Podcasts about SMP

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.

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 uncertainty swirls in the Middle East as Iran has shot down an American Apache helicopter (and Trump is looking more like Jimmy Carter by the day). But more ships are transiting (paying Iran's toll), and that extra oil is easing the global price. But first locally, the overnight dairy Pulse auction delivered lower prices for the four products offered. AMF was down -4.6% from last week's full auction. Butter was down -0.6%. SMP was down -5.5% and WMP was down -3.5%. But an intervening -2% fall in the NZD took some of the sting out of these retreats. In the US, NFIB Business Optimism Index fell again and to its lowest since October 2024.. These businesses are struggling with "significant and unpredictable hikes in fuel prices", which they find harder to pass on to their customers compared to their larger corporate competitors. The weekly ADP jobs report said new private sector jobs created were lower last week at +29,000, in fact their lowest since the end of March. American existing home sales actually rose in May to an annualised rate of 4.17 mln, its highest of the year. This was impressive because mortgage interest rates rose in the period and seems not to have been the handbrake sometimes assumed. All the same, unsold inventory rose. There was a small but notable increase in demand for the overnight and popular US Treasury 3 year bond which delivered a median yield of 4.15% (high of 4.19%), sharply up on the 3.92% median at the prior equivalent event a month ago. In April, US exports of goods and services rose +2.6% from March +12.5% from a year ago, helped by better exports of crude oil, AI computer gear and aircraft, but most offset by a quite sharp fall in tourism receipts. Imports were up +1.9% from March, up +9.1% from a year ago, dominated by capital goods and rising transport and travel cost by Americans. Their trade deficit narrowed slightly, but big trade deficits remained with Taiwan (-$19.3 nln), Vietnam (-$19.3 bln), Mexico (-$14.8 bln), China (-$12.0 bln), the EU (-$7.2 bln), and Canada (-$6.2 bln). The Texas screwworm outbreak is spreading which will affect their beef trade. The outbreak now includes for a dog. Meanwhile, Canadian exports rose +1.6% from the previous month to C$75.2 bln in April, the highest on record and up +24.7% from the same month a year ago. Imports rose too, but they still managed to report their best monthly trade surplus since January 2025 and their best April since 2008. Across the Pacific, China's exports surged +19.4% in May from a year ago to a record high of US$377 bln, far exceeding forecasts of +15% and accelerating sharply from April's 14.1% rise. It was the fastest increase since February and gave them a trade surplus of +US$105.4 bln. However, Chinese oil imports hit an eight year low in May. Across the strait, Taiwan said its exports rose even more impressively, up +52% from a year ago. Their imports were up +55%. That means a trade surplus for them of +US$17.9 bln, middle-range for what they have had since October 2025 and wildly higher than in any prior period Japanese machine tool orders fell in May from April after falling in April too. But they remain up +37% from a year ago. The monthly easing was for orders from both domestic and foreign customers. Staying in Japan, reports are growing that their central bank will raise its policy rate by +25 bps to 1.0% when they meet on Friday week. And they are likely to pause their JGB bond sell-down program that is underway. And in Indonesia, their central bank held an emergency meeting to assess the economic crisis growing in their financial and fx markets. At that meeting they hikes their policy rate to 5.50%, a hike of +25 bps. They last met only three weeks ago when they raised their rate by +25 bps at that time too. They started 2026 with a 4.75% rate. Their actions are required to stop the Indonesian currency falling sharply, down -7.8% in 2026. In Europe, the Netherlands blocked an American company from buying a local firm that handles its national ID system, saying it would create a “threat to the public interest.” The UST 10yr yield is now just on 4.53%, down -2 bps for the day. The price of gold will start today down -US$75 from yesterday at US$4258/oz. Silver is down a sharp -US$3.50 at just under US$65/oz. Oil prices are down -US$2.50 from yesterday at just under US$88.50/bbl in the US, while the international Brent price is now just on US$91.50/bbl. Hormuz transits are still very low despite the pricing optimism. China's crude imports dropped to around 7.8 million barrels per day last month, the lowest level in more than eight years and nearly 4 million barrels per day below the 2025 average. Weaker shipments to from the world's largest oil importer even if caused by Hormuz, combined with record US exports and emergency reserve releases, has limited the price impact of the Middle East conflict. The Kiwi dollar is up +10 bps from this time yesterday at just on 58.2 USc. Against the Aussie we are up +30 bps at 82.8 AUc. Against the euro we are unchanged at just on 50.4 euro cents. That all means our TWI-5 starts today at just on 61.9 which is up +10 bps from yesterday. The bitcoin price starts today at just on US$61,545 and down -2.95% from this time yesterday. Volatility over the past 24 hours has been moderate at just over +/- 2.6%. 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.

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

Kementerian Pendidikan dasar dan Menengah mengumumkan hasil tes kemampuan akademik atau TKA matematika SD dan SMP rata-rata hanya 40 saja.

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 of a changing of the guard. Countries are moving away from US Treasuries as a core reserve asset, replacing it with gold. At the same time, crypto values including for bitcoin, seem to be fading fast. But first up today, there was a full dairy auction overnight, one that brought slightly lower overall prices, with the USD index falling -0.6% mainly on -3% lower SMP prices. Milk fat products like AMF. Butter and Cheddar all rose, offsetting the fall in powder prices. But the NZD has also strengthened, so the result in NZD terms was a -2.0% fall. A pull-back in demand from China is part of this story too. In the US, they reported a surge in April job openings, their most in 18 months, notably in California and other western states. It is a services related thing, with manufacturing jobs not really participating. Meanwhile, the US RCM/TIPP economic sentiment survey fell slightly in June from may, but to its lowest in two years. And the US Logistics Managers Index is showing the full impacts of the current supply-chain disruptions and stockpiling. It held in May at its highest since the pandemic stress period. It is increasing at an increasing rate for inventory costs, warehousing capacity, and freight prices. In China, we should note that it is wheat harvest season and that they expect a bumper result. At the same time, both Australian and US farmers are hesitating in their plans for wheat as high fertiliser and fuel costs threaten to make the prospects very uncertain. In the EU and as expected, CPI inflation firmed up to 3.2% in May from 3.0% in April. Their core inflation rose as well. It seems to be only about rising fuel costs at present with the spread wider quite limited. Will the ECB hike its policy rate on June 11? Markets are betting 100% it will. In Australia, they have slipped into their first trade deficit since 2017 in the March 2026 quarter. Exports of minerals fell (except for gold) while imports of data center equipment surged. Globally, it is worth noting again that aluminium, zinc, copper and tin are all now either at record highs or at post-pandemic highs. The UST 10yr yield is now just on 4.46%, down -1 bp from this time yesterday.  The price of gold will start today down -US$9 at US$4482/oz. Silver is down -50 USc at just over US$75/oz. Interestingly, an ECB analysis released overnight has highlighted that after the run-up in the gold price, at the same time as the value of US Treasuries fell, gold was the largest single asset held for 'foreign reserves'. (see Chart 7) Oil prices are up another +US$2 just under US$93.50/bbl in the US, while the international Brent price is now on US$96/bbl and up +US$1.50. Hormuz remains shut. The Kiwi dollar is lower from yesterday at this time at 59.2 USc, down -30 bps. Against the Aussie we are also down -40 bps at 82.5 AUc. Against the euro we are down -10 bps at just under 51 euro cents. That all means our TWI-5 starts today at just over 62.7 which is down -20 bps from yesterday. The bitcoin price starts today at just on US$67,464 and down a sharp -5.9% from this time yesterday and falling. Crypto funds are getting excess redemptions at present. Volatility over the past 24 hours has been high at just under +/- 3.5%. 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.

onis Pengadilan Militer Tinggi I Medan untuk Sersan Satu Riza Pahlivi dalam kasus kematian seorang pelajar SMP inisial MHS di Medan, Sumatera Utara menuai sorotan. Vonis juga tidak menjatuhkan sanksi pemecatan terhadap Rizs Pahlivi yang diduga melakukan penganiayaan saat membubarkan tawuran pada 24 Mei 2024 lalu. Korban yang saat itu hanya melintas di lokasi tawuran sempat ditangkap dan diduga mengalami penganiayaan di sejumlah bagian tubuhnya sehingga korban meninggal dunia. Bagaimana menanggapi vonis tersebut? talk Pakar Hukum Pidana Abdul Fickar Hadjar

