at just on +/-1.2%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Nonfat rallied nearly 30 cents in about 15 days. Can that rally can hold? WPC80 is showing its first real signs of softness in a while. Is it a seasonal slowdown or a sign? And milk proteins are still finding support. Will demand stay strong as new products come online, or will the economy finally put a lid on protein? In episode 105 of The Milk Check, host Ted Jacoby III and the T.C. Jacoby & Co. team focus on two of the busiest corners of the dairy market right now: nonfat and protein. In this episode, we cover: Why low inventories could keep powder markets volatile How exports, Mexico and production interruptions contributed to the move How the price gap between whey and milk proteins is encouraging reformulation What consumer spending, GLP-1 use and alternative proteins, and the economy could mean for dairy protein demand But this is still a market with plenty of unanswered questions. Listen as the team at T.C. Jacoby & Co. shares their view and outlook on what's coming and why. Listen to The Milk Check episode 105: Powder pops. WPC 80 slips. Dairy proteins defy gravity. 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: Ted Jacoby III: [00:00:00] Coming up on the Milk Check. Diego Carvallo: We’ve had a 28 or 30 cent nonfat rally in a matter of about 15 days that caught a lot of people by surprise. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby & Co., your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. Ted Jacoby III: We are going to have a very focused market discussion. We’re recording this on August 24th, and the reality is, so far in the milk side of the business, things have been relatively underwhelming. We’re expecting milk to tighten up. It has, but only in a very normal way, so nothing huge to talk about. Cheese has been a non-event. The cheese market is very quiet right now. We’re expecting it to stay quiet. But there’s been a lot going on in nonfat and a lot going on in protein. So we’re gonna focus on nonfat and protein today. Diego, let’s go ahead and get started on nonfat. What’s been going on in the nonfat market, and what do you think is gonna happen next? Diego Carvallo: It’s been a very interesting market, Ted. We’ve had a 28 or 30 cent nonfat rally in a matter of about 15 days that caught a lot of people by surprise. We went from about $1.45 per pound to $1.75. And now we’re slightly below that. We’re close to the 1.70, but the CME spot market has remained at a premium. I think what led to this rally were a couple of things. One is when we got to 1.45, we became very competitive for skim milk powder. And we know for a fact that a few of the large producers in the U.S. made very interesting sales for exports after having exported very little for this year so far. That helped manufacturers and the whole market, find some sort of psychological support to prices. And then, at the same time, we noticed how several of the manufacturers were in a relatively good spot when it comes to sales for August and September. They were not having burdensom inventories, and they were pretty proud with their offers. So I think the whole market realized that Mexico still had a few shorts that they needed to cover. We made some international exports after not exporting for a while, so I think the whole market found some support and it rallied quite a bit. I was also surprised to see that rally. I think we got to the $1.75 and we started seeing pushback from Mexico. We started not being competitive in international markets again. And I wouldn’t be surprised if we see a correction in the coming days. At the same time, there are some rumors and also facts of production interruptions by some manufacturers. That also got people nervous, and I think that also contributed to the market rally. Ted Jacoby III: What do you mean by production interruptions? Diego Carvallo: There’s news that have gone around about some plants having recalls and some also production issues that have delayed [00:03:00] their releases. That added to a market that was nervous already. Ted Jacoby III: So, basically, a supply chain that has been relatively low on inventory to begin with, any kind of potential supply disruption such as another FDA recall or something that at least holds that product for a little while, the market’s just pretty sensitive to that, and that’s causing this extra volatility. Diego Carvallo: Exactly. Yep. Ted Jacoby III: Jake, what has this volatility been doing to the hedgability of our nonfat market? Jacob Menge: We’ve seen pretty poor CME NDPSR correlation compared to history. I don’t know if poor correlation is the word, but if you’re in short-term hedges you have a coin flip here of how well that hedge is gonna work for you. But in general the market’s actually been pricing in lower volatility than what we have actually realized. That’s over a multi-month period. So there might be a week where you are along for the ride of a really sharp move one way or the other. But in general I would say it’s been fairly functional, the market has. Weird low volume in some of this volatility. I think that’s probably the one note is you’ll have really volatile markets like this. I would have expected better volume like we saw with our crazy run-up in February, March, whenever that was. Ted Jacoby III: What do you read into the low volume? Jacob Menge: Yeah, I don’t know. They’re numb to it now, after what everybody experienced in March, a quick little, 15, 20 cent pop doesn’t scratch the itch anymore. The market probably was a little bit better covered than they were back in February, March. So, even though the pop happened, more participants could sit on the sideline without panicking yet. Now, if we continue at these prices for another month or something like that, there’s gonna have to be more buyers, and I would imagine that leads to some more participation. Ted Jacoby III: Diego, how do you see this market playing out over the next three to six months? Do you think the volatility comes out of the market, or do you think we’re on this rollercoaster and we still gotta stay buckled up? Diego Carvallo: I think we’re gonna still have volatility, Ted. And the main reason is Europe, which is a significant player for the SMP market has gone through very bad weather. It’s gotten very hot. Solids in the milk are going down, and for that reason the cheese plants are having to use more milk. So, there’s fewer volumes of liquid milk hitting the dryer at a period where we have little inventories in Europe, so I think that’s gonna contribute to high volatility. And the same scenario can be said of the U.S. We don’t have much inventory. The manufacturers are sitting in a good spot in terms of availability. They do not have too much pressure to sell. So, any type of disruption to supply chains, production, or any pickup in demand, it’s gonna result in big swings, both ways, not only up. Josh White: I think that our seasonality has shifted. We’re already hearing rumblings that there’s some Ramadan buying beginning [00:06:00] to happen. That’s business not too many years ago didn’t happen until the first quarter. That helped create a outlet to clean your inventories before the heavy seasonal production for Europe and the U.S. Now, that business is trying to get in front of Christmas business and Chinese New Year business, and it’s coming at the worst time, when the U.S. is in a short squeeze, Europe is going through a heat wave, New Zealand’s not yet completely online, and it’s keeping things tight. My personal opinion is that we’re drowning in nonfat within the first quarter. We don’t have anywhere to go with it. This whole phenomenon’s been set up that we’ve been selling nonfat domestically somewhere that used to take skim solids. Somewhere in the margins, people are buying powder that usually interchange between powder or cheap skim, that it may have been buying skim more recently. Right now is the tightest time ever to be selling UF products, yet everyone’s responding with incremental UF production at the same time that everyone’s launching more UF competitive products. That’s gonna be saturated at the exact same time we don’t have anywhere to go with powder. Q1 looks ugly to me from a skim solid standpoint. Ramadan is like the second week of February or slightly before, which means that Chinese New Year, they’re within a few weeks of each other. Last year they were already bumping into each other, but there was plenty of inventory. Don Street: You get through October, typically we would say U.S. Christmas demand, certainly for nonfat, is filled at that point because you’re manufacturing things, cookies, crackers, whatever, and that would also be your lead time to ship. So, you could even see, if you’re right, this convergence to the downside in November, December, even before Q1. Josh White: I think markets have been really smart, too. Whenever we find the points at which we think it happens, it seems like the market’s anticipating, and we’ve been trading anticipatory markets, and it’s moving a little bit in advance of that. This sounds really smart until you realize you’re already in it. I think we are already in it, and that’s created a little bit of the bump that we’ve seen right now as everyone’s trying to get in front of short covering. Every sell-off I think is gonna be met With buying for the next month or so. Ted Jacoby III: Everybody, we will 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 [00:09:00] Diego Carballo with T.C. Jacoby & Co., and we bring dairy to the world. Ted Jacoby III: We’re gonna come back to nonfat in a second, but I’m gonna switch over to protein and ask Josh what he’s seeing in the protein market, and then we’re gonna talk about if there’s any relationship between the two. Josh, what’s going on in protein, whey proteins, milk proteins? Has this market changed at all, or are we still on the bullish ride? Josh White: I’m not really ready to call a change in the long-term trend, but the market has softened, particularly for WPC80 over the past few weeks. What’s difficult to read, is this the product of the summer holiday season and just a little bit of a Q3 slowdown in B2B buyer activity and are things fine on the consumer end? Ted, it’s a tough-to-read market at the moment, but I would say over the last several weeks to a month, we’ve definitely seen more availability for products like WPC80 in the market, and the market’s really trying to digest that. After many quarters of higher pricing than the prior quarter, we’re now in a spot where if you’re out there looking for an extra load or two, you might be able to achieve it at a price better than you did in the prior quarter or where your quarterly contracts are. It’s the first time we’ve experienced that in a while. I don’t know that I’m ready to call that the end of the long-term uptrend in dairy protein, in particular whey protein, but it certainly feels like we could retrace a bit. Let’s take a peek at one or two variables that could be contributing to this. One is just the seasonality of it. We’re coming out of the summer holiday season. A lot of buyers, particularly in the B2B transactions, have been away from their desks on their summer holidays and are now starting to return to the desk and take an assessment of how their supply chain and inventory situation looks. I don’t think that’s limited just to protein. We’re seeing that across all of our dairy commodities. And over the last seven to 10 days, some of the activity with customers has picked up a bit. Secondly, we’ve priced ourselves out of the international market, or at least the European pricing and the U.S. pricing has achieved levels that have slowed down the international appetite. And as a result, we’ve seen that reflected in our export numbers. Does that create enough incremental and additional volume for the U.S. consumer that puts us in a spot where there’s extra product available? And maybe we will see a little bit more of an aggressive offer to try to clear some incremental volume that was leaving for an international buyer previously. Or have we actually tested a point where the consumer products have to increase their prices and the consumers are going to push back or are starting to push back? Anecdotally, talking to the people that are more more retail end-user-facing, it feels like their demand’s fine. It feels like they are expecting promotion activity for the fourth quarter. They’re not indicating any type of slowdown. We’ll see after a month or two where this thing settles out, but it feels like a few more incremental offers than it does customers pushing back. But I don’t know that every manufacturer out there would [00:12:00] describe that the same. The market’s a bit confused right now. Ted Jacoby III: Do you think that there’s been any changes on the supply side? Josh White: No, not substantial changes on the supply side. I don’t. Ted Jacoby III: So we might just be in that point where everybody’s looking at their inventories, right-sizing their inventories. If they have a few extra loads, they slow down their buying a little bit, but they’re gonna wait for the fall orders, which tend to be heavier than the rest of the year, to come through to see whether they need to do any more adjustments or if they’re good to go forward. Josh White: There’s like a poker hand of possibilities right now. You know, on the one hand, we’ve seen more product launches and new product introductions outside of the traditional health and wellness or sports nutrition space than we’ve ever seen before. Has that created a vacuum effect, and has that overstated demand a bit? Some of those products might win, some of those products might lose, but ultimately, to launch them, you have to produce them, and that creates a pipeline fill and a vacuum effect. Has that overstated demand? Am I right that we were just in a summer slowdown and people may have depleted their working inventories a bit, and we’ll see reorders happen over the next month or two? Did we kill enough international demand to saturate the U.S. consumer and the U.S. market? Did we see enough incremental production that outperformed against forecasts? We just had the July milk production report released. In June, numbers were revised higher. We’ve got plenty of milk. I think most of us would’ve argued that July should’ve been a bit slow given all the heat we experienced in Middle America, yet we reported year-over-year milk production growth against very, very strong comparables. Did we outperform our production expectations? Or has the consumer finally started to push back? And I really don’t know the answer to that, and I imagine it’s a combination of all of them. We’ll just see as we go into the fourth quarter what that means. The price responsiveness to some of these signals is going to change. A larger percentage of this dairy protein, and whey protein in particular, is being used in applications that are relatively new to our demand profile. We’re seeing it added as an ingredient in snack foods and as an ingredient in food manufacturing-type products. That’s something that trades much differently than the quarterly priced sports nutrition market. To digest exactly how shifts on the CPG level might reflect in what the current S&D situation feels like, that’s uncharted territory for us in a lot of ways. Ted Jacoby III: You mentioned WPC 80. Has whey protein isolate been weakening in the same way? Josh White: No, WPI has been well-reported to be pretty stable. I don’t believe that’s going to change in the short run. I really think the higher you go in terms of the value of the product at the moment, the more specialized and ingredient-based it is. And it feels like the majority of the WPI is graduating into an area that has much less price elasticity than the traditional WPC80 products. So, at the moment, it’s held fairly strong. We haven’t experienced any major production shifts in WPI for over a quarter. And as [00:15:00] long as we don’t test the consumer’s price tolerance anytime soon, it sure feels like they’re gonna hang in there and continue to buy the product and prices will remain firm. Ted Jacoby III: What about milk proteins? Have we seen any slowdown on the milk protein side or has that demand stayed strong as well? Diego Carvallo: It stayed strong, Ted. We’re actually seeing growing demand of companies and projects switching from WPC80 to MPC80, 85, and 90. There’s a greater amount of new projects asking us for samples on MPCs than WPCs. What we have seen is that whenever nonfat moved from let’s say $2 to $1.45, the price of MPC also moved lower by a smaller degree, but it still moved a little bit lower because the manufacturers had the wiggle room to make their offers a little bit more competitive. Ted Jacoby III: So, in the whey protein markets, one of the things we’re anticipating and we’re already starting to see is that for those annual contracts, the multipliers are probably gonna go up relative to the whey market, probably quite significantly. Are we seeing the same thing in the MPC market as well? Diego Carvallo: Yes. The multiple has strengthened. MPC 85, as a reference, it usually traded for many years at, let’s say, two and a half plus a premium of 70 cents, 60 cents, and I think it’s now closer to three times nonfat plus maybe another 75, maybe 80 cents. It’s definitely strengthening. Ted Jacoby III: Further production of whey protein is restricted by additional cheese capacity. So, unless we’re gonna build another big cheese plant, we may not be able to create much more whey protein production, at least here in the U.S. Whereas with milk proteins, it’s easier and cheaper to switch over, let’s say, a nonfat plant and make it a milk protein plant. So, increasing that capacity is gonna be a lot easier. How’s that gonna play out? Do you think that MPC multiples will stay strong even as we see added MPC production? Diego Carvallo: I agree that there’s gonna be more supply, but I think demand is gonna be higher than the additional supply that we’re seeing, at least for the coming two to three years. I think multiples are gonna be long-term stronger than they are right now. Josh White: I take the other side in this particular instance. The UF side has a different demand profile than the dry product side with the RTD movement and so many launches and so much interest in ultra-filtrated liquid products. That creates opportunity for the market to find some imbalances, and for the milk protein side to feel more commoditized seasonally. You’ve got a tremendous buyer in the cheese side that can step in and take solids and well support the multiple when it makes economical sense. But the profile for making UF or MPCs, relative to traditional nonfat and skim, could result [00:18:00] in more drying seasonally of MPCs that could make that basis a bit more volatile than what we’ve experienced in the past. Ted Jacoby III: I’m anticipating that protein demand stays strong and maybe even continues to grow internationally. The demand for milk proteins will continue to go up because it’ll be slower to see whey protein production go up than these demand increases. So, I’m splitting the difference between the two of you guys. I do think that we will switch over nonfat production to MPC production in various plants throughout the country, but I also agree with Diego. The demand is gonna be there. There’s going to be a lot of new products that wanna be able to say, “Hey, we have 30 grams of protein in our product, too.” But they can’t really make it cost-effective on the whey side, so they’re gonna do it on the milk protein side. That’ll keep things strong. But the pressure’s gonna be there. Jake, do you have any thoughts? Jacob Menge: None. Outside my Area of expertise. Ted Jacoby III: Thanks. You’re a big help. Jacob Menge: I’m just being honest. Ted Jacoby III: Tristan, do you have any thoughts? Tristan Suellentrop: Yes. At what point does MPC get expensive enough that you lose the substitution advantage over WP80? Ted Jacoby III: Josh, I think you’re the one who needs to answer it. Tristan Suellentrop: It’s a hard question. Josh White: The simple math is the per unit protein value. We would start there. They’re relatively similar from a total protein value. WPC80 market is trading between $12 and $13 a pound, and you’re about half that for your MPC 85. They are not the same product. They have different functionality characteristics and different nutritional profiles. Similar in many applications, but different in many ways, which means when you rank the highest valued application for your whey proteins to the most competitive value for the whey proteins, the MPCs would need to compete in the final tranche of your traditional WPC consumer tier. It means that MPCs do not need to achieve WPC pricing to start to get pushback. The pushback begins long before it achieves parity. The MPC market has the opportunity to balance itself much differently. The MPC can toggle between a dry product and a liquid product, depending on where that demand pull is. And right now the real growth in the dairy category and the superstar as of late has been the ultrafiltrated products. I think that most households have some version of this in their refrigerator now. It’s a growing category, but it’s also becoming a highly competitive market. You’re gonna see some volatility. I think to Diego’s point, we are seeing some CPG applications and some sports nutrition applications reformulating where they can, but not on a one-for-one basis. They’re adding it as an additional ingredient or increasing the inclusion rate of the milk proteins relative to the whey proteins, but they’re not one-for-one interchangeable.  We can afford to see MPCs go up several dollars a pound or WPCs come down several dollars a pound without eliminating the advantage to explore reformulation in MPCs for those that can use it. Ted Jacoby III: Mike, do you have any thoughts? Mike Brown: I just came back from Interstate [00:21:00] Milk Processors meeting. Lots of talk between the whey guys and the MPC guys on demands and expectation for further substitution of WPCs with MPCs where it can happen. There’s places that really works. There’s places it doesn’t work quite so well, particularly in some beverages. As long as there’s a cost advantage, we’ll see it. It’s already happening in some of the protein ice creams, for example. Ted Jacoby III: So, what’s the prognosis when it comes to proteins? Demand stays strong, but we continue to produce more concentrated proteins, at least on the milk side? How is it all gonna play out from a price perspective, let’s say in the next six months? Josh, it sounds like your thoughts are: we’re steady as she goes. We’ve maybe reached a point where we’re range-bound rather than just ratcheting higher? Josh White: I think you just walked me into a trap that is absolutely gonna blow up in about six or nine months when this podcast is still being played. But right now, the story is over the next six months, I believe we will see lower whey protein pricing. Over the next six months, I’m not 100% convinced, but I would still call the milk proteins as bullish. What we need to decide then, was that a retracement? Was that a pullback in price? And with enough time, the consumer’s going to respond? Or are we in an unhealthier macroeconomic environment than any of us expected, and will that influence the dairy proteins or not? We seem to have come out of the summer holiday, and people were spending. Now, I get anecdotal reports that the spending is slowing. People are running out of money, the disposable income is not readily there, and at the same time, we’ve achieved unbelievable price increases in dairy proteins overall, and particular whey proteins. Does that at some moment come to a head? Ted Jacoby III: I’ll go ahead and stick my neck out a little bit on this one. So, one of the reasons that I think proteins, and whey proteins in particular, have stayed strong even as our macroeconomy has weakened but not fallen apart, is the way I’d call it, is because the way that most of the population seems to be dealing with this inflationary environment that is causing their spending to be restricted is to cut back on their restaurant visits. They’re just spending less when they go out. And the majority of increasing whey protein demand that I’ve seen seems to be happening more on the retail side. Meaning, it’s happening in their stay-at-home consumption rather than their restaurant-going consumption, and that has helped keep that market strong. If we start to see retail demand weaken because the economy gets even weaker, then I think we’ll start to see whey protein demand weaken with it. Jacob Menge: The implication is actually equally as interesting that if the economy gets better, you would argue that also impacts whey protein demand. You don’t go to a restaurant and order a protein shake. Ted Jacoby III: So, the possibility exists that if the economy strengthens, we’ll also see a weakening in dairy protein demand because the meat protein demand would go up, but dairy protein demand could drop. Assuming [00:24:00] that the increase is a per capita increase rather than a total increase. Mike Brown: I think the elasticity for the proteins is very low. Consumer demand’s gonna remain relatively consistent. It’s purchased for a different reason. Again, back from the conference I just came from, there was a marketing person who said in GLP households, calorie count of purchases are down 30%, cost is down only 1%. So, people are definitely moving up the quality of food that they’re buying, and proteins play a role. I think rather than say the prices are going up or going down, I think where I see is that the spread between MPC and WPC is just gonna lessen, to some degree, as uses develop to replace when possible. We’re at such high levels, what’s down? We go down to $9 on WPC 80. two years ago that was unheard of ever. So, part of this, I think, is a function of a changing consumer shift. Will that stay? It’s hard to say. If people are feeling better about how they feel and how they live, I would say that demand’s gonna remain strong. What I found interesting is that lactose still sells. It seems like the whole dry complex is relatively healthy. As we talk in our industry, we’ve always talked for years about three, four spreads, and I think the thing we’re seeing is the demand for the protein side on Class IV milk, dry powder milk, is gonna keep those prices tight and often inverse compared to what history has shown us, just because that demand for protein is so strong. Ted Jacoby III: One of the things that history has shown us is that people tend to take major market trends, like in this case protein consumption, and underestimate the significant macro shifts in those patterns. It’s been strong, it’s gonna stay strong. How could we be wrong? Is there anything out there that nobody’s paying attention to that we think could cause a fundamental shift in protein demand relative to what we’re seeing right now? Josh White: If we find out GLP-1s are dangerous, things will change fast. And I’m not crediting GLP-1s to this entire movement. I think that too many people actually give all of the credit to the protein movement, to the American adoption of the GLP-1 drugs. I actually think this is a broad movement that was overwhelming dairy’s ability to provide enough of the high-quality protein that the market demanded, particularly when it was on the cheaper end of its historical price curve several years ago. Now, we’re in a spot where the market is moving in this direction, the health and wellness trend is a global trend, the science is behind dairy as a highly functional and digestible protein And then you have this catalyst of many Americans watching their diet better than ever before and wanting to enhance their total digestible protein intake and create an efficient use of the calories that they’re bringing in. It’s the perfect storm. That being said, it’s the perfect storm that may have driven prices slightly above where we would’ve seen them without the intervention or addition of the GLP-1 user community. If that were to shift, it could take the entire final tier out of this price, and I don’t even wanna try to [00:27:00] define what that tier looks like at the moment. Mike Brown: I think the bigger threat is through food science, no matter what it might be, is alternative proteins to milk. I think we can’t underestimate what may happen with plant proteins, for example, with time, with genetics. It gets down to a cost, and we all know the functionality can be very different, and to Josh’s point, nutrition can be very different. Does the price spread get wide enough? For example, if you go into the protein bars in your local Costco, the ones that are the lowest cost are the pea protein. They’re plant protein-based bars. The whey and milk protein are higher. I don’t think we wanna assume that it’s dairy’s business forever, ’cause there’ll be people looking at ways to get the taste, flavor, and to some degree the digestibility with alternative sources. Just because if there’s a savings in the long run, they’ll try to do it. So far, I think the success has been kinda limited, but I wouldn’t wanna count it out not happening. There’s enough dollars at stake to make it worthwhile to look into that. Ted Jacoby III: You know what, Mike? I’ll piggyback on what you’re saying, and I would say this. If we step back five years and remember the time when all we were talking about was cellular agriculture and how you could create all this protein in a vat, and then that kinda just died off, and I think it died off because people found that it was more expensive than they thought to run that process. However, innovative technology such as cellular protein tends to have, come in waves, where the first wave often will fail, but then people in the background will continue to work on ways to improve the process, make the process more efficient. And if another innovation comes along that makes it less expensive, all of a sudden you can see a big rise in, let’s say, whey protein-like proteins being created in a vat, a la cellular agriculture. Mike Brown: It hasn’t popped like we all thought it was going to, or at least a lot of the industry did. I’m a former insulin user. I know what it costs to make insulin. It’s the same process. It’s kinda hard to make a digestible protein with that process and make it competitive cost-wise. For example, take lactoferrin. That’s a different story. And- Mm-hmm … … as they get more efficient, will we move down the chain to more common ingredients or even supplements, too. I’ve learned, with food science, just never say never, ’cause you’ll be surprised. Someone’ll come up with something that can make a difference. Meanwhile I think the demand for high-quality protein isn’t going away. I think we need to make sure that dairy remains the key source of that, ’cause right now it certainly is. The high-protein products that are the most popular are milk protein based or whey protein based. Ted Jacoby III: Cool. Thanks, Mike. All right, guys, before we wrap up, what conferences are we going to in the next couple of months? Let’s tell our listeners where they might be able to find us. Diego, how about you? Diego Carvallo: So, we’ll have a stand at the next show in Mexico City at the end of September. It’s called Banamex Mexico City Show. Would love to see you guys there. Ted Jacoby III: Is that the one everybody refers to as FOOD TECH®? Diego Carvallo: Yes, exactly. Ted Jacoby III: Perfect. Yeah. Awesome. How about you, Josh? Josh White: The International Whey Conference in Chicago is in September, and we’ll have some people at that along with the ADPI board of directors meeting. And then shortly after as we get into October, SupplySide Global [00:30:00] is in Las Vegas, and we will be exhibiting in the ADPI section. Ted Jacoby III: Excellent. Awesome. And I will probably be joining Diego at FOOD TECH®, and then Joe and I will be heading over to Food Ingredients Europe in November. So look forward to seeing everybody there. Hey, thanks everybody for tuning in. I hope this was a educational market discussion for everybody, and look forward to seeing you guys soon. End commercial. 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. Jacoby & Co. because I get to help people make their businesses more successful.