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  traders who claimed to foresee a Trump 'victory' over Iran are getting a lesson in their susceptibility to propaganda. In the Middle East, US and Israeli struck a number of Iranian vessels in the Strait of Hormuz, hours after President Donald Trump had suggested negotiations with Tehran over an interim deal were progressing. Renewed aggression there and in Lebanon hardly seems to indicate talks are "going nicely". Both sides are in a chronic violent embrace, despite what they say. Oil prices are rising again; prospects for normalisation have faded significantly. First we should note there was another dairy Pulse auction overnight. This on saw the butter price recover notably, up +2% from the prior week's full auction, and the SMP price fall back notably, down -5% on that same basis. The WMP price dipped -1%. In the US, the Conference Board said its survey of consumer confidence edged down in May. But this dip wasn't quite as much as analysts had expected. Meanwhile the May Dallas Fed factory survey edged up slightly from its languid ("stable") state, a bit less than other similar surveys and less than expected. And the National Activity Index tracked by the Chicago Fed rose in April to its best reading since March 2025. The US Treasury's popular 2 year bond auction today brought sharply higher yields. The median yield today was 4.02% (high was 4.07%), a big shift up from the median 3.75% at the equivalent event a month ago. Across the Pacific, Singapore said its industrial production was up a very healthy +17.6% in April from a year ago, a rising trend and an expansion that is starting to rival Taiwan. And in Taiwan industrial production rose at a +15% rate in April from the same month a year ago, less than in March but still the third-best month ever. The base has been rising spectacularly for more than a year now so the outsized yeay-on-year growth will ease back from here. Their retail sales were up +5.2% in April, extending the outsized improvements to three consecutive months now. In Malaysia, it appears that they have instituted a 10% tariff on imported gold bars, surprising dealers and buyers alike. We should note that the aluminium price pushed up yet again, now very close to the brief pandemic-induced peak. Also tin prices are also near record highs, but this is nothing to do with the Middle East. Rather it relates to an Indonesian crackdown on illegal tin mining there, which has been extensive. They are going after the palm oil industry too, but over financial issues. The UST 10yr yield is now just on 4.49%, up +2 bps from this time yesterday. The price of gold will start today down -US$64 at US$4499/oz. Silver is down -US$2at just under US$76/oz. Oil prices have risen +US$3.50 to just under US$94/bbl in the US, while the international Brent price is up +US$3 to just on US$99.50/bbl. The Kiwi dollar is down -40 bps from yesterday at this time at 58.3 USc. Against the Aussie we are also down -40 bps at 81.5 AUc. Against the euro we are down -30 bps at just under 50.2 euro cents. That all means our TWI-5 starts today at just under 61.8 which is down -30 bps from yesterday. The bitcoin price starts today at US$75,906 and down -2.1% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.5%. 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.

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!

Dibawakan oleh Elisabeth Yunyun Sinsur dari Paroki Santo Albertus de Trapani di Keuskupan Malang, Indonesia. Kisah Para Rasul 25: 13-21; Mazmur tg 103: 1-2.11-12.19-20ab; Yohanes 21: 15-19.PEMBENARAN KITADARI TUHAN          Renungan kita pada hari ini bertema: Pembenaran Kita Dari Tuhan. Adaseorang remaja SMP bernama Thomas yang dikenal sangat nakal baik di rumahmaupun di sekolahnya. Ia sudah menerima berbagai jenis hukuman. Hampir semuaorang menganggapnya jelek. Hanya kedua orang tuanya yang masih memiliki harapanbahwa Thomas dapat berubah pada suatu waktu kelak. Ibunya berpesan, bahwa saatpergi dan pulang dari sekolah ia harus sempatkan diri masuk ke gereja danberdoa, mengingat ia selalu melewati jalan di depan gereja. Pada suatu hari terjadi keributan di kelas dan sekali lagi Thomas yangdituduh sebagai pelaku utamanya, padahal sebetulnya tidak seperti itu. Iamerasa sangat disudutkan. Semua menyalahkan dia. Ketika selesai sekolah iamasuk gereja dan berdoa. Ia berseru kepada Tuhan: "Ya Yesus, saya nakaldan saya sangat sedih dengan semua perbuatan saya. Tetapi tidak semua kesalahanberasal dari saya. Hanya saya gampang sekali dituduh melakukan semua kesalahandan kekacauan. Saya ingin menyerahkan semua ini kepada Tuhan sebagai pengadilkuyang benar, karena di dunia ini tidak semua pengadilan itu benar". Pengalaman Thomas ini adalah juga pengalaman Yesus Kristus dan Santo Paulusdahulu. Mereka tidak mendapat pembenaran dari dunia ini, maka mereka datangkepada Allah pemegang kebenaran mutlak untuk mengadukan perkara pembuktiankebenaran. Pembenaran dunia ini sungguh berlawanan dengan pembenaran Tuhan,karena perhitungan dan keputusan pengadilan di dunia ini sering dipengaruhioleh nafsu duniawi dan kepentingan sesaat manusia. Singkatnya, jika kitamempertahankan pembenaran dari Tuhan risikonya ialah kita pasti bertahan untukmenanggung penderitaan di dunia ini.  Ada juga jenis pengadilan lain yang dialami oleh Santo Petrus, rasul Yesusyang pertama. Yesus mengadili dia secara khusus. Kalau Yesus sendiri yangmengadili, maka akan langsung diketahui orang itu benar atau salah. Petrusdiinterogasi soal ketulusan, iman dan komitmennya untuk mengikuti Kristus. Ia harushadapi pengadilan itu supaya komitmennya dibuktikan dan tugas penting yang iaambil. Setiap pengadilan harus taat pada syarat fundamentalnya yaitu objektivitas.Nurani banyak orang dan publik yang membentuk objektivitas itu. Sedangkan suarasatu atau dua orang saja akan sangat subjektif dan itu tidak bisa menjadikebenaran. Iman kita mengajarkan bahwa kehendak Tuhan didapatkan melaluipendapat bersama dalam Gereja yang difasilitasi oleh para pemimpinnya. Disinilah kita mendapatkan pembenaran atas penghayatan iman kita. Misalnya, Andamendapatkan absolusi dalam pengakuan dosa yang diberikan oleh Gereja melaluiseorang bapak pengakuan, itu merupakan pembenaran bagi diri Anda. Tuhanmembenarkan kita di dunia ini melalui sarana dan tindakan Gereja. Marilah kita berdoa.Dalam nama Bapa... Ya Allah maha baik, tambahkanlah keberanian dan kekuatan agarkami dapat menghadapi aneka macam kesulitan dan pengaruh jahat di dalam duniaini.  Salam Maria, penuh rahmat ... Dalamnama Bapa ...

"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.

Pemerintah Provinsi Banten memfasilitasi penyelenggaraan ajang Suara Nusantara 2026 sebagai upaya nyata untuk menumbuhkan kecintaan generasi muda terhadap cerita rakyat Indonesia. Festival storytelling cerita rakyat yang mengusung tema Menghidupkan Legenda Banten, Menginspirasi Masa Depan ini digelar selama dua hari di Aula Pendopo Gubernur Banten. Kegiatan yang memasuki tahun kedua pelaksanaan setelah sebelumnya sukses diselenggarakan di DKI Jakarta ini, berhasil menarik antusiasme tinggi dengan diikuti oleh lima ratus peserta dari kategori SD, SMP, SMA, hingga umum. Melalui proses seleksi awal video dongeng yang diunggah di media sosial Instagram, Gubernur Banten, Andra Soni, bersama Ketua Panitia, Cahaya Manthovani, berharap ajang ini mampu menjadi sinyal positif dalam melestarikan warisan budaya serta menghidupkan kembali legenda daerah sebagai identitas bangsa.

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

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 that although the US claims the ceasefire with Iran is holding and "ships are lining up to transit", in fact, very little is moving in the area between Iran's red lines. And the most high profile transit in the past 24 hours was an Iranian tanker. Still, the US claims resonated on Wall Street, and stocks rose, benchmark rates fell. But first today, there was another full dairy auction earlier today, a small one where volumes offered and sold were the least in fifteen years, since mid 2011. But prices were up +1.5% in USD, up +1.6% in NZD. Butter prices continued to slide, but there were good gains for SMP, WMP and mozzarella. These gains end two consecutive full events where prices fell. US job openings fell, although to be fair, but less than expected. But even then, they are back at levels they had in April 2018, which is less than it seems because their labour force is so much larger now. There were two services PMI reports out for the US overnight (ISM and S&P Global) and both showed that new business intakes fell for first time in two years as war in the Middle East and inflation hit demand. But both were positive even if less so that in the prior two months The reason for the retreat cam be found in the latest April logistics managers report, where freight costs leapt, taking this index back to pandemic-stress levels. The US RCM/TIPP economic optimism index fell yet again, down to levels last seen in early 2024. It has retreated steadily since December 2024. It's sponsor's report called it 'steady' but that is gilding it somewhat. US exports and imports were little-changed in April, but both are in rising trends even if imports rose slightly more than exports (which rose largely on petroleum exports). Their trade deficit was widened. Canada also reported export data and that came in at a one year high, and unexpectedly good result, largely on the back of high exports of petroleum and gold. Imports fell back in April but from an unusually high March level. The result was a good trade surplus, their first since September 2025. Singapore reported March retail sales late yesterday and they were better than expected with a good +4.8% rise from a year ago. That represents a real gain because their CPI inflation was 1.8% in March. As widely anticipated, the RBA raised its cash rate target by +25 bps to 4.35% late yesterday. It was a split decision with one voting member wanting to hold the rate unchanged. But they face sharply higher inflation threats that seem to be growing and prior rate hikes have done little to quell those. However they have restrained their housing market enthusiasm and this latest hike is expected to put the brakes on that further. Traders still believe there is at least one more rate increase this year despite the RBA saying their policy was still only mildly restrictive. This comes after the March CPI rose +4.6%, and yesterday they reported that household spending remained high over the year in nominal terms, up +6.3% compared to March 2025 (and the highest since January 2023). Most of this is 'price' and much of it relates to a +32.8% increase in monthly fuel prices. But in volume terms, they say fuel purchases are lower, down -1.3% in March from February. The UST 10yr yield is now just on 4.42%, down -2 bps from this time yesterday.  The price of gold will start today up +US$37 at US$4559/oz. Silver is unchanged at just over US$73/oz. American oil prices are down -US$3 at just on US$102/bbl, while the international Brent price is down -US$3.50 and now at US$110/bbl. It is hard to see these prices easing further given the sharp fall in global oil reserves recently. Even the future process of building them back will add to demand and prices. The Kiwi dollar is up +20 bps from yesterday at this time at 58.9 USc. Against the Aussie we are up +10 bps at 82 AUc. Against the euro we are up +20 bps at just on 50.4 euro cents. That all means our TWI-5 starts today at just under 62.3 which is up +20 bps from yesterday. The bitcoin price starts today at US$81,300 and up +0.9% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/- 1.3%. 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.

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.

Di episode pasca-Lebaran ini, obrolan mengalir liar membedah berbagai absurditas kampung halaman, mempertanyakan sejarah dadakan monumen Nol Kilometer Cilacap yang tiba-tiba eksis dan sangat questionable, sampai mendengarkan kelakuan delusional orang yang dengan pede mengaku sengaja mengucilkan teman-teman SMP-nya waktu liburan (padahal aslinya, sih, dia yang nggak pernah diajak kumpul).

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 of fractures emerging in the closure of the Strait of Hormuz, and of OPEC itself. But first up today there was a dairy Pulse auction, but this one bringing few changes from the prior week's full event. Prices for butter, SMP and WMP were little-changed. But the AMF price did fall -4.4% to its lowest of the year so far. In Australia, it is worth noting that bond markets are in full bear more. They have driven their AGB benchmark 10 year bond yield to a 15 year high (price to a 15 year low), and these movements are replicated across the whole maturity curve. Expectations are high that the RBA is about to tackle inflation head-on with purposeful monetary policy actions starting next week. And there is spillover to New Zealand benchmark rates too. In the US, their weekly ADP employment report signaled a third week of good payroll gains in the private sector. And the Conference Board's survey of consumer sentiment was marginally better than expected in April. Most aspects deteriorated in this latest survey, except the labour market conditions that the ADP signals have licked up. It was similar for the Richmond Fed's factory survey which was little-changed but with a hint of positiveness. And the Dallas Fed services survey was marginally less negative. Across the Pacific, the Bank of Japan kept its short-term policy rate unchanged at 0.75% at its April meeting overnight, leaving borrowing costs at their highest level since September 1995. The widely expected decision passed by a 6–3 vote, amid uncertainty over the Iran conflict and surging energy prices. The three dissenters wanted a hike to 1.0%. In its quarterly outlook, the central bank raised its FY2026 core inflation outlook to 2.8% from 1.9%, citing higher crude oil prices that likely push up energy and goods costs. Overall, this review was more hawksih than expected. Korean manufacturing business sentiment rose in April to its highest since June 2024, with improvements across the board. India's industrial production is settling in with a growth rate of about 4%, the March level which it has been at (or above) for eight of the past nine months. In Europe, their has been a very big jump in inflation expectations. Eurozone median inflation expectations for the next 12 months jumped to 4.0% in March in the latest ECB survey, the highest level since October 2023 and up sharply from 2.5% in February. This was the largest monthly increase since early 2022, when Russia's invasion of Ukraine disrupted energy markets. The UST 10yr yield is now just on 4.35%, up +1 bp from this time yesterday. The price of gold will start today down -US$83 at US$4599/oz. Silver is down -US$2 at just under US$73.50/oz. American oil prices are up +US$3 at just on US$100/bbl, while the international Brent price is up +US$2, and now at US$111/bbl. And the UAE announced overnight that it is quitting OPEC, chafing at the export restrictions the cartel uses to manipulate prices. Some wee this as the beginning of the end of OPEC. We should also probably note that a Japanese supertanker has transited the Strait of Hormuz - with Iran's permission and in defiance of the US blockade. The Kiwi dollar is down -20 bps from yesterday at this time at 58.9 USc. Against the Aussie we are down -30 bps at 82 AUc. Against the euro we are down -10 bps at just on 50.3 euro cents. That all means our TWI-5 starts today at just under 62.3 which is down -20 bps from yesterday. The bitcoin price starts today at US$76,178 and down -0.8% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/- 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.