Komisi Perlindungan Anak Indonesia (KPAI) mengecam dugaan adanya eksploitasi anak dalam kerusuhan usai demo di Jakarta pada Kamis, 27 Agustus 2026. Sebelumnya, polisi mengamankan 322 orang terkait kericuhan setelah berakhirnya demonstrasi di depan gedung MPR/DPR. Sebanyak 160 orang di antaranya merupakan anak-anak. KPAI juga menemukan modus dan pola berulang terlibatnya anak-anak dalam demo. Mayoritas pelajar SMK dan SMA, sebagian kecil masih SMP, dan ada yang putus sekolah. Selain itu, apa saja temuan KPAI? Bagaimana sebenarnya modus atau pola yang ditemukan KPAI dalam melibatkan anak-anak pada aksi demonstrasi tersebut? NS: Komisioner KPAI Sylvana Maria Apituley

Send us Fan MailC4 Leaders – the ONLY nonprofit to utilize the pizza making process to create space for our companions to be seen, heard, and loved.   We work with businesses, sports teams, hospitals, churches…anyone looking to RISE TOGETHER.  We also write children's books and use the most amazing handmade, hand-tossed, sourdough pizza to bring out the best in each other.   Please check out c4leaders.org to support our important work. Season 6 Episode #29 Dr. Sharalyn Payne is coming from Dallas, Texas (inform, inspire, & transform)You can find Dr. Sharalyn via her website drsharalyn.com or smpistrategies.comDr. Sharalyn Payne is an award-winning speaker, strategist, executive coach, and management consultant. As the founder of SMP International Management Consulting, LLC. Dr. Sharalyn works with companies and governments to build high-performing teams, navigate through change, and develop the next generation of leaders. Guiding clients through sensitive organizational challenges, Dr. Sharalyn shares her unique perspectives and insights not only on how revolutionizing the workplace can lead to innovation, but also on the techniques needed to create destination organizations. Using lessons learned, provocative questions, and real stories, Dr. Sharalyn positions companies for greater success and bigger wins.Dr. Sharalyn, congrats on an amazing career, congrats on authoring two books Unstuck, Unleashed, Unstoppable and Ignite, congrats on continuing to challenge yourself to be your best, and thanks for being our guest on Life's Essential Ingredients…welcome to the show!TOTD – “I never competed against athletes.  I competed against perfection.”  Carl LewisBuild a habit - to create intention - to live your purpose!In this episode:What does the M stand for in SMP?  Marie…Lantana – represents resilience, rigor, and adaptability because it thrives in harsh heat and poor soil…cultural symbolism… endurance, transformation, and positivity…is under your name on your website…then I did a little more digging and found out it is a part of Texas and most likely where you live…What there a moment in time (past, present, or future) for you that shaped who you are today?What was life like growing up?Two Books – UnStuck, UnLeashed, UnStoppable.   IGNITE…CongratsPodcast – The Game Changer with Dr. SharalynYou were a track and cross country runner…any insights from that experience and how it has shaped your life…Accountability…Mindset on POSSIBILITY!Leadership, what is it, what frameworks do you like to work with, what are some activities you do in your offsites?Culture, what is it, how do you assess it, how to you transform it, and how do you help engage in it…Strategic action planning…what does that look like…maybe go over a case screnario…Employee engagementAssessment tools for personal and professional development..Wellness and well being…insights?Your company values: leave people organizations better than you found them, love who you are and what you do, we grow, we lead, we optimize, we believe everything is possible…The Future of Work?Transformation Modules from your website…key insights or takeaways from past participants…HOGAM assessments – what are they?Return on Power Newsletter – takeaways…Culture Camp on another podcast…Exemplary Leadership…what does that look like

⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Join Lead Time+ to continue the conversation⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️Rev. John Kunze has served Messiah Church and School in Lincoln, Nebraska, for more than 25 years. In this candid conversation, he explains why large congregations face unique ministry challenges—and why he believes their experience, ideas, and missional perspective are often missing from Synod-wide conversations.John, Tim, and Jack discuss representation at LCMS conventions, the growing complexity of Synod governance, pastoral formation through the SMP program, and the financial and relational realities of leading a large church and school. John also shares a remarkable story of reconciliation with a pastor who once publicly criticized his ministry—offering a hopeful picture of what confession, forgiveness, trust, and genuine unity could look like across the LCMS.The episode ultimately asks a much bigger question: Can the LCMS stop fighting over ministry differences long enough to learn from one another and reach more people with the Gospel?⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

Dibawakan oleh Juvita dan Agustinus dari Gereja Kristus Raja, Paroki Bajiro Yogyakarta di Keuskupan Agung Semarang, Indonesia. Yehezkiel 36: 23-28; Mazmur tg 51: 12-15.18-19; Matius 22: 1-14.HATI DAN ROH YANG BARU Renungan kita pada hari ini bertema: Hati Dan Roh Yang Baru. Hati untukseorang manusia adalah salah satu bagian dimensi rohani, yang dari sanaaktivitas seperti merasakan, menginginkan, memilih berasal. Sedangkan rohmerupakan bagian rohani manusia yang menghubungkan dirinya dengan Tuhan. Ketikaia sedang berdoa atau bermeditasi, kegiatan rohnya menjadi dominan, dimanaseluruh perhatiannya menyatu dengan yang ilahi. Ada kesempatan ketika keadaan hati dan roh seseorang dianggap lama atauketinggalan waktu. Artinya, kalau menurut standar kitab suci, sosok manusialama yang terikat dengan dosa sudah tidak berguna, maka harus diganti dengansosok atau profil yang baru. Secara umum kitab suci menguatkan keyakinan kitabahwa pribadi Yesus Kristus membuat wajah dunia menjadi baru dan terutamasetiap orang yang mengambil bagian di dalam diri-Nya dan seluruh karya-Nyadijadikan baru.  Seorang remaja laki-laki, karena terlalu nakal di rumah yang ikutberdampak pada progress belajar sekolahnya di SMP, di awal tahun ajaran baruorang tuanya membawanya untuk tinggal di asrama. Para pastor dan bruder yangmengelola asrama itu. Di hari pertama berada di asrama, remaja ini langsungmengalami suatu situasi perseteruan di dalam dirinya. Keadaan asrama,peraturan-peraturan, kebersamaan dengan sesama anggota asrama, dan pengawasanpara pembina, semua itu seperti membuatnya tidak bisa menuruti kehendaknyasendiri seperti yang ia biasa lakukan: maki-maki, malas, membantah pembicaanorang lain, mencuri, mengejek atau menghina, dan malas belajar. Pertentangan ini tidak membuatnya hilang semangat. Bagaimanapun, suasanadi asrama menjadi tantangan yang baru dan bagus, terutama karena ia dijanjikanakan mendapatkan prestasi belajar yang bagus. Ia jalani saja hari demi hari daningin supaya janji itu dapat terwujud. Pada waktu liburan akhir tahun ketikaberada di rumah, keluarganya menangkap kenyataan bahwa remaja ini berubah totaldalam tingkah lakunya. Ibunya bertanya: “Apa yang menyebabkan kamu berubah,Nak?” Ia menunjuk pada salib Yesus yang tergantung di dinding, sebagai jawabankepada ibunya. Itu adalah satu contoh hati dan roh yang baru. Nabi Yehezkiel menjelaskanbahwa Tuhan akan berbalik mengampuni umat-Nya yang sudah terlanjur berdosa.Mereka akan dibebaskan dari kehidupan lama, dan diberikan hidup yang baru,dengan hati dan roh mereka dijadikan baru. Ketika setiap kali kita menerima,menyanggupi, dan terlibat dalam undangan Tuhan untuk melakukan karya-Nya, kitadibuat kembali menjadi baru. Terimalah selalu ajakan-Nya! Marilah kita berdoa. Dalam namaBapa ... Ya Tuhan Yesus, semoga kami selalu menyanggupi setiap kehendak danundangan-Mu. Salam Maria, penuh rahmat ... Dalam nama Bapa ...

Kasus dugaan pengeroyokan terhadap seorang siswa SMP di Pekalongan kembali menjadi perhatian publik. Peristiwa ini menjadi pengingat bahwa kekerasan antarpelajar dan perundungan masih menjadi persoalan yang perlu mendapat perhatian serius.Bagaimana fenomena kekerasan antarpelajar harus disikapi? Apa yang perlu dilakukan sekolah, orang tua, dan pemerintah untuk mencegah kasus serupa kembali terjadi?Simak pembahasannya dalam Talk bersama Pemerhati Perempuan, Keluarga dan Anak sekaligus Pembina Yayasan Asy Syifa, Dyah Woro Haswini, hanya di Spotify.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news global oil prices have risen again with no end to Trump's Hormuz adventure. In something of a gigantic own-goal, the US economy is losing momentum rather quickly now. But first, the overnight full dairy auction came in better than the futures market had signaled, up +2.3% from the prior full event. This was largely driven by the milk powder gains with WMP up +3.0% and SMP up +7.6%. However, most of the milk fats fell. The overall gains in NZD were slightly better, up +2.6%. But despite this recent turn higher, prices are still almost -9% lower than year-ago levels, even if they are up almost +10% from the start of 2026. In the US, the latest weekly jobs update from ADP has stayed low with less than a +10,000 gain over the past four week. In contrast to the positive July factory report in the New York state region we noted yesterday, their services survey in the same region wasn't very good. The business climate index remained deeply negative, with almost half of respondents reporting unfavourable business conditions. US industrial production data for July was modestly positive from June and that has resulted in a +1.1% gain from a year ago, although lower than the June +1.3% expansion. US pending home sales were lower in July, both from June, and from a year ago. There is no spark in evidence in this sector, and perhaps not surprisingly when home loan interest rates are high at 6.8% and likely to rise from here. Every region is posting both month-on-month and year-on-year declines now. US housing starts fell back sharply in July, down -13.5% from year-ago levels. In fact, the last time they had a July this low was in 2019. And in Canada, they also reported a sharp drop in new housing starts in July, their lowest for that month also since 2019. But July housing market sales actually rose and delivered the highest levels they have had in 2026 (even if this isn't a particularly high bar). Meanwhile, negotiations between Canada and the US over Trumps 50% tariff threat seem to be going nowhere, and they are due to come into effect tomorrow. Interestingly, included in the stoush is Canada's aluminium exports and if they are tariffed, the hurt to US businesses will be significant. In China, they have a slowing momentum too. Households are clearly worried because they hare paying down debt faster and prioritising cash reserves in the face of a glum outlook. In Australia, their consumer sentiment has improved from low levels but it is still net-negative and still below last year's level at this time. The improvement was driven by mortgages holders who were relieved that the RBA didn't increase rates at its last decision. The survey also shows house price expectations declined as the housing market weakened. But renters are less likely to expect price falls and are more downbeat about home purchases. The UST 10yr yield is now just on 4.71%, down -2 bps from this time yesterday.  The price of gold is falling back, now at US$4353/oz, down -US$30 from yesterday at this time. Silver has fallen -US$ to just under US$64. Oil prices are up another +US$1 from yesterday at just over US$85/bbl in the US, while the international Brent price is now just on US$91/bbl and up +50 USc. Hormuz transits have stayed very low. There has been only one crude tanker and 4 cargo ship exiting over the past 24 hours (2 dark with transponders off) and eight entering for new loads (3 dark), again all Iran-linked. There have been deadly attacks on a few of these ships crossing. The Red Sea activity is still only about 20 exits at the Yemen chokepoint, little-change. The Kiwi dollar is down -25 bps from yesterday at just under 58.8 USc. Against the Aussie we have dropped -20 bps to 82.9 AUc. Against the euro we are down -25 bps at 50.8 euro cents. That all means our TWI-5 starts today at just on 62.3, down -30 bps from this time yesterday. The bitcoin price starts today at US$64,667 and up +0.7% from yesterday. Volatility over the past 24 hours has also been low at just on +/-0.7%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Rangkuman berita terkini dari berbagai wilayah di Jawa Tengah. Edisi kali ini membahas prediksi BMKG terkait musim kemarau yang diperkirakan lebih panjang akibat El Nino, kondisi sejumlah daerah yang mengalami kesulitan membayar gaji ASN, dampak kekeringan terhadap irigasi pertanian di Blora, hingga perkembangan kasus dugaan perundungan siswa SMP di Pemalang yang kini masih dalam proses penyelidikan polisi.

Lebih dari 2.000 pelajar tingkat SMA dan sederajat di Kabupaten Bungo, Jambi, mengikuti sosialisasi pencegahan intoleransi, radikalisme, ekstremisme, terorisme, penyalahgunaan narkoba, dan perundungan.Kegiatan yang digelar di Gedung Olahraga Serunai, Muara Bungo, ini diselenggarakan Pemerintah Provinsi Jambi bersama sejumlah instansi terkait. Materi yang diberikan juga mencakup pencegahan kenakalan remaja, termasuk geng motor dan bullying di lingkungan sekolah.Sosialisasi menghadirkan Satgas Densus 88 Antiteror Mabes Polri sebagai bagian dari upaya membentengi generasi muda dari berbagai pengaruh negatif. Pemerintah Provinsi Jambi menyatakan program serupa akan diperluas hingga tingkat SMP di seluruh wilayah Jambi.

Pembahasan Ketua Komnas PA Jawa Tengah, Doni Fajar Fauzi, mengenai kasus dugaan perundungan yang menewaskan seorang siswa SMP di Pemalang. Doni menuntut tanggung jawab dan tindakan proaktif pihak sekolah serta mengkritik minimnya sanksi dari kementerian terkait masalah perundungan yang terus berulang, termasuk contoh kasus di Pati. Pembahasan juga mencakup strategi penanganan perundungan di sekolah, seperti penguatan konseling dan menciptakan lingkungan yang aman agar siswa berani melapor, guna mewujudkan lingkungan pendidikan yang bebas dari kekerasan.

Jawa Tengah hari ini diwarnai sejumlah isu penting yang menjadi perhatian publik. Dugaan keracunan massal usai Program Makan Bergizi Gratis (MBG) di SMKN 6 Semarang mendorong desakan agar pengawasan keamanan pangan diperketat. Sementara itu, Damkar Kota Semarang meningkatkan langkah antisipasi kebakaran di TPA Jatibarang selama musim kemarau.Di sisi lain, dugaan kasus perundungan yang menewaskan seorang siswa SMP di Pemalang kembali memicu perhatian terhadap perlindungan anak dan pentingnya lingkungan sekolah yang aman. Kabar baik datang dari sektor ekonomi, di mana ekspor Jawa Tengah pada Semester I 2026 tumbuh lebih dari 23 persen dibandingkan tahun sebelumnya, didorong oleh kinerja industri pengolahan.

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. ​

Join Lead Time+ to continue the conversationLearn more about Lead Time+: https://www.uniteleadership.org/support/leadtimeplusThe LCMS needs more pastors—but can it expand the pastoral pipeline without sacrificing theological depth?Rev. Dr. Andrew Bartelt and Rev. Dr. James Voelz join Tim Ahlman to trace the history of DELTO and the Specific Ministry Pastor program, explain why SMP was never designed to be equivalent to a residential MDiv, and confront the growing tension between maintaining rigorous formation and reaching congregations and communities that lack pastoral leadership.The conversation moves beyond filling vacant pulpits to ask what the church's entire ministry ecosystem could become. Could deacons and evangelists recover meaningful roles? Should SMP lead into broader certification or an online MDiv? How can residential education, contextual formation, and lifelong supervision complement one another rather than compete?The church must get the message right—and get the message out. This conversation explores what may need to change for the LCMS to do both.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

Kencan Dengan Tuhan - Rabu, 29 Juli 2026Bacaan: “Perkataan yang diucapkan tepat pada waktunya adalah seperti buah apel emas di pinggan perak.” (Amsal 25:11)Renungan: Ada seorang bapak bernama Pak Adi. Ia mempunyai anak yang duduk di kelas 2 SMP. Saat pulang sekolah wajahnya kusut karena mendapat nilai jelek. Reaksi Pak Adi pertama hampir keluar kata-kata, “Dasar pemalas! Bodoh kamu!" Tetapi dia ingat Amsal 25:11. Dia menarik napas, memeluk anaknya dulu, lalu berkata pelan: “Nak, Papa kecewa sama nilainya. Tapi Papa bangga kamu masih mau cerita ke Papa. Yuk, kita cari jalan keluarnya untuk memperbaiki nilaimu." Malam itu anaknya menangis bukan karena dimarahi, tapi karena merasa diterima. Tiga bulan kemudian anaknya mendapat ranking 5 saat kenaikan kelas. Dia berkata, “Aku belajar karena kata-kata Papa waktu itu. Nggak bikin aku down, tapi bikin aku semangat.” Satu kalimat di waktu yang tepat, bisa mengubah arah hidup seseorang. Salomo dalam bacaan di atas memakai dua gambaran yang mahal yaitu apel emas dan pinggan perak. Dalam bacaan itu dijelaskan bahwa "perkataan yang diucapkan” ini adalah soal isinya yaitu benar, membangun, jujur, penuh kasih. Bukan gosip, bukan sindiran, bukan kebohongan. Sedangkan "tepat pada waktunya" adalah saat yang paling baik untuk dikatakan. Emas paling berharga kalau diberikan saat seseorang membutuhkan. Demikian juga ketika kita menghibur seseorang saat ia sedih, menegur seseorang saat ia bersikap sombong dan memuji seseorang saat ia putus asa. Perkataan "seperti buah apel emas di pinggan perak" merupakan isi dari perkataan dan cara penyampaian yang sama-sama baik dan tidak menyakitkan. Intinya adalah Tuhan mau kita jadi orang yang bukan hanya “benar” dalam berkata-kata tetapi juga “tepat” pada waktunya ketika seseorang membutuhkan perkataan itu. Sebagai pengikut Yesus, lidah kita adalah alat. Bisa jadi pedang atau bisa jadi obat, tergantung saat kita mengatakannya. Kalau kita mengatakannya saat marah, maka bisa saja menjadi pedang yang menusuk sampai lubuk hati terdalam. Tapi kalau kita mengatakannya dengan penuh kasih dan kesabaran, bisa menjadi obat ketika hati seseorang sedang galau dan sakit. Efesus 4:29 berkata, “Janganlah ada perkataan kotor keluar dari mulutmu, tetapi pakailah perkataan yang baik untuk membangun.” itu artinya kita harus bertanya dulu dalam hati kita sebelum bicara, “Apakah ini benar? Apakah ini perlu? Apakah ini tepat waktunya?” Tuhan Yesus memberkati. Doa:Tuhan Yesus, jagalah mulutku hari ini. Ajarilah aku untuk berpikir sebelum berbicara. Berikan aku hikmat untuk tahu kata apa yang harus diucapkan, dan kapan harus diam. Pakai perkataanku menjadi "apel emas" yang menguatkan orang di sekitarku, seperti Engkau yang selalu tahu kata yang tepat untuk dikatakan pada orang yang datang pada-Mu. Amin. (Dod).