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

Dibawakan oleh Andre dan Felicia dari Paroki Roh Kudus di Keuskupan Surabaya, Indonesia. Kisah Para Rasul 11: 1-18; Mazmur tg 42: 2-3; 43: 3.4; Yohanes 10: 11-18.GEMBALA YANGBAIK SUKA BAU SEMUA DOMBA Tema renungan kita pada hari ini:Gembala Yang Baik Suka Bau Semua Domba. Seorang Suster biarawati berceritabahwa ia menjaga dan membina anak-anak asrama dengan semangat pengorbanan yangtidak mengenal lelah. Para gadis yang tinggal di asrama pergi dan pulang darisekolah atau universitas yang berbeda-beda. Ia harus mendampingi satu per satu,supaya ia dapat mengenal mereka secara pribadi dan membina masing-masingnyasesuai dengan kepribadiannya itu. Ia memperlakukan setiap anak asrama itusebagai anak-anaknya sendiri dan mereka dengan spontan menjadikan Suster itusebagai ibu mereka sendiri.  Ada cerita lain dari Stefania, seorangpemudi 23 tahun dan sulung dari empat bersaudara. Ketiga adiknya masih kuliahdan sekolah di SMP dan SMA, sedangkan ia sendiri sudah bekerja. Kedua orangtuannya sering bepergian ke luar kota dan luar negeri karena urusan bisniskeluarga. Stefania yang harus bertindak sebagai kakak sekaligus orang tua bagiketiga adiknya. Ia memastikan diri untuk selalu mengetahui di mana adik-adiknyaberada dan apa yang sedang mereka lakukan. Setiap adiknya juga mengetahui bahwakakak mereka selalu memantau dan mengikuti mereka kapan dan di mana pun. Merekamerasa sangat disayangi oleh sang kakak. Suster biarawati dan Stefania merupakancontoh figur gembala yang baik, yang dikehendaki oleh Tuhan Yesus. Yangdiinginkan oleh Yesus ialah seorang gembala yang suka dengan bau semuadombanya, maka Ia rela berkorban bagi kebaikan mereka. Nilai spesial untukgembala yang baik yang suka bau semua dombanya, ialah bahwa Tuhan tidak jijikdan tidak menyerah dengan bau domba-domba itu. Ia malah suka dengan baudomba-domba yang lain lagi. Bau mereka yang berbeda beda itu sangat disukai dannantinya diubah menjadi harum karena kasih dan kerahiman-Nya. Yesus katakan inidalam Injil hari ini, bahwa domba-domba lain di luar kandang atau jangkauan,juga perlu mendapatkan penggembalaan-Nya. Demikian juga santo Petrus yangberhasil membawa orang-orang yang di luar batas teritori Yahudi, untuk menjadianggota Gereja Perdana. Gembala yang baik yang suka bau semuadombanya, belum realisasikan oleh seluruh Gereja. Gereja kita yang kudussenantiasa mengajak dan mengundang seluruh anggotanya, supaya menjaga danmemperhatikan satu sama lain tanpa kenal lelah dan tanpa membeda-bedakan orangyang dilayani. Semoga setiap dari kita, baik imam maupun awam, baik biarawanmaupun orang pada umumnya, semakin menjadi gembala yang diinginkan oleh TuhanYesus. Semua bau mereka mesti dapat menarik kita semua untuk semakin menyatudan membantu mereka sehingga dapat menjadi anak-anak Tuhan yang bertanggungjawab dan mandiri. Marilah kita berdoa... Dalam nama Bapa...Tuhan Yesus Kristus,perkuatkanlah kami dengan semangat-Mu sebagai gembala yang baik, semoga kamidapat menjadi gembala-gembala yang baik kepada sesama kami, dengan tanpamembeda-bedakan orang dari latar belakangnya. Kemuliaan kepada Bapa dan Putradan Roh Kudus ... Dalam nama Bapa ...

Fonterra’s managing director of co-operative affairs reviews last night’s GDT Auction, down 2.7%, although the powders fared better (WMP - 0.6%, SMP + 3.2%). Was this a disappointing result, or do we take it during times of turmoil? See omnystudio.com/listener for privacy information.

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 the US-wished resumption of talks with Iran don't seem to be happening. The Strait of Homuz remains closed, and even if it was re-opened it is never going back to 'normal'. It seems Trump has effectively generated to global push necessary to transition away from fossil fuels. Oil company share prices are retreating. Big investors are trying to offload their coal assets. China's green-tech is in demand everywhere, including in the US. We are now in the age of electricity where demand is surging. Meanwhile the Warsh confirmation hearings in the US are following the predictable partisan scripts. But first, today's full dairy auction featured a low amount of product offered and sold. -10% less than for the same week a year ago. Overall prices were down almost -2.75% below the last full auction in USD, down -5.85% in NZD. Northern hemisphere seasonal volumes are rising so global supply is very adequate. The main weakness in today's auction were from butter (-7.9%, AMF (-9.6%) and mozzarella (-3.1%). But WMP basically held its own (-0.6%) and SMP rose (+3.2%). Demand out of China rose, offsetting the unsettled Middle East demand. In the US there was another strong indicator from the weekly ADP employment report, the second in a row. And US retail sales came in better than expected for March, up +4.6% from a year ago, about twice the increase as for February. And that is their biggest rise in a year. But of course much of this will be inflation-related and much just came from the spike in retail petrol prices. US pending home sales were up in March from February although the gain was less than in the prior month. That still leaves these residential real estate sales -1.1% lower than year ago levels. Taiwanese export orders blew past all expectations yet again coming in at US$91.1 bln for March, up +67% from a year ago and up +18.5% above the prior stunning record high. Adjectives fail to adequately describe what is happening here The German ZEW sentiment survey fell much sharper than the expected fall in April. In Australia, the ACCC's court case against supermarket giants Coles and Woolworths regarding deceptive pricing practices over 'specials' is capturing attention. The UST 10yr yield is now just on 4.29%, up +4 bps from this time yesterday.  And we should probably note that US private credit funds are about to report their March results and especially in the direct lending sector redemptions are expected to far exceed new investment. It is notable that big-money, wealthy investors are leading the retreat and probably leaving late-arriving retail investors with very damaged positions. Interestingly, there are similar, although not as severe, pressures in China's private credit markets too. The price of gold will start today down -US$92 at US$4715/oz. Silver is down -US$3.50 at US$76.50/oz. American oil prices are up +50 USc at just over US$89.50, while the international Brent price is up +US$3, and now at US$98/bbl. The Kiwi dollar is up +10 bps from yesterday at this time at 59 USc. Against the Aussie we are up +30 bps at 82.4 AUc. Against the euro we are up +20 bps at just on 50.2 euro cents. That all means our TWI-5 starts today also up +20 bps from yesterday at just on 62.4. The bitcoin price starts today at US$75,782 and off a minor -0.2% from this time yesterday. Volatility over the past 24 hours has remained modest also 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.

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

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

Vuonna 1995 Suomen Maaseudun Puolue meni konkurssiin ja tilalle perustettiin Perussuomalaiset. Nimenvaihdoksen myötä SMP jäi viimeiseksi nimessään maaseudun puolustajaksi julistautuneeksi puolueeksi. Miksi maaseudun puolueet ovat kadonneet Suomessa kartalta, vaikka Suomen pinta-alasta yli 95 prosenttia on edelleen maaseutualuetta? Eikö nykypolitiikassa enää kaivata maaseutua? Onko myös aluepolitiikka katoavaa kansanperinnettä? Vai onko ihmisellä peräti lajityyppillinen tarve elää yhteydessä maaseutuun, kuten Graniittipuolue ohjelmassaaan kirjoittaa? Mikä on päivänpolitiikan sana? Suomen kielen dosentti Vesa Heikkinen ja Politiikkaradion toimittaja Tapio Pajunen analysoivat politiikan kielen ajankohtaisuuksia ja valitsevat päivänpolitiikan sanan. Voit ehdottaa päivänpolitiikan sanoja verkkolomakkeella, sähköpostitse, tai Bluesky:ssa ja X:ssä @tapiopajunen ja @tosentti. Puheet päreiksi -ohjelmaa esitetään Politiikkaradiossa perjantaisin.

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]

Episode 1 – The Crown Collective Series IntroductionHosted by Queen StaciWelcome to the opening episode of The Crown Collective, the Season 5 Spring Series of the Alopecian Queen Podcast.In this special introduction, host Queen Staci shares the inspiration behind the series and explains why recognizing the allies who support the alopecia community is so important.Throughout this series, listeners will hear from a collective of professionals, advocates, healers, and community leaders who contribute to the alopecia journey in meaningful ways. Their voices, expertise, and dedication help move the mission forward: making alopecia a household name.Queen Staci also shares exciting updates about what's ahead for the Alopecian Queen Movement, including:

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

English Edition (ByteSized): In this first episode of the new ByteSized dRTP season, sponsored by the STEP-UP programme from the EPSRC (UK) you'll meet Richard Acton. Richard created a tool to help you keep track of all the steps you should take to make your software shareable and reproducible. With checklists, built right into your GitLab, GitHub repo. Linkshttps://rsspdc.org/ home page for the checklistshttps://rsspdc.gitlab.io/slides/bytesize-workshop_2026-02-26.html#/outline https://gitlab.com/rsspdc/checklists download the checklists MD files from herehttps://www.software.ac.uk/news/software-management-plans Software management plan (SMP) from the Software Sustainability Institutehttps://www.france-grilles.fr/presoft-software-management-plans-model/ another template of a SMP from Teresa Gomez-Diaz (Paris, France) - PRESOFThttps://hal.science/hal-01802565v1 I'd like to thank the STEP-UP project for their support of this podcast. STEP-UP is a collaboration between Imperial College London, King's College London, University College London and the University of Westminster. STEP-UP is funded by the Engineering and Science and Physical Research Council in the UK. Get in touchThank you for listening! Merci de votre écoute! Vielen Dank für´s Zuhören! Contact Details/ Coordonnées / Kontakt: Email mailto:peter@code4thought.org UK RSE Slack (ukrse.slack.com): @code4thought or @piddie Bluesky: https://bsky.app/profile/code4thought.bsky.social LinkedIn: https://www.linkedin.com/in/pweschmidt/ (personal Profile)LinkedIn: https://www.linkedin.com/company/codeforthought/ (Code for Thought Profile) This podcast is licensed under the Creative Commons Licence: https://creativecommons.org/licenses/by-sa/4.0/

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

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

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

Ajatus suomalaisesta sisusta kytkeytyy periksiantamattomuuteen, koviin aikoihin ja yksin pärjäämiseen. Eduskuntapuheissa sisua on viljelty etenkin lamavuosina ja vaikeina aikoina. Miksi vetoaminen resilienssiin näyttää korvanneen sisu-puheen? Johtaako mielikuva yksinpärjäävistä, sisukkaista suomalaisista politiikassa väärille laduille? Oliko ”sisulla ja sydämellä” vaaleissa esiintynyt SMP kaikkien aikojen sisu-puolue? Mikä on päivänpolitiikan sana? Suomen kielen dosentti Vesa Heikkinen ja Politiikkaradion toimittaja Tapio Pajunen analysoivat politiikan kielen ajankohtaisuuksia ja valitsevat päivänpolitiikan sanan. Voit ehdottaa päivänpolitiikan sanoja verkkolomakkeella, sähköpostitse, tai Bluesky:ssa ja X:ssä @tapiopajunen ja @tosentti. Puheet päreiksi -ohjelmaa esitetään Politiikkaradiossa perjantaisin.

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.

Text me your feedback.The constant barrage of terrible news can be overwhelming and exhausting. While big feelings are normal responses to what we're seeing our feeds, we also need to metabolize those feelings so they don't take up residence in our hearts and minds and prevent us from finding pathways forward. In this guided practice, Jen takes you through an embodied and grounded practiced called Felt Sensing. Part of a broader therapeutic practice called Focusing, Felt Sensing helps you be with feelings with grounded presence so they don't overwhelm and take you out. If you want to skip the intro, jump to 2:53 or use the chapter marker if it's supported by your app.~ ~ ~SMP welcomes your comments and questions at feedback@skillfulmeanspodcast.com. You can also get in touch with Jen through her website: https://www.sati.yoga Fill out this survey to help guide the direction of the show: https://airtable.com/appM7JWCQd7Q1Hwa4/pagRTiysNido3BXqF/form To support the show, consider a donation via Ko-Fi.

In November 2025, the Academic Ability Test (TKA) will be implemented in Indonesia, and it will be voluntary. However, it will still be implemented for high school students. It is planned to be implemented for elementary and junior high school students in April 2026. - Pada bulan November 2025, Tes Kemampuan Akademik (TKA) diberlakukan di Indonesia, yang bersifat sukarela. Namun masih untuk tingkat SMA. Untuk jenjang SD dan SMP direnacanakan akan dilakukan bulan April 2026.

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.