Fonterra’s chief financial officer comments on last night’s positive GDT Auction (up 1.5%, WMP +1.6%, SMP +2.8%).See omnystudio.com/listener for privacy information.

When her husband's hair transplant failed, Kate Cheung took things into her own hands - literally! Michelle Martin speaks with Kate Cheung, Founder of The Scalp Studio, one of Singapore's earliest scalp micropigmentation practitioners. Trained by leading experts in New York and London, Kate has performed more than 1,000 scalp micropigmentation (SMP) procedures in just four years. What is the process about, and how long does the illusion of greater hair density last? Are more women trying SMP out? Find out in this episode of Live Well With Michelle. See omnystudio.com/listener for privacy information.

Join Lead Time+Learn more about Lead Time+: https://www.uniteleadership.org/support/leadtimeplusRecorded across two days at the LCMS Convention in Phoenix, this 2 part special Lead Time episode captures the conversation both before and after one of the convention's most consequential debates.Tim Ahlman and Joe Beran discuss the reaffirmation of residential seminary as the LCMS's primary and preferred pathway for pastoral formation, the convention's response to unauthorized formation partnerships, and the urgent reality of hundreds of empty pulpits. Can the church maintain rigorous, confessional formation while continuing to explore faithful ways of meeting the leadership needs already confronting local congregations?The conversation also moves beyond resolutions and institutional policy. Tim and Joe address labels, caricatures, communion practice, LCMS history, the future of SMP, and the “narcissism of small differences” that can cause Christians who agree on nearly everything to treat one another as enemies.How can the LCMS disagree honestly, guard its confession, raise up more workers, and continue walking together in love?Share your perspective in the comments—and remember that faithful reform should never produce unhealthy zeal, contempt, or division inside the local church.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

https://www.uniteleadership.org/thelcmscurrentJoin the LCMS Current! (LCMS Current Events Newsletter) Stay up to date.Is the LCMS too strict — or is it simply trying to be faithful?In this episode of Lead Time, Tim Ahlman and Jack Kalleberg sit down with Pastor Ben Hollingsead, a former LCMC pastor who colloquized into the LCMS, to talk about close communion, confessional Lutheran identity, pastoral formation, and the future of the church.This conversation gets honest about some of the biggest tensions in the LCMS today: declining membership, pastoral vacancies, alternative routes to ministry, SMP evolution, liturgy, hospitality, and what it really means to guard the altar with love.Can the LCMS raise up more pastors without lowering the bar? Can confessional Lutherans be deeply missional? Can churches practice close communion with both clarity and compassion?This is a charitable but direct conversation for anyone who cares about the future of faithful Word and Sacrament ministry.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)https://www.uniteleadership.org/thelcmscurrent⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

https://www.uniteleadership.org/thelcmscurrentJoin the LCMS Current! (LCMS Current Events Newsletter) Stay up to date.Dr. Jeff Kloha joins Tim Ahlman for a timely Lead Time conversation in the middle of a heated LCMS convention season.They discuss the Center for Missional Pastoral Leadership, the accusations and misunderstandings surrounding CMPL, Floor Committee 6, SMP costs and pastoral formation, social media division in the LCMS, worship debates, and what it means for the church to follow the Holy Spirit rather than fracture from within.This episode is not about stirring up division. It is about clarity, trust, mission, and asking whether the LCMS can speak honestly about hard things while still treating one another as brothers and sisters in Christ.If you care about the future of pastoral formation, local congregations, church planting, LCMS convention conversations, or the witness of the church in a divided season, this is an important conversation.Share this with a pastor, delegate, lay leader, or anyone trying to understand what is really being debated right now.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)https://www.uniteleadership.org/thelcmscurrent⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

How do theology professors at Concordia Theological Seminary in Fort Wayne help shape future church workers? The Rev. Dr. Gifford Grobien (The David P. Scaer Professor of Biblical and Systematic Theology, Assistant Provost, and Director of DMin Program, Concordia Theological Seminary, Fort Wayne) and the Rev. Dr. Geoffrey Boyle (Assistant Professor of Pastoral Ministry and Missions, Director of Field Education, and Director of SMP program, Concordia Theological Seminary, Fort Wayne) join Andy and Sarah for our Set Apart to Serve series to talk about their various vocations and interests, the specific areas of theology they each teach at CTSFW, how these areas of expertise are important in forming future pastors and deaconesses, the student experience at CTSFW, and their words of encouragement for anyone considering a church work vocation. Christ's church will continue until He returns, and that church will continue to need church workers. Set Apart to Serve (SAS) is an initiative of the LCMS to recruit church workers. Together, we pray for workers for the Kingdom of God and encourage children to consider church work vocations. Here are three easy ways you can participate in SAS: 1. Pray with your children for God to provide church workers. 2. Talk to your children about becoming church workers. 3. Thank God for the people who work in your congregation. To learn more about Set Apart to Serve, visit lcms.org/set-apart-to-serve. Have a topic you'd like to hear about on The Coffee Hour? Contact us at: listener@kfuo.org.

Jarden's Head of Derivatives comments on last night's GDT Auction (down 2.8%). WMP -3.1%, SMP -3.6%, Butter -2.4% and Cheese -3.4%.See omnystudio.com/listener for privacy information.

Si tot va bé entre juliol i setembre de 2027 el nou centre mèdic estarà en marxa. El director del centre, el Dr. Josep Panyella ha confirmat que les obres van a bon ritme, a hores d'ara s'han acabat les tasques a les plantes soterrades, la planta -2 on hi anirà l'aparcament i la planta -1 on s'hi ubicarà el diagnòstic per la imatge, cirurgia ambulatòria i endoscòpia digestiva i és a punt de finalitzar la planta 0 a nivell de carrer i s'ha iniciat la tasca a la planta 1. Quedarà per aixecar dues plantes més en aquesta pastilla ubicada entre el Camí Capellans i el carrer Lola Anglada de 6.000m2 que ha d'acollir entre d'altres serveis un espai destinat a la recuperació funcional per a esportistes d'alt nivell que es convertirà en el segon més important de tot Catalunya després del CAR de Sant Cugat destinat a tot tipus d'esportistes. Finalment però el que no inclourà és la part destinada a docència i formació, el director de SMP ha anunciat que el futur Campus SMP serà una realitat en territori penedesenc. El nou centre acollirà la tecnologia més puntera per tal d'oferir la millor atenció al ciutadà i respondrà a la demanda actual en matèria de salut que passa més per la prevenció i la millora de l'envelliment. L'entrada El nou centre mèdic de SMP de Sitges obrirà en poc més d’un any ha aparegut primer a Radio Maricel.

In this episode of Lead Time, Tim Ahlman talks with Jim Simpson, a retired higher education leader with decades of experience in curriculum development, administration, accreditation, and student success. Together, they explore what higher education has learned about adult learners, hybrid models, mentorship, internships, and competency-based formation — and what those lessons might mean for Concordia seminaries and pastoral training in the LCMS.This conversation touches on residential seminary, SMP, hybrid learning, accreditation, prior approval, faculty development, and the need for local churches to identify, develop, and deploy leaders for mission.This is not about cutting corners. It is about asking whether the LCMS can adapt faithfully so more people are formed, equipped, and sent to proclaim the Gospel.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)https://www.uniteleadership.org/thelcmscurrent⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

Marshall Ferguson (@TSN_Marsh) and Colin Fraser break down all things SMP (starting at 30:00) including Ben Young's rhythmic perfection, Jordan Szoke's return to form and Kawasaki's team wide resiliance on full display to get Connor Campbell on the grid Sunday. All of which follows an extensive discussion on a hazardous weekend in the world of two wheel racing.. Will THIS be the moment MotoGP riders finally unionize? Is ego or money more likely to get in the way of that necessary step? Should they have re-started the second time, or the THIRD in Barcelona?!Want to help support the Canadian Superbike Podcast while reaching two wheel enthusiasts like yourself to grow exposure and potential business as we travel the two wheel calendar this summer? Contact Marshall at CSPMarsh@Gmail.com to discuss what we have available for the season from live reads to YouTube branding and partnerships of all kinds!

"When I don't keep my word, and I go for the easy way, God notices." Keeping your word is less about reputation and more about identity. Discipline is built in the quiet moments where a man chooses discomfort over convenience and integrity over excuses. The episode explores how every broken promise weakens personal momentum, while every kept promise strengthens confidence, direction, and self-respect. The principle is simple: a strong life is built by becoming someone whose word means something, especially when keeping it costs you.  Sovereign Circle member, Jeff Banks, said something recently that framed integrity in a powerful way. Instead of avoiding short-term pain or inconvenience, he said men should willingly endure pain than condition themselves to be unreliable. Keeping your word is a matter of spiritual alignment, momentum, business success, health, and meaningful relationships. Also in this episode: Banks has more to say on Episode 239 and Episode 244 of SMP. You're invited to come to a Sovereign Circle meeting to experience it for yourself. To learn more, go to https://www.sovereignman.ca/. While you're there, check out the Battle Ready program and check out the store for Sovereign Man t-shirts, hats, and books.

Fonterra’s CFO comments on last night’s final GDT Auction for the 25/26 season. The headline move (up 0.6%) was largely in line with expectations, with a few unders and overs. Butter came out better than thought, and SMP a little worse (WMP 1.2%, SMP 0.2%, Butter 2.5%, and Cheese -1.3%).See omnystudio.com/listener for privacy information.