Milk production is up 4.5% — but somehow, milk is clearing. Something doesn't add up. In this episode of The Milk Check, the team uncovers the shifts reshaping dairy economics in 2026. Ted Jacoby III leads a classic market roundtable with the Jacoby team to unpack what they're seeing as dairy transitions out of the holiday demand season and into early-year reality. Despite 4.5% year-over-year milk production growth, milk is clearing in many regions. Cheese and butter markets are under pressure, but inventories aren't yet burdensome. Protein markets remain tight. And nonfat dry milk is showing surprising strength. So what's going on? In this episode, we cover: Why added processing capacity may be masking where supply is really long How cheese and butter are absorbing milk that would normally back up at the farm Why protein demand is tightening skim solids and whey markets Whether nonfat's recent rally is real or a phantom And which dairy market narratives the team thinks are wrong right now If you're trying to make sense of conflicting signals across milk, fat, protein and powder, this episode delivers the context behind the numbers. Listen now to The Milk Check episode 90: The Market is Lying to Us. 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] Am I just being a conspiracy theorist? Diego Carvallo: I would probably bet a little bit on that conspiracy theory. It could be. It could be possible, Ted. Who knows. Ted Jacoby III: Welcome to the Milk Check from TC Jacob and Company, your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. We’re on the new side of the New Year. It is January 12th. we’re gonna have a classic market discussion today. Things have started to settle down from the holidays and I thought it would be a great idea just to share with everybody what we’re seeing in the markets as we’re transitioning from the high-demand season into the low-demand season. We have our usual suspects today. We have my brother Gus who manages our fluid group. We’ve got Josh White, head of our dairy ingredients group. We have Joe Maixner, head of all of our butter sales. Mike Brown, our Vice President of Market Intelligence, and myself. So, we’ll start with milk, Gus. What’s it look like right now? Gus Jacoby: It certainly isn’t tight, but it isn’t really long either. I think the November milk production was up [00:01:00] 4.5% and that typically would be fairly significant in areas where there isn’t a lot of additional processing capacity. One would think it would be very, very long with that kind of growth, but we’re not seeing that. Areas like the upper Midwest, Mideast, those areas are not as long as we thought they would be. I don’t want to act as if it’s tight. That’s not the case. Through the holidays, there was still plenty of milk that was around. But I think here as we climbed out of the New Year holiday and into mid-January, things have gotten fairly what we would say in balance. And that’s a little bit alarming considering that type of milk production growth. Ted Jacoby III: Why do you think that is? Is it just all the new capacity from all the new plants that have been built, or what else is going on? Gus Jacoby: Well, certainly in that western, upper Midwest and Southwest region, upstate New York as well, there’s been a lot of processing capacity that’s been added. So, those areas have been able to soak up that extra milk. I think milks travling a bit but I also think folks have found a little bit more efficient avenues to place the milk after dealing with some length over the past year [00:02:00] or so. But there’s a little bit of a question mark I have in the back of my mind as to how efficient we’ve been able to do so. Typically, when we have this kind of large growth, anything north of 4% is large, and large enough to be concerned about. But nonetheless, the processing capacity is significant. We don’t wanna discount that. But one can certainly wonder why in areas like the Mideast, where you haven’t really added a lot of production capacity here recently, why we aren’t seeing a bit more milk floating around. Ted Jacoby III: You think it’s just domino effect type things? Where, as milk is tighter in New York, so none of that milk is going into the southeast or into Appalachia, therefore it’s gotta be pulled from the Mideast? Gus Jacoby: Ted, that might be a part of it. I think domino effect is certainly going on here. There’s some areas of the country that don’t have enough milk because of that additional capacity we discussed. But having said all that, I think there’s some question marks out there right now as to why it isn’t a bit longer in certain parts of the country. Ted Jacoby III: What about some, I’ll call it non-traditional demand growth, and what I mean by that is things [00:03:00] like ESL or some of the protein drinks? It looks like there have been new brands showing up on the supermarket shelf lately. Gus Jacoby: If you’re alluding to areas like UF milk or high-protein fluid products there is certainly a lot of demand in that Class I, Class II segment of our industry. Add in the fact that you have a lot of demand for fortification solids for cheese plants, skim can seem a little bit tight right now, and there’s some logic behind that, but I don’t think there’s enough ultra filtration capacity right now to satisfy demand. So, if milk is going in that direction, there isn’t enough UF units out there, I think, to fill that void. And I wouldn’t say that’s the reason why we’re tightening up milk supplies by no means. In some parts of the world, yes, that might be the case, but that’s pretty small in the grand scheme of things. Ted Jacoby III: On the fluid side, is skim solids slash dairy protein tighter than the butterfat side? Gus Jacoby: Absolutely it is. Yes. I don’t think there’s any question about that. You’ve got two things driving [00:04:00] that. Too much butterfat requires cheese plants to gather more fortification solids, and the demand for protein right now is through the roof. You’re gonna have it hit from both sides and they’re hitting pretty strong. Ted Jacoby III: Could that extra skim solid slash dairy protein demand be what’s tightening up the milk market? Are we seeing it, for example, in lower cream multiples? Gus Jacoby: There still is plenty of cream around, to answer that question directly. I just don’t think there’s enough UF processing capacity at this moment in time to say that it’s tightening milk by any means. Ted Jacoby III: Could it be cheese plants taking the milk directly off the farm but spinning off a lot more cream? Gus Jacoby: I would say some of that is gonna go on. Yeah. ’cause there’s not enough fortification solids to be had, or at least not at the price the cheese plants are gonna be happy with. Cheese plants, even though they might prefer UF at times, they’ll take different types of skim solids and that certainly will tighten up that skim side of the market. That, combined with the fact that the protein sector is short, certainly you’re gonna have that element in our [00:05:00] market right now. I just think there’s enough milk out there, Ted, and not enough protein, isolation capacity of any sort to be the main reason as to why you’re not as long on milk as you think you should be. Ted Jacoby III: You know, I’ve had a theory going for a little while that all this extra capacity we’ve added, a lot of it is cheese capacity, and I feel like this time around, we’ve just transferred where we’re feeling the length. We’re not necessarily feeling the length in milk like we usually do. Instead, there’s enough processing capacity to get all that milk and to make cheese out of it. And therefore, we’re seeing the length in cheese, and we’re seeing the length in butter. And that’s why those two markets have been under so much pressure lately, whereas the milk market seems to be in balance. We’ve just moved down the supply chain a little bit where the length is manifesting. Does that make sense? Gus Jacoby: A little bit? Yeah. Mike Brown: It Does Make sense. Where you have new plants, they wanna be full. They’re cheese plants. They’re gonna try to fill those plants with milk to the extent they can market product, which is becoming a [00:06:00] concern as we see the CME cheese price continuing to drop. We’re also reaching a point when fat is very high, you can’t afford to fortify cheese vats because your skim solids price is high relative to fat. Right now everything’s kind of low, but powder relative to cheese, is as high as it’s been in quite a while. If you have revenue from waste stream, fortifying with nonfat or skim solids makes a whole lot of sense. But if you’re paying that full price for the casein portion of that skim, it gets closer again now too. It’s a little different situation than it’s been in a while. I don’t think Gus could be any more right about the need for more ultra filtered capacity. I’m just curious where it’s gonna show. Because the demand certainly seems to be there. Ted Jacoby III: If there’s one place where I think maybe we’re underestimating demand, it’s in that ESL protein space. And I agree with Gus, there’s probably not enough capacity to really manifest all of that resting demand or untapped demand, but I bet we’re maximizing that supply chain everywhere we can, especially given what we’re seeing in the whey protein [00:07:00] market right now. And it doesn’t show up in the data really clearly. You’re up four and a half percent in milk. Some of that is, we’re still measuring against weakness and we’re measuring against the bird flu outbreak that was happening a year ago. I just think there’s also some demand there possibly in that space that isn’t really showing up in the data in a way that makes it clear to everybody we’ve got some good demand in a couple of places. Having said that, I also think we’ve got more than enough cheese right now. We’ve got more than enough butter right now. But in both cases, and I’m gonna throw this at Joe I don’t think the inventories, at least what’s showing up in the cold storage data is telling us the inventories are burdensome yet. And that might just be when we are in the calendar, but it could just be we’re finding new places for demand. Joe, what are your thoughts? Joe Maixner: Yeah, inventories are definitely not burdensome right now. We’re coming off of pretty good draw down over the holiday season. Obviously, we’re really early into the inventory build period. But demand overall, coming back from [00:08:00] the holidays here, has been pretty strong out of the gate for the New Year. Everybody’s coming back to the office. They’re seeing these very depressed prices. And there’s been a lot of interest in both spot volume, building up some inventory on some spot buys, as well as some additional contract volume for the remainder of the year. So, going back to your comment on inventories, the one thing we always have to keep in mind with looking at cold storage is that number is all types of butter sitting in warehouse inventories. When it comes to pricing, the only thing that matters is 80% CME eligible bulk. We still have a fair amount of salted bulk, especially the older production, in people’s hands, and that has been showing up in the marketplace. A lot of that’s because there was not a lot of micro fixing for the holiday season. Cream was plentiful. People were making plenty of product outta fresh cream as opposed to reformulating that older butter into the retail pack. I think that there’s not a lot of fresh production being made right now [00:09:00] in the salted variety. We could see a nice little price pop here in the coming months once that older product becomes ineligible on the CME. Ted Jacoby III: It’ll be interesting to watch. It’s funny, I think there’s some interesting similarities, not with the old crop, new crop issue, but just some similarities on the cheese side. There’s an old saying about an anticipatory bull market where people start driving up the price ’cause they’re afraid of not having product tomorrow. This just feels like an anticipatory bear market where the inventory levels in cheese aren’t saying that we’ve got a massive amount of length and oversupply of cheese. But you can’t help but wonder if the reason the price is so low is because there is no one out there, both because they’re looking at their forecasted demand for their product and they’re looking at the forecasted milk supply, there’s just no one out there who has any worry about being able to get the cheese they need tomorrow. And so there’s no reason for them to go out there and buy the cheese today and tie up their capital when they’re pretty confident they’re gonna be able to get it tomorrow, maybe even at a lower price. And I get the feeling that there’s some similarities [00:10:00] in the butter market, too. But let’s switch over to the powder side. We’ve been talking about the strength in the protein market for a while, but lately we’ve been seeing some strength in the nonfat market. Diego, is that real strength is that long-term strength? Have we found a bottom in nonfat, what’s going on there? Diego Carvallo: Ted, it’s a very, very interesting question. It’s something everybody’s discussing and commenting about, right? The nonfat market feels like it’s way tighter, the spot market, than what most people were expecting. Right. And the funny thing is everybody has a different theory on what could be happening. We’re not sure what’s gonna happen in the coming months, but there’s definitely a few theories on why this market could be tight and why we’re seeing this kind of short covering rally that we saw in the past two weeks. There’s theories about more UF capacity in areas like the Midwest, which is creating a premium for that product in that region. There’s also theories of some plants in California [00:11:00] mainly being down during the months of November and October, which could have also created a shortage of product that needed to be delivered. Some point also to Mexico or the domestic market stepping in when prices reach the $1.10 or $1.15s and buying decent volumes. But the fact of the matter is, market is a little bit tighter, way tighter than what most anticipated at this period. At the same time, most people are expecting because of ample availability of milk in regions like California, that the market is gonna have to start building inventories because we are, I don’t know, 15 cents or 20 cents higher per pound than Europe. So we’re definitely not gonna be able to export a lot of product to Asia, to the Middle East, or to even Latin America at these prices. So, yeah, the market is tight, but the medium-term outlook is still that we’re gonna [00:12:00] see plenty of pressure. Ted Jacoby III: Any difference in price right now between skim milk powder and nonfat dry milk? Diego Carvallo: That differential between the two has shrank has been smaller because if you talk to most plants in California, everybody’s running nonfat at full capacity. Their plants are almost all of them at full capacity and nobody’s making skim this time of the year. It’s a throughput matter. They try to make as much nonfat as possible when they have plenty of milk. Ted Jacoby III: Interesting. You’d think if prices were going up in the U.S. but not going up in Europe, it would widen, but it’s actually shrinking. That’s wild. Diego Carvallo: Exactly. Yep. And with the U.S. making a lot of nonfat, all of that is gonna go into NDPSR, there should be pressure. At the same time, this week we have the ONIL tender, which most of the market is expecting a result and following it closely because if Europe doesn’t sell that tender, they’re gonna have more product and more pressure on their product. Ted Jacoby III: Makes sense. [00:13:00] Well, Europe’s had some surplus milk as well. Is it possible this market in the U.S. is popping because some of the European traders want it to pop so they can make sure that they clear the excess European product? Or am I just being a conspiracy theorist? Diego Carvallo: I would probably bet a little bit on that conspiracy theory. It could be. It could be possible, Ted. Who knows. Ted Jacoby III: Got it. All right. Sounds good. Josh, what’s going on in the whey market? We just keep talking about tight. Has anything changed? Josh White: No. It remains pretty tight. I think the whey protein demand seems strong. I will say coming into the year I’ve seen more product trade on the spot market, which is interesting. But the tale or the storyline is that that spot trade is still met with good demand and those prices are all still higher than the first quarter negotiated prices to many of the large users, meaning that there’s still good demand at these high prices, and the consumer hasn’t even seen these high prices yet. So it seems like it’s the same in Europe. First quarter is pretty much locked. Second quarter maybe there’s more vulnerability, but at the moment, I think that the [00:14:00] majority of the market would bet that we remain firm through the second quarter maybe even see some higher prices. I think what’s interesting if you look at the market is on the sweet whey powder side, you’ll have Europeans even comment that the whey market is a little bit firm, but they’re quite a bit lower than our price right now. And if you look at the forward futures prices, we have a classic short market. It’s inverted. It’s significantly inverted. And it’ll be curious to see if we really have that much additional sweet whey powder to either move the prices lower or we get enough demand pushback and reformulation to result in some extra product being available. But at the moment, across most of the whey complex it’s fairly firm, which I think tells the story. I mean, we went through the northern hemisphere’s lower milk production months, albeit we’re reporting really high year-over-year numbers, as you commented, compared to bird flu of a year ago in the West. People have had every incentive to place milk in any utilization other than butter and powder over the last few [00:15:00] months, and the market seems to be doing that. In addition to all of the other little comments, it feels like consumers knew that and really ran their supply chains pretty thin. And coming out of the holiday period, there is some short covering happening. Whether that’s just a derivative, speculative position short covering, physical short covering, it’s happening. In addition to that, when we look at the U.S., you can’t paint with a broad brush. The west seems to be running a lot of powder. The Midwest is not. And so that’s created a little bit of a tight situation here. So when you add the demand in Mexico for nonfat you add Midwestern pipeline filling, it’s enough that our spot market is carrying a really big premium to the rest of the world. We’ll see if that can continue as our daily milk production increases seasonally, both here and in Europe. I think that as that continues, as milk goes up, does that directly translate to butter and powder production going up? I would argue at least on some of these products, we know that the [00:16:00] WPI dryers are full. We know the WPC 80 dryers are full. I suspect that the MPC dryers are full and all of the fluid products going into those Class II products are probably full. So we’ll see if the market can handle the seasonal ramp up in production or not. And arguably, I think that’s what most of us are expecting. We’re expecting that we’ve still got plenty of milk. Then that’s gonna have some price pressure. But I also would comment that if we look back over the past few months, demand has been quite good. Global demand has been quite good. The question is, will it continue to be quite good or did we do a lot of buying in the late third quarter and early fourth quarter to refill the global pipeline? Things like Chinese New Year buying things like Ramadan buying and others, and are we gonna be met with an air pocket in demand as we start this year? Don’t know yet. The protein demand isn’t just in dry proteins or in UF for fortified milk. Mike Brown: It’s in yogurts. It’s in cottage cheese. At the same time, ice cream’s lackluster, sour cream is no better. And so that demand for [00:17:00] protein goes beyond just ingredients. On the whey side, boy, we’re gonna have to see a real shift in whey protein prices, wouldn’t we, Josh? We all know those dynamics can shift, but we’re a long ways from that. Other thing in California has got so much milk, they’re running everything full. If you look at anyone you talked the point made earlier, they can’t make SMP right now.They can’t, they are that full to the tilt. In fact, some of them are putting in production control programs again because they’ve got so much milk. Will milk move around, particularly if you can’t find a home for cheese no matter what the price is? Ted Jacoby III: The fact that California’s already running full and it’s the middle of January, which means we probably have at least a month and a half until they hit the peak of their flush. Mike Brown: Absolutely. Ted Jacoby III: That’s a Little bit concerning to me. Mike Brown: Yep. It, it should be to everyone and their spot prices show it. Cream’s been bad, and even the Midwest Class III spots are weak, but part of that’s because the cheese market’s weak. And that lag in Class III, which isn’t picked up in that weekly CME price until next month at the earliest. There’s signs that we’re seeing some shifts in the three four spread. We keep this up, [00:18:00] Ted, it’s gonna go away. Yeah. That may change where milk ends up. Ted Jacoby III: Yep. Diego Carvallo: I have a quick question, Ted. Where do you expect this extra milk in California to end up, because it seems it’s very early. I’m already hearing a lot of milk dumping in California. It seems like we’re at capacity in California. What’s the natural spill over for that milk? Ted Jacoby III: I’ve got two thoughts, but I wanna ask Gus a question first. Gus, if there’s one place where there might be extra UF capacity, would it be in California? Gus Jacoby: Perhaps, but probably not. Relative to demand. It’s limited pretty much all over the country. Ted Jacoby III: Okay. So what I’m gonna answer, in Diego’s question, first and foremost, we’ve lost a lot of milk in the Northwest. Yes. So I wouldn’t be surprised if it heads north on Interstate 10 and ends up in one of those plants in the state of Washington. That would be my first guess. My second guess would be the reason that I asked that question of Gus is they keep the butterfat in California and make butter out of it. Then they ship the UF milk to a cheese plant in the [00:19:00] southwest to extend the cheese yields there. If I were to guess it would happen in one of those two ways. Mike Brown: Diego, what you’re describing is exactly why they’ve put some production quotas back in California because they know it’s gonna get worse. And it makes perfect sense . To me, it’s gonna end up wherever the landed price is the best. On fat capacity, if California has the room to process fat, it’s gonna be in their best interest to process it. ’cause the people that buy surplus fat, outta California, that’s some of the lowest multiples in the country. Even when markets are tight. They’re not gonna wanna send that fat to Utah, Nebraska, or Washington State, or anywhere else if they can process it locally and store it. ’cause it’ll be just moving less water, it’s gonna be mm-hmm. To their benefit. And to Joe’s point. Butter markets are reasonably sound. I mean, they’re lower, but it doesn’t sound like we’re over big supply yet. But one thing we haven’t talked about much is that I think a lot of this price is gonna depend on if we keep exports strong. And that’s one of the big questions we all have. Are they gonna stay? I mean, certainly I think, Joe, listening to you talk, that’s helped a lot in [00:20:00] butter because we’re moving more than 82 overseas and we’re making more of it. On the cheese side. I’m hearing from some of the big cheddar guys that they’re still exporting cheese and relieved to do that. Prices are of course lower, but to me that’s really key. Particularly for products that aren’t as storable as powder. What are those trade markets gonna be? That may impact, where milk goes. Because even if cheese is a buck 30, if you sell it for 30 under, ’cause you have an oversupply, you’ve lost money. So that’s not something you’re gonna wanna do. Ted Jacoby III: All right. Well if I were to summarize really quickly what we’re seeing out there, I would say on the milk side, milk is clearing, which feels a little bit surprising given that we’re up 4.5%, but it’s probably due to all the extra capacity we have out there. However, on the butterfat side cream is long. Butter is long. And while we may get a new crop, old crop pop, the length probably will never fully go away. It just may be how the butterfat’s being processed and maybe we’ll have a temporary tightness in salted 80%. On the cheese side, we’re making a lot of cheese and we’re building inventories. [00:21:00] Mozzarella is feeling longer than cheddar because you can’t store mozzarella, whereas you can park cheddar in a warehouse if you want to, and that’s probably exactly what’s going on in the beginning of this year. Yes, we’ve got some exports but exports are not greater than they were at this time last year, though they may be at comparable levels, at least right now. But there seems to be a concern that that’s not sustainable like it was last year. On the nonfat side, that’s where we have some surprising tightness and we’re watching that market and we are watching it closely because there seems to be conflicting supply and demand indicators regarding where that tightness is coming from. And so our real big question is how sustainable this current tightness is. And on the whey market, whey market is strong. It’s been strong, it continues to be strong, and we haven’t really seen anything yet to change that narrative. And that in general probably sums up our dairy markets. I’m gonna ask everybody one lightning round question. What is one widely repeated dairy market narrative that you [00:22:00] think is wrong right now? Mike, I’m gonna start with you. Mike Brown: I think if there’s anything that is wrong or uncertain is how quick the response is gonna be to really, really low prices on milk supply. I still think we’re gonna take a while to back down and the folks that have really invested in and figured out the beef market are gonna be strong, but people that haven’t done that are gonna really get pummeled. So I think that’s it. How quick will we respond to the lower milk prices? How quick will market respond? It could be quicker than we think. Ted Jacoby III: You think it’ll be quicker. Mike Brown: I think it could be quicker. And I’m a good economist. I’m not gonna say it will, I’m gonna say it could, but yes, I think it could be a little quicker. Particularly with beef, with cull prices so high, there’s incentive to liquidate herds if you don’t wanna milk cows anymore right now. I’m not talking the 10,000 cow herds. I’m talking the smaller Midwest herds. Ted Jacoby III: You got it. Gus, what about you, one widely repeated dairy market narrative that you think is wrong? Gus Jacoby: I always have contrary perspectives on things. I don’t know what to tell you except, back to what I said originally. [00:23:00] Milk is just simply even with high growth production numbers, it’s not as long as some people might think in areas of the country where we haven’t added too much pricing capacity. All right. Sounds good. Diego, how about you? Diego Carvallo: I would say a lot of people are expecting farmers to be losing money at this level, and I think that’s wrong. Ted Jacoby III: They’re still making money. Diego Carvallo: Or maybe breaking even. Ted Jacoby III: All right. I like that one. Joe, how about you? Joe Maixner: I’m gonna buck Diego’s thoughts. I’m gonna go off a nonfat trend. I think that the nonfat market’s gonna continue to trend higher this year as opposed to fall back off. Ted Jacoby III: That’s a good one. That’s a good one. I will struggle with that one, but more power to you. Josh, how about you? Josh White: “This time’s different.” I don’t think this time’s any different than the prior times. I think it’s all perspective. Prices are gonna do what prices do to demand eventually. I realize that we have nuance to our markets, particularly with whey proteins, GLP-1 inspired demand, things like that. But I don’t know that I’m a subscriber to “this time’s different.” Ted Jacoby III: All right. Well, I’ll go ahead and venture mine out there, and I’m gonna have fun with it because I’m gonna [00:24:00] take the exact opposite side of the aisle from Mike and Gus, and I’m gonna say, I actually think this particular drop in prices is gonna last longer than the traditional six months. Usually you see it takes about six months for a market to bottom out and some of dairy farmer habits to change and see the market going back up. But I’m actually on the side of Diego. I think dairy farmers at this price are even still making money because they’re getting so much money from breeding to beef and in some cases from selling their manure. And as a result, their balance sheets will remain healthy. And they’re not gonna be under pressure to exit and sell their cows. I also believe that high beef prices have the inverse effect of what you would expect. And they don’t mean people will sell more cows. It actually means they’ll sell less because dairy farming’s a way of life. And so they’re gonna sell fewer cows to stay cash flow positive rather than more. And so I actually think that this one’s gonna take a lot longer than six months to adjust, but I think what’s really healthy is the fact that we have a diversity of opinions here, which means nobody really knows what’s gonna happen next. Alright guys, I thought [00:25:00] this was a great discussion. And, as it always is in the dairy industry, may we live in interesting times and this one’s not gonna be any different, is it? So thanks everybody for listening in. Great discussion today. Guys, thanks for joining us. Mike Brown: Thank you. Josh White: Thank you guys.