En este episodio de The Milk Check en Español, Diego, Yara y Miguel analizan uno de los mercados lácteos más inciertos de los últimos años. El equipo conversa sobre la limitada disponibilidad de leche en algunas regiones de Estados Unidos, la fuerte demanda de leche ultrafiltrada, el sólido mercado de exportación de quesos y por qué el mercado de leche descremada en polvo sigue desconectado de los fundamentos tradicionales. También hablan sobre el incremento en los costos de flete, la creciente necesidad de SMP en México, el cambio en el comportamiento de compra de los clientes al construir inventarios de seguridad y cómo las tensiones geopolíticas, negociaciones comerciales y la volatilidad global están impactando los mercados lácteos alrededor del mundo. Desde NFDM y quesos hasta fletes, futuros y comercio internacional, este episodio cubre los factores más importantes que están definiendo el mercado lácteo actual. ¿Tienes preguntas? Nos encantaría escucharlas. Envíalas abajo y podríamos responderlas en el pódcast. Pregúntale a The Milk Check Diego Carvallo: Buenas tardes a todos nuestros queridos clientes y, proveedores. Los saludamos desde la ciudad de San Luis, donde estamos Miguel, yo, y Yara esta semana reuniéndonos con el equipo para reuniones de estrategia y análisis de mercado. Y bueno, bienvenidos al pódcast de esta semana. Estamos a mediados del mes de mayo con muchísima incertidumbre, muchísimas, eh, comentarios y preguntas sobre el mercado. Yara Morales: Sí, saludos a todos. Miguel Aragón: Así es, sí nos estamos reuniendo aquí en nuestra reunión trimestral, viendo, tratando de, ver la bola de cristal, pero no, no, no, no, está, está- no aparece, no aparece. Yara Morales: Sí, yo creo que las mismas preguntas que nosotros tenemos las tienen todos los clientes y los proveedores también. La verdad, es una incertidumbre todo lo que está pasando con el mercado. Es un año de verdad muy a-atípico, muy diferente a todos los años. O sea, ya, ya muchos clientes hasta nos dicen: «Pues ya no me sirven las referencias que tenemos de todos los estadísticas que teníamos anteriormente». La verdad, ya no, no. Ha sido un año muy difícil para todos. Así es. Diego Carvallo: Si quieren, podemos comenzar hablando un poquito de, de la parte de fluidos y después pasar a, a los productos. Eh, así entendemos un poquito cómo, cómo se sienten los fundamentos. Em, bueno, hemos tenido varias reuniones con el equipo de fluidos y, eh, a pesar de que el número de producción de, de leche de Estados Unidos sigue estando bastante bien, eh, seguimos teniendo un crecimiento bastante sano en la producción de leche, em, estamos viendo, eh, que para el medio del spring flush, que estamos actualmente, no pareciera haber sobrantes de leche, eh, a descuentos tan significativos como lo que había en los años anteriores. Y, eh, eh, la verdad es que ha creado algo de, eh, dudas, algo de preocupación, sobre todo para el equipo de fluidos, porque en estos momentos usualmente estamos viendo la, las cargas de leche descontadas a, a unos descuentos muy importantes y este año no ha sido el caso. Entonces, eh, hay mucha discusión y mucha, eh, como conversaciones sobre la demanda, sobre todo la demanda de lo que son, eh, las cargas ultrafiltradas, que está muy, muy fuerte esa demanda y pareciera que las plantas todavía tienen más capacidad para absorber leche. Em, por el otro lado, la parte de la crema sí está bastante larga, hay bastante producto disponible, pero lo que es la ultrafiltrada y la leche líquida, pareciera que con toda la capacidad nueva que agregamos este año, em… Hay suficiente planta para absorber ese crecimiento. Miguel Aragón: Así es, así es. Eh, un comentario importante que nos hacían los-nuestros compañeros es el de que en estos tiempos las– usualmente las cargas se compran o se mueven a descuento y este año no, se están moviendo a la par, lo cual está causando una incertidumbre bastante alta en el mercado. Diego Carvallo: Si, si ese es el caso ahora en el pleno flush, pues el mercado debería sentirse muy ajustado una vez salgamos del flush. Exacto. Y entremos en periodos de baja producción. Miguel Aragón: Exactamente. Eso lo, lo estamos empezando a ver en, en, en el mercado de futuros, eh, por lo pronto en el lado de lo queso. No sabemos qué tanto se ajuste, pero nos da algo de, de, de pausa ahí de- Sí. Yara Morales: Porque si siguen, este, mandando la leche para la clase uno, que es para toda la leche fortificada, para lo que es el, el, el yogur griego y, y lo que es el cottage, pues la verdad es que mucha leche se va a ir para allá. Eh, va a estar todavía muy escasa. Clase uno y clase tres. Diego Carvallo: Clase tres. Mhm. Exactamente. Clase uno y clase tres. Es importante aclarar también que e-e-ese panorama que estábamos describiendo es sobre todo lo que es, eh, al este de las montañas, de los Rockies. Todo lo que es California y la costa oeste, sí tengo entendido que hay bastante leche. Hay bastante leche. Que la leche sigue bien larga. Sí, así es. De hecho, uno, ayer coment– eh, estaba en plática con un-uno de nuestros proveedores y nos decían que tienen suficiente leche para las plantas de queso, en, por lo menos en California. Eh, y lo que comentabas, Diego, definitivamente esto se está viendo para el lado este y para el, el, de hecho, plantas en el centro del suroes– en el sureste. Sí, sí. El caso de la costa este ha estado muy ajustado de hace muchos años. Bueno, este año, eh, ese nivel, ese tightness, esa falta de leche, se ve aún más, eh, pronunciada. Em, bueno, con eso podemos entonces hacer como un, un cambio y empezar a hablar un poquito más de los, de los subproductos. Eh, Miguel, ¿quieres hablar un poquito de la parte de quesos antes de entrar en, en los polvos? Sí, sí. De hecho, ah, es, el– aunque el mercado doméstico sigue teniendo suficiente producto para la demanda que tenemos, el mercado de exportación es completamente otro tema. Eh, más que u– esta semana estamos viendo algo de movimiento en los mercados de Asia y, este, y Oceanía, con la, una demanda que se está incrementando. Miguel Aragón: Ojo, cuando eso es, esos mercados se llevan bastante producto. Habían estado algo dormidos, eh, las últimas Seis semanas, ocho semanas. Pero estamos viendo que ahora al parecer la están ya buscando producto otra vez. Eso tal vez nos va a poner algo de, de restricciones de producto para México, Centroamérica, Suramérica, porque al parecer lo pagan mejor, eh- Estados Unidos es el país más competitivo en este momento para lo que son quesos, ¿no? Sigue siendo el más competitivo. Así es, así es. Aunque hay algo de, de sobre todo mozzarella, de, de, de– hubo algo de producción en Europa, pero no, seguimos siendo los más competitivos, Diego Carvallo: sobre todo en los cheddar. Ya, ya, ya. Okey, interesante. ¿Y si están viendo, eh, en lo que va de año un aumento en todo lo que son exportaciones a esas regiones? Sí, todo, Miguel Aragón: sí, los, los mercados a los que hemos exportado siguen creciendo, sigue creciendo la demanda. Eh, aún no podemos ver, eh, cómo, se desparrama la demanda o cómo, cómo se– cuándo es más demanda y menos demanda, porque ha sig– ha seguido creciendo constantemente. ¿Y Diego Carvallo: cuál es, eh, tu outlook para el resto del año? ¿Estás– tú sientes que el mercado ha conseguido un soporte bastante claro y que la demanda puede mantener los precios actuales o, o sientes más bien que en algún momento podemos volver a caer? No, la, creo que Miguel Aragón: estamos en un, en un, tenemos un piso. Ya. Y aunque hemos creído que vamos a estar en un rango, al contrario, creemos que tal vez, eh, el mercado empiece a tratar de, de, de, de subir un poco, de apuntar para arriba- De romper esa resistencia. De romper esa resistencia hacia arriba. Pero, ah, todo depende cómo, cómo siga la demanda doméstica, porque eso es lo que nos va, nos va a marcar Diego Carvallo: la pauta. ¿Y el tema de la guerra en Irán está afectando en algo la demanda de los clientes de ustedes en el sureste asiático? Miguel Aragón: Definitivamente, definitivamente. De hecho, tuvimos algo de cargas nosotros que, que anduvieron dando vueltas. Hasta en la India teníamos cargas que, que iban a, a Arabia Saudita, eh, y nos, nos afecta a nosotros, pero está afectando a todos los productores también. Eh, y es un mercado por varias cosas. U-una, porque no podemos entrar, pero otra, la más importante, es porque las aseguradoras no nos están asegurando las cargas que van para ese mercado. Nadie las asegura y si no las aseguran El mercado claro no puede, no puede tomarlo, no puede tomar ese producto Es demasiado riesgo. Ya, Diego Carvallo: ya, ya. Miguel Aragón: Imagínate Yara Morales: el transporte, cómo se está incrementando también Diego Carvallo: con todo eso. Eso es lo siguiente, eso es lo siguiente. Es un tema que vamos a hablar también, que está afectando sobre todo a los productos más económicos, porque representan un porcentaje más alto del, del costo del producto. Sé que ahorita todo el mundo quiere hablar mucho de nonfat, así que si quieren pasamos un poquito a hablar ese tema- Nos dedicamos al nonfat. Que es el más complicado en este momento. Eh, mira, en pocas palabras, yo diría, en este momento estamos viendo un mercado que está de cierta manera desconectado entre lo que es lo, lo que estamos viendo en los fundamentos con lo que estamos viendo en la realidad del mercado físico. Los fundamentos, eh, apuntan y todos los reportes del USDA apuntan a que hay un crecimiento en la producción de nonfat, hay un crecimiento en la producción de SMP y hay inventarios relativamente sanos. Sin embargo, lo que estamos viendo en el mercado spot, en el mercado actual, es algo bastante distinto. Y puede ser por algunos factores como los de los recalls que tuvimos, eh, ¿cómo se dice un recall en español? La- Reclamos. Un reclamo de producción que tuvimos durante los últimos meses que ajustaron el mercado, pero la realidad es que el mercado spot, el mercado físico actualmente sigue estando sumamente ajustado. Hay muy poco producto, la mayoría de las plantas siguen completamente sobrevendidas. Eh, los traders y revendedores tienen muy poco inventario en mano. Y también vemos ese mismo patrón desde el punto de vista de los clientes. La mayoría de los clientes siguen todavía bastante cortos de producto y necesitan may-mayor, mayor volumen para saciar sus inventarios de seguridad y su producción. Entonces, eh, yo diría, en el corto plazo todavía vemos un mercado bastante bien sostenido, pero creemos que una vez pase el spring flush, después de estos dos próximos dos meses, deberíamos ver una mejor correlación entre lo que es el mercado físico o el CME Cash y el mercado de futuros. Y creemos que principalmente el CME Cash debería hacer gran parte de ese trabajo para llegar a un nivel más cercano a donde están los futuros. Es decir, creemos que debería haber cierta, eh, corrección y consolidación en un nivel posiblemente cercano a, a los cuatro mil quinientos, cuatro mil seiscientos, para de ahí poder buscar, eh, opciones de moverse para más arriba o mantenerse firme el resto del año. Sí somos, eh, creyentes de que el resto del año el polo va a seguir bastante ajustado, pero no creemos que nos podamos mantener en los precios que estamos actualmente, que son dos dólares treinta por libra, que es un precio en el que ya empezamos a ver que la demanda se frena un poco Okey. Em, todo lo que son MPC, eh, MPC setenta y MPC ochenta han seguido mucho ese patrón en el que el mercado está muy ajustado, no hay suficiente producto y hay mucha demanda que ha venido de sports nutrition, de otras aplicaciones a buscar, eh, sustitutos en el mercado del MPC. Em, Yarita, cuéntanos un poquito cómo has visto tú la demanda, cómo has visto a tus clientes en México, eh, ¿cuál es la expectativa de mercado desde el punto de vista del cliente mexicano? Yara Morales: Bueno, la, la verdad es que con toda la escasez que hubo en los primeros meses y que no podíamos surtirles la leche, porque todos los proveedores nos agarraron sin inventario y a México lo agarraron sin inventario. Afortunadamente, ya a partir de marzo, abril, ya empezaron a recibir producto. Entonces, ahorita los clientes en México tengo entendido que ya tienen un poquito más de inventario. Aparte, pues están cerrando contratos, eh, se está comprando SMP de, de Europa, los que tienen cupo y el producto va a empezar a llegar ya en mayo y son precios más competitivos. Los precios tan altos, los, eh, clientes finales, pues obviamente tienen una resistencia ya a pagar estos precios tan altos y empezaron a utilizar la leche fresca, que había bastante, ¿verdad? Este, podían encontrar hasta de cuatro pesos por litro. Ahorita ya no hay, se está escaseando. Todo el norte de México, ya la leche fresca está escaseando demasiado. Ahorita hay un poco más en el centro, que es donde también hay bastante producción de leche fresca, pero va a llegar el momento, como ya a finales de junio, julio, que empieza a escasear la leche fresca. Entonces, definitivamente va a haber una necesidad de leche descremada. Aparte de las formulaciones, pues ya las tienen con la leche descremada. Y la verdad es que todavía sigue habiendo, este, demanda. Ya no igual como en un principio que estaba todo mundo desesperado tratando de conseguir y recibir algo, pero de cualquier manera sigue la demanda, sigue todavía los clientes tratando de conseguir producto. Diego Carvallo: Y es difícil que no vengan a comprar a Estados Unidos. Por eso, por eso yo soy de la creencia que el mercado se va a mantener bastante firme por el resto del año, porque las importaciones de Europa sabemos que va a ser un volumen limitado, menos de diez mil toneladas, posiblemente para todo el año. Eh, si hay poca leche bronca en México, no van a tener otra opción que o, o consumir menos o, o venir a comprar a Estados Unidos, en pocas palabras. Entonces, eh, sí, yo creo que eso debería dar soporte. Debería marcar al menos un piso en los precios de, del nonfat. Quería Miguel Aragón: a-adherir un poco una reseña. En el– ahora que estuvimos en Chicago atendiendo el ADPI, estuvimos juntas con algunos, ah, productores de, de, de comida aquí en Estados Unidos y nos comentaban algo que tal, tal vez quisiera ver ustedes qué opinan. Eh, muchos Yo era de la creencia que nada más en México compraban al día, por decirlo así, y, y no había contratos largos. Resulta que en Estados Unidos era la misma situación y con varias de las empresas que nos juntamos nos dijeron: es que ahora estamos tratando de decidir si contratamos toda la segunda mitad del año, eh, a estos precios o nos esperamos. Es la gran cuestión ahí con las empresas que estuvimos platicando dentro de Estados Unidos. Y eso era nonfat Diego Carvallo: también o queso también. Nonfat. Ajá. Principalmente. Nosotros hemos visto exactamente ese mismo patrón. Los clientes en Estados Unidos tenían inventario al día, tenían una carga de, que tenían que utilizar esta semana y a la semana siguiente les llegaba otra carga y no tenían inventario. Ahora la tendencia es comenzar a construir inventario de seguridad, proteger para al menos dos o tres meses para protegerse de que una carga esté demorada o que no haya producto. Así es, exactamente. Miguel Aragón: Creo que Diego Carvallo: es una reseña muy Miguel Aragón: interesante Diego Carvallo: que, no la había Miguel Aragón: visto yo Diego Carvallo: y se ve ahora. Y eso resulta en demanda adicional, porque eso a la final, cuando todos los clientes de Estados Unidos, muchos, tratan de crear inventario de seguridad a la misma vez, cuando el mercado está muy ajustado, crea un crecimiento en la demanda que no es artif– no es orgánico, pero sí crea una subida en la Miguel Aragón: demanda. Así es. Y creo que alarga esta, esta cuestión que estamos viendo ahora. Está ajustado. Sí, Yara Morales: y lo hemos estado viendo con los clientes de México, los queseros, los que tienen plantas de queso, que han querido cuando menos tener la seguridad de que van a tener el producto, por eso pagan los precios. Entonces, han estado comprando con precios hasta meses adelantados. Y es, y era algo que no se veía. ¿Por qué? Pues porque estamos tan cerca que pueden llevarse el producto, pues en una semana o dos semanas y ya tienen la leche. Pero ahorita con esta escasez, pues la verdad que prefieren cerrar contratos largos, aunque sean meses más adelantados. Diego Carvallo: Correcto, correcto. Un punto también importante mencionar es el costo, cómo está afectando el mercado los altos costos de combustible y de flete, sobre todo para productos económicos. Hace poco estuvimos cotizando algunas cargas de permeato a México y a diferentes partes de Asia, y el costo del flete ha subido muchísimo. Eh, es algo que también está afectando a muchos clientes y viene dado a raíz del conflicto en Asia. Eh, ¿cómo está afectando eso a, a su, a la demanda de queso? Miguel Aragón: Definitivamente nos está afectando porque en, en, como saben, manejamos, eh, tres líneas de queso nosotros. Manejamos el queso de primera, eh, que tal vez es el que no, no refleja tanto, eh, el, el incremento en flete, pero lo refleja, pero lo puede absorber un poco más. Pero en el producto, ah, grado B que decimos nosotros, que se supone que era un poco más barato, eh, sí le afecta porque es un producto más barato. Y ahora el producto, eh, que manejamos para reproceso, que es el producto barato, es el producto para extender la proteína en el queso, eh, para hacer más queso, sobre todo queso análogo, ahí sí se sintió fuerte el i-el impacto del flete, porque a veces son– o sea, ha subido cuatro o cinco centavos por libra de diferentes lugares. Depende de, depende de la geografía de Estados Unidos, de donde estemos mandando el queso y es donde más nos ha afectado. Totalmente. En el Diego Carvallo: producto más barato. Igual que- Y, y no solo es en fletes marítimos, sino en fletes terrestres. La parte del transporte en camión en Estados Unidos ha subido mucho. Nosotros solíamos pagar cuatro o cinco centavos para mover una carga de California a El Paso. Hoy en día ese precio está cercano a los seis, o sea, ha subido un cerca de un 20 % En, en la– cuando movemos Miguel Aragón: produ– movemos queso de, de, de Washington a, a El Paso, estábamos pagando trece centavos la libra. Hoy día diecisiete centavos, a veces dieciocho centavos. Y de-dependiendo también si, si se empieza a mover algo como de, digamos, de, del sur, de, de, del suroeste, cuando empieza a moverse mucho melón o cosas así, o cuando viene la temporada de árboles de Navidad, depende de la temporada, esto va, va a incrementarse aún más. Sí. Yara Morales: Igual que el refrigerado. El refrigerado se estaban pagando doce centavos y ahorita ya están cerca de dieciocho centavos. Entonces sí ha Miguel Aragón: subido bastante. Sí, sí, sí, nos está afectando en el queso, en la, en el movimiento del queso y en el movimiento de la mantequilla, definitivamente. Yara Morales: También. El Diego Carvallo: último tema que nos ha preguntado mucho la gente. Cuéntenos un poquito sobre el tratado de libre comercio y qué expectativas hay ahora que se vuelve a negociar entre Estados Unidos y México Bueno, Yara, tú ya has escuchado porque- La verdad, Yara Morales: hay mucha incertidumbre, hay muchas preguntas. Eh, ahora en junio que viene la revisión, pues, mmm, son varios, varios factores, ¿no? Se viene el, la revisión del Tratado de Libre Comercio y se viene el Mundial de fútbol en los tres países. Entonces todo el mundo anda como que muy alterado con todo eso, porque no saben, no sabemos qué es lo que vaya a pasar, no sabemos cómo se vaya a, a mover ese Tratado de Libre Comercio, si se va a renegociar, qué porcentajes pudieran darse o si vamos a quedar en cero, que es lo que todo mundo pretende, porque pues es la economía de México. La economía de México realmente necesita ese Tratado de Libre Comercio. Y, este, y yo creo que todos, porque para todos es un beneficio, ¿no? Inclusive para Estados Unidos. Entonces hay mucha incertidumbre, ¿no? La verdad, mmm, yo pregunto y ando investigando y todos mis clientes pues no saben qué es lo que vaya a pasar. Miguel Aragón: Así es. Y nos está… esta incertidumbre nos afecta día a día, eh, sobre todo con México por la cuestión del tipo de cambio, porque sale un encabezado y se dispara el dólar, eh, sale otro encabezado y se fortalece el peso. Es cuestión de todos los días, todos los días, este, y las, la cuestión política nos, nos, sí nos está afectando bastante. No, Diego Carvallo: no hay certidumbre. Miguel Aragón: Claro. Eh, pero una cosa superimportante que, que, que creo que está, eh, afectando algo lo del tratado y muchas otras cosas es que se nos vienen las elecciones primarias en, en, aquí en noviembre- Estados Unidos. Estados Unidos. Y a eso tú sabes que- Es muy importante. Es muy importante, porque hay que mover el, el, el, el, el, el, lo que piensa el público. Claro, hay que ganar los votos. Y hay que ganar los votos y aquí vamos a ver si se va a hacer cosas para, para tratar de tener algún efecto sobre eso. Y muchas veces no tiene nada que ver con México, Diego Carvallo: obviamente, también las de Irán, pero el mercado, básicamente, yo creo que va a mantener mucha volatilidad, va, va a haber mucha incertidumbre y, eh, las, las monedas van a tener, obviamente, como resultado una variación bastante violenta. Los bancos nos afectan. Exactamente. Yara Morales: Sí. ¿ Diego Carvallo: Qué otro punto importante? Definitivo, Yara Morales: definitivo. Ay, pues yo creo que todo esto es bien interesante. Vamos a ver qué sucede. Este, no sé qué otra cosa podemos Diego Carvallo: manejar. Voy a estar, yo voy a estar en Antad la próxima semana. Eh, lastimosamente, esta vez no me van a poder acompañar Yara y Miguel Pero yo voy a estar en Antalas, así que con mucho gusto, eh, me, me encantaría conocer y encontrarme con algunos de nuestros clientes estando allá. Así que no duden en, en contactarnos. Así es, así es. Desafortunadamente, Miguel Aragón: yo Diego Carvallo: no Miguel Aragón: voy. Sí. Ah, pero yo voy a estar en, en, en Alimentec, en Bogotá, creo que es. Entonces, si alguien nos está viendo en Colombia o que vaya a estar en Alimentec, por ahí estamos. Excelente, excelente. Que Yara Morales: por cierto también va a haber elecciones en Colombia. Miguel Aragón: También. Así es. Sí, Yara Morales: también va a haber elecciones en Colombia. Hay que ver cómo, cómo se- Más volatilidad. Se ve todo. Más volatilidad todavía. Más Diego Carvallo: gasolina al fuego, sí. Bueno, mil gracias a todos. Gracias, Miguel y Yara. Gracias. Gracias, gusto en Yara Morales: saludarlos a todos. Bye

(00:00) — Welcome and setup: from premed dropout to med student(00:47) — Corporate grind sparks the spreadsheets vs patients question(01:30) — Rewinding to undergrad premed and the 495 MCAT during COVID(03:15) — Finances and first-gen pressure push him off the path(04:35) — Articles, AI, and volunteering rekindle interest in medicine(06:10) — Leadership draw: why physician responsibility appealed to him(07:10) — Timeline: research job, 2018 grad, 2020 MCAT, business analytics at Fordham(09:05) — Undergrad habits, no planner, and managing ADHD with better tools(11:05) — Corporate wins build confidence (Big Four, Wall Street, AVP)(12:50) — Planning the leap: savings, living at home, loans, and side investments(14:10) — Bridge/SMP at Toro Harlem: structure and guaranteed-seat criteria(16:25) — Working at Citibank while starting the master's; then going all in(17:55) — Confirming fit: brief shadowing, almost passing out, but more intrigued(18:55) — Harlem community events as a student doctor and seeing disparities(19:52) — MCAT retake to 501–502; Kaplan and official full-lengths(21:27) — SMP mirrored M1 exams; Z-score cutoff and comprehensive exam(22:45) — M1 transition is easier after the SMP run-through(23:35) — Logistics: 3.45 GPA + comp exam = seat; could apply elsewhere(24:25) — Starting a tea franchise in Astoria with partners during M1(25:35) — Brick-and-mortar stress, construction, and opening mid-semester(26:50) — Hardest part: letting go of a six-figure salary(28:05) — Would he change his path? Choosing experience over speed(29:20) — Exploring passions helps future practice and options(30:52) — Keeping doors open: medicine, consulting, and business(31:28) — Parents' reaction: skepticism to tears of pride(32:34) — Final advice: build confidence and believe in yourselfZarak shares how he walked away from premed after a 495 MCAT and an average undergrad GPA, chased a thriving corporate career, and then found his way back to medicine. A first-gen student, he talks openly about family expectations, finances, and why spreadsheets and commutes couldn't replace patient impact. He explains the planning that made his return possible: saving while living at home, using loans wisely, and enrolling in a one-year bridge/SMP at Toro Harlem that mirrored M1 exams and offered a guaranteed seat with a 3.45 GPA plus a comprehensive exam. He retook the MCAT to around 501–502 using Kaplan and official full-lengths, and found confidence through improved study systems and corporate-built habits. Now an M1, he's volunteering in Harlem, reflecting on health disparities, and even launching a brick-and-mortar tea franchise in Astoria with partners—while keeping med school first. Dr. Gray and Zarak dig into letting go of a six-figure salary, rebuilding confidence, managing ADHD with better tools, and why exploring interests outside of medicine can strengthen your future as a physician.What You'll Learn:- How a low MCAT and average GPA didn't end his med school goals- What a guaranteed-seat bridge/SMP at Toro Harlem required- How he planned the leap: savings, loans, and timing while working- MCAT retake resources he used the second time around- Balancing M1 demands with launching a brick-and-mortar business

Scale Model Podcast — Episode 161 Beyond The Box Art® — Episode 28Breaking the Hiatus!Hiya Benchmates — and a very warm welcome to something a little bit special.This episode sees Beyond The Box Art® joining forces with the Scale Model Podcast as we help cover the gap SMP has left since Stuart took a break to look after his better half following a prolonged health issue — and what better way to do it than with a proper transatlantic natter session.Joining Brownie for this one from the UK are Dan Brazil & Shane Cowie and from SMP we have dusted off Geoff Heyland and Terry Miesley for a general hobby conversation and how BTBA was robbed at the moosaroo cup ???? amongst many other topics.Unfortunately we had a technical issue whilst recording, so there are a few bits of the conversation which sound a bit odd or not to the normal quality we try to put out – but it was better than losing a big chunk of the show!⭐ Stash Inflation ReportAs always, we bring you the latest kit announcements, new releases, aftermarket updates, and all the incoming damage to your wallet that's heading straight for the stash.⭐ Plus… The Usual BTBA & SMP BanterAlongside the feature, expect plenty of bench chat, laughs, and that unmistakable mix of insight and nonsense that only happens when modellers get together — this time, on both sides of the Atlantic.If you enjoy hearing passionate modellers talking honestly about the hobby — this is absolutely one you don't want to miss.So… clear a space on your bench, line up the sprues, grab a brew…Episode 161 & Episode 28 starts NOW!Brownie, Dan, Shane, Terry & Geoff Models. Modellers. Meaning.???? ContactBeyond the Box Art® Email: info@beyondtheboxart.comWebsite: www.beyondtheboxart.comScale Model Podcast Website: https://scalemodelpodcast.com/???? Show SponsorsBeyond The Box Art® AMMO by Mig Jiménez — www.ammo.esFischkopp Model Company — https://www.fischkoppcompany.de/Guideline Publications — https://www.guidelinepublications.co.uk/Phase Hangar Resin Accessories — https://phasehangarresin.com/The Scale Modellers Supply — https://www.scalemodeller.com.au/Scale Model Podcast Cult TV Man Shop — https://www.culttvmanshop.com/Seans Custom Model Tools — https://seanscustommodeltools.com/???? Useful LinksPondstones — https://pondstones.sumupstore.comMachModels — https://www.youtube.com/@machmodels48 in 48 — https://48-48.orgModels for Heroes — https://modelsforheroes.org.ukEduard — https://www.eduard.com/Airfix — www.airfix.comIPMS UK — www.ipmsuk.orgScale Modelling Now — http://www.scalemodellingnow.comInside The Armour — https://www.insidethearmour.com/Red Beach One Studios — https://www.facebook.com/RedBeachOneStudios/ 

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.

In this episode of Lead Time, Tim Ahlman sits down with two longtime Concordia Seminary professors, Dr. Andy Bartelt and Dr. James Voelz, for a wide-ranging conversation on time, aging, biblical literacy, seminary history, SMP, distance education, churchmanship, and the future of pastoral formation in the Lutheran Church—Missouri Synod.Dr. Bartelt and Dr. Voelz bring decades of experience teaching future pastors, shaping theological education, and wrestling with the big questions facing the church. Together, they explore why the LCMS has historically operated with more than one formation track, how the Springfield/Fort Wayne story shaped today's debates, why SMP and DELTO emerged, and why honest, humble conversation is needed now more than ever.If you care about the future of the LCMS, pastoral formation, biblical literacy, theological education, or mission in North America, this is a conversation worth hearing.Subscribe to Lead Time for conversations on Lutheran theology, church leadership, mission, pastoral formation, and the future of the LCMS.Support the show⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️Care about the future of the LCMS?Join the LCMS Current! (LCMS Current Events Newsletter)https://www.uniteleadership.org/thelcmscurrent⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️⬆️To learn more, visit uniteleadership.org

The LCMS is facing a pastoral shortage—so why limit one of its fastest-growing pathways? Chris Holder shares what it's really like to go through the SMP program. To access the show notes, go to www.redletterpodcast.com.

Brian Yamabe talks with Pr Willie Grills on Synod Stories about his journey in the ministry, spiritual discipline, the history of pastoral formation, and the SMP program. Visit our website - A Brief History of Power Thanks to our sponsors, Ad Crucem, Memento, and Gnesio Health Music thanks to Verny

In this episode: April 2026 Payroll Changes | Tax, SSP, NMW & EV Salary Sacrifice ExplainedPayroll Question Time is brought to you by SD Worx. SD Worx offers smart, tailored and integrated HR and Payroll solutions, along with the local expertise, global reach and reliable service you need to grow your business today!The new tax year is here. Is your payroll ready for everything April 2026 brings?In this March edition of Payroll Question Time, host Steve Yardley and our expert panel break down the most critical changes hitting payroll teams right now, from fiscal drag and frozen thresholds to the landmark overhaul of Statutory Sick Pay, the launch of the Fair Work Agency, and the often-misunderstood world of EV salary sacrifice schemes.With the end of the tax year upon us, we cut through the complexity so HR, payroll, and finance professionals can head into the new financial year with clarity and confidence.We cover:Fiscal drag and frozen thresholds: what the rise in tax revenue to 37-38% of GDP means for employees and employersScottish income tax band changes and what payroll teams need to updateStudent Loan Plan 5: the new starter checklist rules and how to apply them correctlyStatutory payment rate increases for SSP, SMP and parental payPayrolling benefits in kind: voluntary registration deadline and preparing for mandatory payrolling in 2027Fair Work Agency launch on 7 April: enforcement powers, naming and shaming, and what it means for complianceNational Minimum Wage pitfalls: unpaid working time, salary sacrifice traps, apprentice rates and the 389 employers named and shamedHoliday pay complexity: average pay calculations, audit risk and Fair Work Agency enforcement aheadStatutory Sick Pay overhaul: day one rights, two-tier rates, transitional protections and software readinessPensions update: frozen auto-enrolment thresholds, pensions dashboard progress and tax relief confusionEV and hybrid car salary sacrifice: myths debunked, NMW risks, company car tax increases through to 2028-29 and maternity leave trapsDon't forget to subscribe and turn on notifications to stay updated with every Payroll Question Time.Learn more about SD Worx Academy training courses: https://www.sdworx.com/en-enFind your ideal candidate with our job vacancy system: https://jgarecruitment.ck.page/691ee4…Nick Day's LinkedIn: https://www.linkedin.com/in/nickday/Our Panel:Simon Parsons, Director of UK Compliance Strategies at SD WorxRichard George, Payroll LeaderSteve Yardley, Managing Director, JGA RecruitmentSam Mann, Payroll Consultant, Armstrong Watson LLPHashtags: #PayrollQuestionTime #EmploymentRightsBill #NMW2026 #UKPayroll #PayrollCompliance #HRCompliance #SSPChanges #PayrollingBenefits #HolidayPayRules #PayrollUpdates #TroncAndTips #TaxAdvisory #PayrollRiskManagement #PayrollLeadership #SDWorx #PayrollProfessionals #HRandPayroll #PayrollTraining #UKEmploymentLaw #PayrollAccuracy