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.

Text me your feedback.We're kicking off the new year with an exploration of the ways in which we can capture the energy and freshness of a new calendar year to every day moments, creating new beginnings whenever we need them. Topics include:how temporal landmarks, like a new year, pull us out of the ordinaryhow walking meditation teaches us how to start over in the present momentand we can train up the capacity to let go in order to embrace a fresh moment in mindfulness of breathing meditationWe'll also go through ways to reaffirm your values, not only as a ritual way of starting over, but also because following your values will capacitate you for the challenges head. Resources mentioned on the show:Sign up for the newsletter: https://www.sati.yoga/letter/index.htmlVIA Virtues and Strengths: https://www.viacharacter.org/character-strengthsSchwartz's Values Wheel: http://theschwartzmodel.com/~ ~ ~SMP welcomes your comments and questions at feedback@skillfulmeanspodcast.com. You can also get in touch with Jen through her website: https://www.sati.yoga Fill out this survey to help guide the direction of the show: https://airtable.com/appM7JWCQd7Q1Hwa4/pagRTiysNido3BXqF/form To support the show, consider a donation via Ko-Fi.

It will probably some lifesteal SMP.

Matt Popovits joins Zach for an honest conversation on pastoral formation, SMP, LCMS leadership, preaching, AI, and mission. Matt shares his journey, why pathways must expand, and the wild story of how he won Wheel of Fortune. Visit www.redletterpodcast.com for more.

Text me your feedback.Working through dilemmas and challenges usually involves trade-offs, compromises, or imperfect third options. After all, if there was a lot of internal consensus, it wouldn't be a dilemma. Sometimes, parts may feel bruised and disappointed, making you feel unsure about whether you made the right choice. In this parts work practice, Jen helps you connect with your inner skeptics and naysayers where you can soothe their nerves and solicit their advice on how to move forward more confidently. Skeptics can be a well of insight for how to navigate tricky situations - in other words that can be great allies if you take the time to get to know them. If you want to skip the intro, jump to 2:02 or use the chapter marker if it's supported by your app.~ ~ ~SMP welcomes your comments and questions at feedback@skillfulmeanspodcast.com. You can also get in touch with Jen through her website: https://www.sati.yoga Fill out this survey to help guide the direction of the show: https://airtable.com/appM7JWCQd7Q1Hwa4/pagRTiysNido3BXqF/form To support the show, consider a donation via Ko-Fi.

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

Dr. Jeff Kloha returns to discuss pastoral formation, the launch of the Center for Missional and Pastoral Leadership, the SMP age decision, and why he believes the LCMS must expand—not restrict—pathways for leaders. Visit www.redletterpodcast.com for more.

Send us a textThe glossy reels say “global help.” The insiders tell a different story. We sit down with director Mitch Brisker to map how Scientology reengineered Narconon after multiple deaths, shifted operations from the secretive International Base to Los Angeles, and used a made-for-TV sheen to mask liability and control. Mitch was there through the rewrites, the SMP launch, and the clampdowns—and he explains how the organization manufactures impact with paid “PSAs,” inflated statistics, and a media pipeline that looks impressive but rarely reaches real audiences.We pull back the curtain on the Hole and the daily mechanics of punishment: segregated meal times, frog-marched lines of staff, and the phrase “PTS to the middle class” used to shame normal life choices. Mitch charts the rise and fall of key enforcers, including leaders who went from running a 300-person studio to sewing buttons in a laundry building. He also walks us through the film lab that out-resolved Hollywood with Kodak's help, yet sat underused because it served only in-house projects—a perfect metaphor for a system obsessed with control over outcomes.Then there's the archive project: CST vaults sealing Hubbard's writings on etched plates and lectures on gold records, complete with a hand-cranked, solar-capable player. The goal was legitimacy and permanence; the result feels like doomsday optics. Meanwhile, AI models learn from what the world actually watches, which means critical reporting increasingly shapes public understanding while official channels stagnate. If you've wondered how Scientology really works—from Narconon lawsuits to SMP's internal culture and those mountain vaults—this conversation connects the dots with first-hand detail.Enjoy the episode, share it with someone curious about high-control groups, and leave a review to help others find the show. Subscribe for more deep dives into the stories mainstream PR won't tell.Support the showBFG Store - http://blownforgood-shop.fourthwall.com/Blown For Good on Audible - https://www.amazon.com/Blown-for-Good-Marc-Headley-audiobook/dp/B07GC6ZKGQ/ref=tmm_aud_swatch_0?_encoding=UTF8&qid=&sr=Blown For Good Website: http://blownforgood.com/PODCAST INFO:Podcast website: https://www.buzzsprout.com/2131160 Apple Podcasts: https://podcasts.apple.com/us/podcast/blown-for-good-behind-the-iron-curtain-of-scientology/id1671284503 RSS: https://feeds.buzzsprout.com/2131160.rss YOUTUBE PLAYLISTS: Spy Files Playlist: https://www.youtube.com/playlist?list=PLWtJfniWLwq4cA-e...