Join Scott as he shows off CircuitPython on the new nRF54LM20A, talks about how Claude Code continues to change the way he works and answers any questions folks have. Tim will fill in for Scott next week. Check out his Tuesday Deep Dives at 11am Eastern US. 0:00 Getting started 1:14 Hello and welcome to deep dive 2:22 NRF 54 lm20A demo running micropython 3:30 also shown adafruit Edge Badge AKA pygamer 4:20 ( Tim filling in next week / no Scott ) 5:05 nRF54LM20A bluetooth capable with NVM ( resistive RAM ) 7:00 nRF54H20 high power version 10:10 bringing it up with Zephyr 13:10 connect up the board - investigate warnings 14:30 discuss performance difference between CP on Zephyr vs native on board 16:00 SMP support (in future?) 17:30 Mixed feelings about Zephyr - startup, kconfig, device tree 18:30 LM20A - no bluetooth support in Zephyr yet 19:20 USB works, but note USB HID under zephyr 20:00 zephyr native simulator 21:15 support from LLMs does help 22:00 github actions 24:30 review issue #13803 29:00 using Salea logic analyzer / perfetto with agents 31:05 gifourchette https://github.com/tannewt/gitfourchette/tree/tannewt 35:50 worktree support also added / future change github integration / CI status 40:54 mailbag - m5stack PoE P4 - usb-ip access 44:50 m5stack Dial and Tab5, and M5 paper 48:06 xteink - magnets for phone 49:40 ST C562 nucleo with usb / and another board from ST 50:56 NXP IMX RT1180 - rt1186 lower cost dev board with 4 ethernet ports - 800MHz 54:00 zephyr supported board list 55:00 stm32 n657 59:05 i2c knobs - multimaster - to avoid polling - i3c may help 1:01:40 wrap up - out next week - thanks to Tim Visit the Adafruit shop online - http://www.adafruit.com ----------------------------------------- LIVE CHAT IS HERE! http://adafru.it/discord Subscribe to Adafruit on YouTube: http://adafru.it/subscribe New tutorials on the Adafruit Learning System: http://learn.adafruit.com/ -----------------------------------------

In this episode of Lead Time, Tim Ahlman and Jack Kalleberg sit down with Texas District President Jon Braunersreuther to discuss:• The growing pastor shortage in the LCMS• The debate surrounding SMP pastoral formation• Why the size of the harvest should change how we think about leadership• How First Article Gifts (reason, leadership, strategy) can be faithfully used in the church• Leadership lessons from Jim Collins' Good to GreatStay up to date by Joining the LCMS Current! (LCMS Current Events Newsletter)https://www.uniteleadership.org/thelcmscurrentWith 30 million people in Texas and an estimated 22 million far from Jesus, the question becomes unavoidable:Is the church preparing enough workers for the harvest?This conversation challenges pastors, church leaders, and lay leaders to think bigger about mission, leadership, and the future of the church.Support the showVisit uniteleadership.org

What happens to dairy markets when one of the world's busiest shipping lanes suddenly gets disrupted? With the Strait of Hormuz under pressure and trade routes across the Persian Gulf in question, exporters are scrambling to figure out how to move product. What does all this mean for global dairy demand? In this episode of The Milk Check, host Ted Jacoby III sits down with the Jacoby trading team to talk through what happens when geopolitics collides with global dairy trade. We dig into: How exporters may reroute product through alternate ports like Jeddah Why trade flows could shift between the U.S., Europe, Oceania and Southeast Asia How energy prices and freight disruptions could ripple through dairy markets Whether this disruption boosts demand in the short term or destroys it if it drags on Find out how one shipping lane could reshape the global dairy trade. Listen to The Milk Check episode 95: The Strait of Hormuz: What the Iran Conflict Means for Dairy Trade. Click below to listen or find us on Spotify, YouTube,  Apple Podcasts, and Amazon Music. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check Ted Jacoby III: [00:00:00] Coming up on The Milk Check. The Strait of Hormuz is closed. The port of Dammam is closed. Joe Maixner: There’s definitely product that’s stuck, can’t get to its destination. 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. Today we’re gonna talk about what’s going on in the dairy market, specifically global trade. We’re recording this on March 6th, 2026, and seven days ago the U.S. bombed Iran.  As we [00:00:30] speak, the Strait of Hormuz is closed. The port of Dammam is closed, and trade flows are getting rearranged as we speak. Today with me, we have Joe Maixner, head of our butter trading book. We have Josh White, we have Diego Carvallo, and we have Mike Brown. And we thought it would be appropriate to discuss what’s going on in the Middle East, specifically how it’s affecting the dairy industry, and what its short-term and long-term effects will be on dairy demand. We’re gonna start with Joe. Joe, what are you hearing out there right [00:01:00] now? Joe Maixner: There’s definitely product that’s stuck, can’t get to its destination. Both going into Port of Dammam and other Middle Eastern ports for that matter. With butter’s moves over the past year, the Middle East market had been probably the largest growth opportunity for us in global exports for butter. Fortunately, this all happened after the rush for Ramadan to get everything in. So, I would say that it’s not as bad as it could be right now, but there is certainly product that’s stuck on the water looking for [00:01:30] alternative options to get to land. And there’s quite a bit of product that still is waiting to leave the U.S. that we’re not quite sure if and when it will actually leave. A lot of it’s still up in the air. Nobody really knows, what to do yet. I think it’s still too early to tell. Nothing’s been canceled per se, but the longer that this drags on, we’re certainly going to have some effects from it. Ted Jacoby III: There’s a lot of talk that maybe this war is gonna be a five to six week war. If the Strait of Hormuz is closed for five to six weeks, as is the [00:02:00] Port of Dammam, is that enough to cancel orders? Is that too long? Joe Maixner: I would say it should probably cancel some orders. I wouldn’t say it would cancel everything, but they’re gonna have to get product at some point from somewhere, They can’t completely stop. People are gonna have to eat. Production will still have to continue, and they’re gonna have to source product from somebody. And if we can’t get it there, they’ll find it from somewhere else. Ted Jacoby III: I’m hearing that one of the things that they’re exploring is shipping into Jeddah, which if you look at a map of the Middle East, Dammam is in the Persian Gulf on [00:02:30] one side of the peninsula. Jeddah is basically on the exact opposite side of Peninsula on the Red Sea. So they’re talking about shipping into Jeddah and then shipping it across the land to where it might need to go. The first thing that occurs to me is Dammam, I believe, is a bigger port than Jeddah. And so if you take all those container ships going into Dammam and send them to Jeddah instead, there’s not gonna be enough room to unload ’em all. And so, at the very least, the traffic’s gonna be pretty horrific. Are you guys hearing people working on that too? Joe Maixner: Yes, they’re looking at alternate ports of [00:03:00] entry and moving the product around. Jeddah is one. Casablanca is one. Going into Egypt is one. There are options. All of ’em are more expensive and it’s just gonna depend on how desperate the end user is to get the product. Josh White: We’ve got some experience dealing with trade disruptions over the past decade, and we tend to see the playbook similarly each time. And then when we talk about what’s specifically happened in our markets now, I think We can watch for some warning signs. Number one is in these type of situations, we start worrying about trade [00:03:30] flows, energy, freight, congestion, those type of things, all impacting markets and trade. Additionally, when we think about this conflict, there’s maybe three different scenarios to talk about. It’s very intense right now. Does that intensity continue for a very long time? What does that mean for our trade? It’s very intense right now for, but after, four to six weeks, maybe it continues on, but it’s more stable or consistent and the world learns how to trade around it. And then the third one is the one you [00:04:00] outlined earlier, which I think is a bit optimistic, usually these things don’t just go away that quickly, is that it’s over in a short amount of time. That’s the easiest one for us to project. That just creates a short-term concentration pent-up demand, pent-up shipments, and we just gotta work our way through that bubble. I think the middle one’s more likely. Not because I’m an expert on these things, but we’ve seen what happened in different conflicts in different situations. The middle one being it’s intense for a bit, then it becomes more consistent and normalized, and we just learn how to work [00:04:30] around it. What does that mean? And to me, that redirects trade flows. For instance, the U.S. has been very competitive in the Middle East for butter and cheese. It’s not the first time we’ve been competitive. We were competitive 15 years ago or so at a pretty good rate where we were an net exporter of butterfat, cheese I think we’ve been fairly consistent throughout, but it takes time to get there. Our biggest obstacle in doing business with that market versus Europe as a competitor, is the transit time. We inflate the freight rates, we increase transit [00:05:00] time, there’s concern of access to supply because of turbulence or stability, our price could be fine, and we could still miss some business because you have to buy now or you’ve gotta get product in now, or you just don’t have time to wait the, what, six weeks from order at minimum, probably more like a quarter, oftentimes, to get the product. That’s maybe our biggest obstacle right now is redirected trade lanes, not price. Joe Maixner: All of these trade disruptions create opportunity elsewhere. If our price comes off, [00:05:30] as it has, butter shot up earlier this week, it’s come back off here at the end of the week. It’s created opportunity for trade into other export markets. Where one door closes, another opens. Ted Jacoby III: How do you think those trade flows change? What comes, what goes, what are the changes that you think will happen? Let’s assume that the Persian Gulf is off limits for two or three months. What does that mean for dairy? Josh White: Lost demand, if it’s that long.  That’s lost demand. Now if we assume that we’re able to redirect product to [00:06:00] maintain the same demand, you’re gonna have trade lanes shift, right? What are the options? Ted Jacoby III: Let’s articulate this a little bit more for our listeners. When we’re talking about trade lanes shifting, right now there’s product on the water trying to head there that can’t. What’s gonna happen to those ships? That’s one. Two, there’s product that was sitting in the port about ready to ship. I think there were a lot of calls this week. I think we know of quite a few calls this week where they basically said, “Let’s sit on it. Let’s wait for this all to calm down before we actually ship it.” And three, [00:06:30] there’s product that maybe was scheduled to ship in a month or two. I think it’s fair to say, people probably have to figure out immediately what are they gonna do with the product that’s on the water right now. And I think the other two, they may be able to give it a little bit of time, decide whether or not they’re gonna cancel any orders and redirect it. Diego, the product that’s on the water right now, what do you expect happens to it? Diego Carvallo: Ted, I’ve been internally debating this for a while and even with the team. I think a few things are happening, but I don’t know which one has a bigger magnitude. Supply chains used to be very thin [00:07:00] for skim milk powder for the past year or two years. They are gonna have to build more inventory for those supply chains because product might take 60 days instead of 30 days to ship it. Product is gonna get stuck at the port of entry, port of shipment, in transit, et cetera. So, I think that bumps up demand artificially. Yeah. But there’s more product that’s gonna be stuck in the supply chain. That’s the first thing that comes to mind short-term, if this doesn’t continue to escalate. But if things continue to [00:07:30] escalate, and three weeks from now or a month from now, we’re still not being able to ship product to those destinations, product is gonna start backing up at ports of loading, right? So we’re gonna start hearing from the California manufacturers that they have a 100, 200 loads at port, and that prospects are not great for shipping, and that we should find new homes for that, right? I think if this gets solved the short-term, it’s positive for demand. It’s bullish market, but if it goes more long-term, you start killing demand, and you start needing to [00:08:00] find homes for additional product. But I know that everybody, at least on our team, has different takes on the whole situation. Ted Jacoby III: I would agree with that. I tend to lean to the side that, politically, the Trump administration can’t afford for this to go on too long, and the longer the strait is closed, the more political pressure they’re gonna have to resolve things. It’s realistic to consider that there’s a possibility that this thing goes on for a really long time, and that strait is closed for a really long time. Diego Carvallo: The second topic that I think we should talk a little bit about is what is a [00:08:30] psychological implication that this has on buyers? For example, on Chinese buyers who depend on products that go through that canal. That’s why I lean towards supply chains are gonna have to increase the amount of product they have, and end users are gonna change a little bit their procurement practices to increase their stocks. Yeah. Josh White: That happened post COVID, right? And didn’t last very long. Ted Jacoby III: I’d say it lasted two years. Josh White: But my point wasn’t that two years wasn’t a long time. It [00:09:00] was more of: they reverted back to the just-in-time model once things stabilized. Ted Jacoby III: Yes. That is a good point. I do agree with that. But you know what, even though they reverted back to the just-in-time model, two and a half months ago, prices were low enough that I think there were people trying to rebuild their stocks because they felt that prices were low enough to do that. I don’t know if they actually succeeded. My gut, based on what we’re hearing from customers right now, is they didn’t, but there was certainly a willingness to build back inventory levels if the price was right. In the [00:09:30] meantime, we’re dealing with disrupted trade flows. And so my second question for you guys is, we talk about disrupted trade flows, but let’s put some examples under that so our listeners understand what we’re talking about. How will these trade lanes shift? Where will product flows change? Will we see maybe more U.S. product going into Southeast Asia, more European product going into the Middle East, because perhaps they can put it on a truck and ship it through Istanbul by rail or by truck all the way there? I don’t know. Josh White: Yeah, I [00:10:00] think that’s a super good point, and it goes into what Diego said, which I don’t think is limited to nonfat, by the way, or milk powders. I think customers need to buy, and are used to getting what they need quite easily, and they’ve run their structural days in inventory down quite a bit to where that’s going to require people to buy from where they can get it quickly. This disruption has served as a bit of a catalyst to something I think was already materializing or happening. And now if you inflate freight rates a little bit more, that’s only gonna make it that [00:10:30] much more pronounced: that you need to buy from who’s close. New Zealand’s having a good back shoulder of their season, too, and I believe that there’s quite a bit of New Zealand product that is on its way or destined to go to the Middle East and North Africa. So when we think about what happens, I think everyone goes back to their closest trade partner. That takes the Oceana product to Asia. It takes the U.S. product, obviously, to Mexico. There’s at least some risk that European product was gonna come to Mexico. This is making that more difficult, I imagine, as [00:11:00] well. And I guess they’re gonna have to problem solve if that demand holds under the scenario we talked about earlier: that Europe’s got a lot of product right now. There’s a lot of milk, and they’re making a lot of everything. And thus far, it’s been okay because exports have been reported to be good. Maybe we’re talking about how this impacts the Americans, but I imagine that the impact might be a little bit more extreme for the Europeans. There’s another impact in there that I think Diego touched on. When you have commitments for product [00:11:30] and that product takes longer to get to you, and you’re running your supply chain thin, you reach out then and buy other product at a higher price, often, to fill your immediate demand. And once everything stabilizes, you actually are structurally oversupplied. We experienced that within recent history. Ted Jacoby III: Oh, absolutely. Josh White: And so that creates that air pocket in demand that will eventually arrive. We just don’t know when. Ted Jacoby III: What I imagine is, those boats that are on the water that were heading to Dammam when all this [00:12:00] started, they’re either parked right now, waiting to see if everything clears up, or they’re getting themselves rescheduled into Jeddah to try and figure out how to get there another way.  I would assume the product that hadn’t been loaded onto a ship yet is backing up at the port for a little while. How long do you think it takes? How long do we need to be watching this conflict continue to go on, watching the Strait of Hormuz continue to be closed, how long will it take before do you think they’ll start selling that product elsewhere? Canceling contracts and selling it elsewhere? A [00:12:30] month, two months? Because my gut tells me that’s when you really start seeing the market shift around. Right now, everybody’s just in a waiting period. Right now everybody’s just wondering if this thing’s gonna last a long time or a short time, and they don’t wanna overreact just for everything to clear up in the next week or two, even if the possibility is low. Josh White: Nonfat futures are inverted, so I would imagine, not very long at all, but I don’t think nonfat is the most impacted product here.  The curve on the butter futures has really flattened out as well. There’s not a long time window there either if we don’t put [00:13:00] a decent carry back in the market. Ted Jacoby III: So the market is already pricing in the possibility of this going on a long time, but the cash markets haven’t really fallen yet because there’s still hope. Maybe that’s a good way to put it. Josh White: It’s only been a week, one business week. That’s a big conclusion that our team had, earlier today, is that we came in Monday, following the announcement, and we’re like, okay, what happened to dairy? And the reality is everyone’s trying to figure it out and it’s gonna take some time. So I don’t think we’ve seen the reaction or response to the [00:13:30] situation actually materialize yet. Ted Jacoby III: Do you think that the question everybody should be asking is how long is it gonna take for the Strait of Hormuz to open? Joe Maixner: That’s a big caveat in this whole situation, right? Once that opens and trade flows resume, that clears a lot of things up. Regardless, it’s gonna take time to clear up, right? Because you’re gonna have a backlog, but the sooner that reopens, the sooner things pseudo get back to normal. Mike Brown (2): So much energy flows out to that strait to the rest of the world, particularly to Asia that it could affect incomes effect ability to [00:14:00] purchase products as well. It isn’t just bringing things in, it’s how they get the oil out. Question for Diego, Iran certainly makes some SMP. Do you think that has any impact at all? Diego Carvallo: That’s a really good point you’re bringing up, Mike. Iran had for the past five years ramped up their SMP experts significantly, so I believe, if I’m not wrong, in 2025, they exported something like 120,000 metric tons of skim milk powder. It’s obviously not [00:14:30] one of the biggest exporters in the world, but it’s a significant exporter. The most important takeaway is that they would supply those markets that are being affected by these interruptions the most. It’s not only that region has fewer access to European and American and even New Zealand sources, but also one of their main providers has an active block on food exports as of right now. Both things tell me it’s gonna be harder for demand to [00:15:00] get access to the product. If it extends this issue in time, this is definitely gonna kill demand. Ted Jacoby III: Let’s talk this through. The longer this goes on, what are the countries that are really gonna start seeing drops in demand because their revenue is dropping. Obviously Iran, I think you gotta include Iraq, Saudi Arabia, Kuwait, UAE. Joe Maixner: Yep. Ted Jacoby III: I think China, too, because they don’t have the access to energy. And maybe some of the other major importers of Middle East oil. Now, some of it will switch, probably go [00:15:30] outta Jeddah, but I don’t think there’s a lot of oil exports leaving Jeddah. I think it’s all in the Gulf. Joe Maixner: What does it do for European product though, given the fact that this is going to cause a spike in natural gas pricing. This is gonna cause a spike in all energy pricing.  When the whole Ukraine situation escalated and Europe lost access to gas, it would cost something like $500 per metric ton just to dry the product because of [00:16:00] the increased cost of gas. That put a lot of pressure onto the skim milk concentrate, and it gave a lot of support to skim milk powder. Diego Carvallo: I think something similar is gonna happen in the coming weeks because we all heard the news about if I’m not wrong, it was Qatar that just shut down the world’s biggest LNG plant. And it takes, I believe it’s 40 days for it to be back online at full operations. It’s not a one or two day interruption. It’s a [00:16:30] substantial interruption in the energy supply at a worldwide level. Ted Jacoby III: The one big difference between when we’ve seen gas prices spike in the past, and this time is in the past, when energy prices spiked, demand in the Middle East would actually go up because they’d have more revenue and more income. They don’t this time around because it’s spiking because they can’t be the exporters and make those sales. I think that’s important to take into account. You’ve got a scenario where if this goes [00:17:00] on long enough, I think there’s some real negative effects on demand that we’ve gotta start coming to terms with, I don’t think that matters if everything opens up within the next two to four weeks. We’ll see if that happens. Mike Brown (2): Generally, this administration has responded to economic pressure. We see what’s happening in the stock market and we see what’s happening with energy costs, they’re gonna be rethinking hard on how long they want this thing to stretch out, regardless of what maybe some of our partners would like it to be. There’s gonna be some strong economic pressure internally. Even the Senate, who voted to support [00:17:30] continuing the fighting in Iran did say, we’re good for now, but we’ll revisit this if we need to.  That pressure by the day is gonna keep going up. Ted Jacoby III: I’m a hundred percent in agreement with you, Mike, and that’s why my hunch is you’re not gonna see the strait shutdown for an extended period of time. But we don’t know. We’ll have to wait and see. Hey, thanks guys. That was a great discussion today. It remains to be seen how this plays out. This is something that absolutely bears watching because it clearly is going to have some effect on dairy demand. We will see. [00:18:00]

Rookies Review at SMP The opening round at Sydney Motorsport Park gave us our first real look at the new wave of Supercars rookies, and in this episode Tony Whitlock brings them together for an honest, energetic debrief. Zach Bates, Jackson Walls, Jobe Stewart and Rylan Gray each sit down to unpack their first races of the year the nerves, the learning curve, the surprises, and the moments they'll be carrying into Round 2. From adapting to Main Game intensity to understanding the rhythm of SMP under pressure, Tony guides the four rising stars through what clicked, what didn't, and how they're shaping their rookie campaigns. It's a raw, insightful look at the next generation as they take their first real steps into the championship fight. From the race track to your device with Tony Whitlock on Inside Supercars Inside Supercars Podcast: Subscribe Apple Podcasts I Spotify I Google Podcasts Supported by: P1 Australia Link:P1 Australia MusicCreative Commons Music by Jason Shaw on Audionautix.com MusicComa-Media from Pixabay #RepcoSC #TCRAust #Supercars #Motorsport #ADL500

Dr. W. Mart Thompson, Director of the SMP Program at Concordia Seminary, St. Louis joins Zach to explain how SMP works, who it's for, why it exists, and what outcomes the LCMS should actually expect—cutting through confusion in a convention year. To access the show notes, please visit www.redletterpodcast.com.

Jack Kalleberg joins Zach to discuss pastoral formation, leadership development, and the hidden costs shaping the future of the LCMS—exploring opportunity cost, SMP, online formation, and what the church needs next. To access the show notes, please visit www.redletterpodcast.com.

In this episode of the Solar Maverick Podcast, host Benoy Thanjan is joined by returning guest and co-host Nate Jovanelly, CEO and Founder of Sunraise Capital, for a deep dive into the US Residential Solar Outlook for 2026. With major policy changes, the elimination of Section 25D for homeowners, and a rapid shift back to third-party ownership models, the residential solar market is undergoing one of the biggest transformations in its history. Benoy and Nate break down what changed in 2025, how the Big Beautiful Bill reshaped the market, and what installers, investors, and homeowners need to understand heading into 2026. They explore the return of leases and PPAs, the growing importance of energy storage, the impact of FEOC and domestic content requirements, rising equipment complexity, and how customer acquisition is evolving. Nate also shares candid insights from building Sunraise Capital over the past two and a half years and offers advice for clean energy entrepreneurs navigating turbulent times.   Notable Quotes * “The only constant in solar is change.” * “Leases are back, and they're back for a reason.” * “Complexity is becoming the moat in residential solar.” * “Solar is still sold, not bought, and that has to change.” * “The companies that survive this period are going to thrive.”   Why This Episode Matters The residential solar industry is entering a new era. With homeowner tax credits gone, equipment rules tightening, and storage becoming mainstream, 2026 will separate the adaptable companies from the rest. This conversation provides real-world perspective from the front lines and cuts through the noise to explain what is actually happening in the market. About the Solar Maverick Podcast The Solar Maverick Podcast is a leading clean energy podcast hosted by Benoy Thanjan, Founder and CEO of Reneu Energy. The show features in-depth conversations with industry leaders, entrepreneurs, investors, and policymakers shaping the future of solar, storage, and the global energy transition. Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla's Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market. As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm's renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar.   Nathan Jovanelly Nate is the CEO and Founder of SunRaise Capital's mission is to provide affordable and accessible renewable energy options to homeowners, while reducing carbon footprints and creating a sustainable future for generations to come. They achieve their mission by partnering with industry leading solar installers to provide our customers with the best possible solar experience at competitive rates. As the CEO of an innovative residential solar lease company, he spearheads strategic initiatives aimed at harmonizing the objectives of our funding partners, installation teams, and homeowners. With a relentless focus on alignment, he cultivates collaborative relationships to ensure mutual success and satisfaction across all stakeholders. Through innovative leadership and a commitment to transparency, he drives sustainable growth while delivering exceptional value to our investors, installers, and customers alike.   Stay Connected: Benoy Thanjan Email: info@reneuenergy.com  LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com/       Nathan Jovanelly     SunRaise Capital Website:  https://www.sunraisecapital.com/     Linkedin:  https://www.linkedin.com/in/natejov/     Email:  nate@sunraise.com   Nate's other interviews on the Solar Maverick Podcast SMP 228: After the Big Beautiful Bill: What's Next for US Residential Solar? https://solarmaverick.podbean.com/e/smp-228-after-the-big-beautiful-bill-what-s-next-for-us-residential-solar/ SMP 205: Revolutionizing Solar Finance: How SunRaise Capital Attracts Investors to Residential Solar Projects? https://podcasts.apple.com/us/podcast/smp-205-revolutionizing-solar-finance-how-sunraise/id1441876259?i=1000702871242   SMP 194:  2025 Solar Outlook https://solarmaverick.podbean.com/e/smp-194-2025-solar-outlook/   SMP 176:  REplus takeaways https://solarmaverick.podbean.com/e/smp-176-replus-takeaways/   SMP 166: Residential Solar Trends https://solarmaverick.podbean.com/e/smp-166-residential-solar-trends/    SMP 150: How SunRaise Capital is innovating residential solar financing? https://solarmaverick.podbean.com/e/smp-150-how-sunraise-capital-is-innovating-residential-solar-financing/    Solar Maverick Episode 147:  RE+ Takeaways https://solarmaverick.podbean.com/e/smp-147-re-conference-takeaways/    Solar Maverick Episode 139: Opportunities and Challenges with the PJM Solar Market https://www.youtube.com/watch?v=u14GHBkqcqo    Solar Maverick Episode 134: 2023 Solar Predictions https://solarmaverick.podbean.com/e/smp-134-2023-solar-predictations/   SMP 131:  How Technology and Software are innovating the Solar Industry? https://solarmaverick.podbean.com/e/smp-131-how-technology-and-software-is-innovating-the-solar-industry/    SMP 100: US Residential Solar, Storage, and Electric Vehicle Trends https://solarmaverick.podbean.com/e/smp-100-us-residential-solar-storage-and-electric-vehicles-trends/    SMP 74: Impact on COVID-19 on Residential Solar https://podcasts.apple.com/us/podcast/smp-74-impacts-of-covid-19-on-residential-solar/id1441876259?i=1000475840259      SMP 58:  Residential Solar Financing and Other Interesting Topics https://podcasts.apple.com/tc/podcast/smp-58-residential-solar-financing-other-interesting/id1441876259?i=1000459212910    SMP 20:  The Solar Intrapreneur Story:  How Nate helped IGS become one of the biggest solar asset owners in the US https://podcasts.apple.com/tc/podcast/smp-20-solar-intrapreneur-story-how-nate-helped-igs/id1441876259?i=1000432329129   Please provide 5 star reviews      If you enjoyed this episode, please rate, review and share the Solar Maverick Podcast so more people can learn how to accelerate the clean energy transition.    Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, C&I, utility-scale, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.

In this chilling new episode of Drew Blood's Dark Tales, vanity, desperation, and hidden menace intersect in a story that peels back the glossy surface of self-improvement to reveal something far darker beneath. When one man seeks a simple solution to his insecurities, he steps into the orbit of a charismatic “professional” whose charm is only the first layer of a far more unsettling reality. What follows is a slow descent into tension, odd behavior, and creeping dread—where every smile hides a secret and every promise comes with a price. “Psycho Sam” by Bryan Asbury — Matt Jersen has spent years struggling with thinning hair and the quiet shame that comes with it. When he discovers a charismatic SMP practitioner who promises a life-changing transformation, Matt jumps at the chance to reclaim his confidence. But once inside the walls of a rundown clinic, he finds himself entangled with a man whose charm masks something far more unstable. As the procedures grow stranger and the behavior more erratic, Matt realizes too late that he may have trusted the wrong set of hands. A tense, spiraling tale of insecurity, manipulation, and the terrifying cost of misplaced faith. To watch the podcast on YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://bit.ly/ChillingEntertainmentYT⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Don't forget to subscribe to the podcast for free wherever you're listening or by using this link: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/DrewBlood⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ If you like the show, telling a friend about it would be amazing! You can text, email, Tweet, or send this link to a friend: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bit.ly/DrewBlood⁠⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices