Consumer Foods-to-Go Wrap! Wrapping up May 2026 in consumer foods

Speaker A: From Rabobank. This is a Rabo research food and agribusiness podcast.

Speaker B: Hello, welcome to another episode of Consumer Foods to go wrap. And in this episode, which is recorded on the 26th of May, we're wrapping up the month of May. Um, and this is uh, the seventh of eight time in a row that we're wrapping up uh, the month. And in previous episodes we had so much to talk about. And it's no different in this episode. Maria, let's kick off with you. What do you think is the most important thing for our audience to know about that you noticed in May?

Speaker C: Hello Cyril. Hello everybody. And it keeps being very busy in terms of news flow. I will skip Geopolitics, uh, because that is very repetitive. Ah. So I will focus on perhaps the most recent news which is Uber Eats launching a takeover bid and repeating uh, it and improving it over Delivery Hero. Mhm. I think this is perhaps the last round for the time being that we can see in delivery platforms consolidation, excluding China of course. So we have now DoorDash plus Deliveroo. We had process by ingestic takeaway and now is Uber Eats and um, Delivery Hero. What does it mean? Well it means for some countries nothing changes very much. But it definitely means that Uber Eats reinforces strongly its position in the Middle east and also in Italy and Spain where they were smaller and uh, Delivery Hero via Global was very big and in the Nordics where they were sort of mid sized and they had a strong competition from Voltage, uh, they become much stronger being together. So the positions in the market start to consolidate and start to be more casting iron. Uh, next round is, well, obviously greater pricing power, uh, versus uh, their clients on both sides of both ends. So restaurants, retailers and of course the consumers. So I think it's a very big movement.

Speaker B: Yes, very interesting and a uh, indication that the delivery sector is maturing. It's been maturing for a while, but that's. Then consolidation happens obviously. So very important.

Speaker C: And clearly there's not much more to gain organically. The growth is going to be much slower. Keep in mind that most of the growth that we are seeing now is not from the restaurant side is from adding new strings already.

Speaker B: Yes.

Speaker C: So growth, uh, rates are not the same what they used to be. So now the landscape is more to focus on profitability and on returns. So this is going, I love it.

Speaker B: The real world delivery has entered the real world.

Speaker C: I think the days of cashborn reindeers probably are over, uh, as fashion, uh, for the time being, yes.

Speaker B: Okay, let's move to the other part of the real world. Well, discuss the U.S. tom, what's new?

Speaker A: It all feels like a simulation sometimes. So yeah, lots going on here. Um, and a little bit of political reshuffling. I know Maria avoided it somewhat. It's hard to avoid these days. But we have had a bit of a shakeup with the FDA here in the US We've seen uh, Makary resign after pressure from Trump due to a slew of things including ah, fruit flavored E cigarettes which uh, Makary was, was being. Makary is a Maha guy, but he was against the, seemed to be against the fruit flavored E cigarettes. Um, um. And he is replaced by a lawyer and a food guy. One of the first food guys that we've seen in the fda because historically they've been more medical doctor, you know, background on the, on that side. Uh, so Kyle Diamantez has stepped in and um, as the acting uh, commissioner. So that's going to be an interesting shift. It adds of course to the uncertainty that we have which is ever present. Um, you know, we've got unclear direction right now, risk of delays and reversals of ah, various regulations. Um, and ultimately what I think, you know, is interesting about this for food and beverage is the fact that this is a food, this is a guy with a food background. And so perhaps this brings more attention and more regulation and faster pressures to the changes that they've been looking to make within the food, food and beverage space for some time now. So that's what I'm, what I'm watching out for. Yeah, of course, increased uncertainty. But at the same time, perhaps it does just mean more pressure on, on regulations, uh, at food and beverage, which is, uh, you know, things like ingredients, additives, um, labeling requirements and so on.

Speaker B: So that, that could be interesting. Yeah. Because this is the, the labeling adjustments and, and perhaps more regulation is something that was in the pipeline, I guess anyway, but it didn't necessarily come to fruition on um, the MA and RFK

Speaker A: Jr. Yeah, it's just maybe was taking a back seat to uh, some of the other issues. But now that it's a, uh, food and uh, beverage person, it might be more higher priority.

Speaker B: Yeah. Okay.

Speaker C: It seems that we will have more clarity in the end.

Speaker A: We'll see. Time will tell. I might, you know, I would, that would be great.

Speaker C: But in the future perhaps, you know, the food agenda moves a bit faster.

Speaker B: Yeah. Yeah.

Speaker A: Uh, maybe, maybe for food it helps maybe for, for say pharmaceuticals that they take a bit more of a back backseat I don't know. Um, but it's something to keep your eye on and pay attention to because a lot of companies are thinking what do we have to, you know, what, what changes are we going to have to make to our, to our labeling requirements? What ingredients are going to be okay? You know, so it's, it's a spaghetti bowl of change right now. Um, as far as those, uh, you know, ingredients and so on goes.

Speaker B: Yeah, clear. Um, okay, moving back to, to, to Europe and confusing, uh, a few sections I guess within the usual setup of the Consumer Foods to Go Rep podcast, which is, uh, hello and welcome. Which is. We already did and this is the menu section. But I'm going to sort of jump between this and a podcast that we launched as a Consumer Foods to Go Special on the 26th actually today, the day that we're recording covering uh, the private label manufacturing associations, the PLMA trade show in Amsterdam. It's a 40 minute podcast. Please have a listen to that because it gives you all the insights on what we've learned at the plma. Uh, but there's a few things perhaps to highlight that we didn't address completely in that podcast. Uh, or just as a quick summary. I think the most important point that I would like to share with our audience is that um, food inflation is coming and while still oil prices are very unpredictable, today it's 99. I see on my screen here for Brent, that is for crude it's about $6 lower. Um, and natural gas prices are at the 45, 47 level. Um, it is very unpredictable. But food inflation as a result of the high energy prices is coming. But what I find really interesting is the response of companies as in some are really putting their head in the sand. Oh, I've been hedged, so I've hedged myself uh, for all these higher costs. So this is not going to impact me. Two companies saying, especially in a very energy, uh, consuming sector like bakery. Yes, this is going to affect every single step of the supply chain and it will end up into higher consumer food inflation. Um, I think we are as a group much more into the latter camp that we will see higher inflation levels coming uh, uh, our way. And we'll talk about that later on perhaps as well with the reports that we've launched on the topic. But what I find really interesting to share is that not everybody agrees on, um, well, basically the severity of the food inflation that uh, might come. Uh, the second thing that we definitely didn't talk about um, in the podcast is um, new stuff Product, new products, innovation. And I um, didn't see that much at ah, the private label show. You usually see uh, you know, fast following to brands or and because that's what we discussed also uh, uh last year where we talked about the price gap and that premium private label definitely has a role to play. We produced a note on that. Please reach out if you want to like to have it. Um, but we didn't see a lot of premium products or premium innovation. Yes, protein products were there. Fiber was a theme. You did see some changes in the packaging materials. But I was a bit surprised that we didn't see more novel or new stuff uh, compared to my expectations at least and I can say our expectations. So the trade show, great as always. Um, but those I think those two things were really a highlight um for me as in a range of opinions around food inflation and sort of the true, the lack of true novel, novel ideas. But that may also have to do with the, the environment that we're currently in, the economic environment that we're in. Um, so lots going on and lots to share on the uh, on that. Let's go to the uh, to the next section of our Consumable Foods to Go wrap podcast which is the specials research that uh, we as Rabo Research have published and we believe that should be highlighted to uh. You. Let's go with uh. Well with you Tom, I think there's actually two that you would like to highlight. One is inflation related.

Speaker A: One is inflation related. Yeah. Um, and you know as we started out the year I remember saying on an early podcast that inflation was, was going to be coming back uh, year just, just due to a number of factors but it was you know, modest inflation but with, with what's going on in Iran it's, it is quite inflationary at this point. And we're now we've, we've come out and said with this new report that we're, we're expecting over the next 18 months you know, 4 to 7% inflation ranging you know on a, on an annual basis across the various months. That's, that's a big step up and that's approaching what we saw back in 2021, 2022. And it simply comes back to that the impacts of the energy side and the way that the energy markets flow through the entire global economy obviously, but through the food system specifically. And if you compare say 1970s the impacts of oil, um, in that period the way energy was integrated into food was much less direct. Uh and we ran a comparison looking at that ours like a 10% increase in energy in oil prices was a 0.02% increase in food inflation. But now it's a 10% rise in energy and oil is a half a percent to even a percent increase in food CPI for the US so uh, we've tracked kind of that trickle through of energy in the food space to say hey, here's our forecast across these various uh, core inputs from resins to uh, animal proteins. And here's how it looks as far as an aggregate food CPI for the US and it's mid to high single digits. It's on top of already 36% inflation since the pandemic. Um, it's coming at a time where the big difference between 2021 and 2022 is this time around consumers don't have a lot of money. Um, we had these, these Covid packages, payout packages back in 2021, 2022 which resulted in over $2 trillion of excess savings. And consumers were spending, you know, very frivolously. They were out enjoying uh, expensive meals out and so on. And so they spent aggressively. This time we, that's the big difference. This time we don't have that demand so it's going to be more frugal spending, more P stretching and so on. So the supply side is inflationary, the demand side not so much.

Speaker B: Yes, there's a, there's a great chart in your report which you co wrote by the way with Steve Renicklee is uh, on savings or complete lack of savings amongst the US consumer for the last, what is it, year or 18 months.

Speaker A: We've got, yeah, we're now negative, uh, 1 trillion excess savings versus the 2 trillion excess savings during the pandemic. And it's a massive shift from um, the excess savings we saw during the previous inflationary period. So it's going to be a different pass through of cost this time. Demand is not going to be so much a factor. But I also want to, I should give a shout out to my team, um, the global research team who have provided inputs and support to this because understanding the flow through of these costs in the system is not an easy feat and we you know, fortunately have a very strong global team of analysts that can, can help with the inputs and like you said Steve, Rene was ah, a co author with me on it.

Speaker B: So yes, interesting, uh, what you say about the negative excess savings, Maria? Uh, Europeans are still bringing money to the bank and us as a bank, um, every day the savings rates are different, which is another economic effect which also has impact on the food sector.

Speaker C: Totally. Uh, because the consumer confidence here still has some relevance and we will write something about inflation all that soon. But what I already noticed is that Andy, its savings are still going on strong. However, the appetite to spend is very, very low. So also that is different, uh, compared to 2022. 2022, perhaps not so much in food at home because we were coming out of our fair share of eating at home, but there was some kind of appetite for uh, traveling, uh, no matter at what price, going out no matter at what price because we were coming out of lockdowns, we were eager to spend. Right now the mindset is completely different.

Speaker B: Yeah, uh, Taylor Swift became a billionaire on the back of that mindset. But

Speaker C: uh, keep in mind something that the one that has the savings is one. But there is other people that are still struggling. And we have seen a taste of that with the first figures about uh, occupancy rate at hotels up to the month of April in Europe. Turns out that the luxury hotels are doing okay and the value and enterprise are not doing okay. So yes, we are better off, we have savings. It's a different country, it's a different continent. But it may also have very strong consequences on what people want to spend on and how much they want to be paying, uh, for their food. It doesn't mean that food, uh, suppliers in Europe are going to have a very easy time.

Speaker B: Uh, okay, that's inflation again and people who are listening. I got feedback from uh, a listener and I'm sure he's listening again. That we owe. That is a bit of doom and gloom because we're talking about inflation so much. So talk about something else. Tom, we did another great report at Rabo Research. Can you, can you give us the highlights?

Speaker A: Yeah. JP Frassard, um, is an ah, analyst here in the U.S. he's just finished a report or that'll be released very soon. Um, it's just in the final stages on nutrient density, which is not a new topic per se, but the way that consumers are looking at it and the way that technology is influencing the, its usage is, is interesting. It's going to change the way uh, we're eating. It's going to change innovations in foods potentially. Um, because things are kind of coalescing into, you know, where technology is meeting consumers with the change that they want to meet, um, they want to make in their, in their diets. And so we could finally see a shift in. Consumers actually started to eat healthier after, you know, how long have we been saying you Know that consumers want to eat healthier. It's important to them forever, forever. And, and we're starting to see a shift. And, and so this report kind of documents what nutrient density looks like. Um, you know, of course, you know, it's, it's an evolution from the nrf, which is the nutrient Rich Food index is a ratio of the nutrients you want, nutrients you don't want. But you know, consumers are reframing value in food in general. It's not just how many calories can you get per dollar, it's um, what do I get from these calories. Right. So it's a, it's a ratio of, of um, you know, your protein, you know, health impacts, economics and behavioral shifts as far as, um, the amount of protein you're getting, how much it costs per dollar. Um, and then you know, you've got these behavioral shifts with GLP1 and consumers reading labels, um, distrust in big food, new nutrition guidelines, kind of all these things are, are uh, coalescing into these major shifts. And so this report introduces biological uh, efficiency, so fewer calories, um, in order to hit your nutrition targets, economic, uh, efficiency. So that's looking at your cost of the product, um, on a protein basis. So how many grams of protein am m I getting per dollar that I spend? Um, and premium products often do look expensive on a pack. Uh, but when you start to dig into the amount of nutrition and say a premium nutritional product, it starts to make sense on a pound for pound basis as far as that included nutrients. And so the bottom line from this report are that I think diets are actually shifting towards healthier.

Speaker C: Ah.

Speaker A: And we'll see. It's probably slow and incremental, but it's actually a change. And we're seeing it as far as the sales data where the higher nutritional density products, or by that I mean kind of less processed, fewer, fewer additives, higher um, proteins and fibers and so on, they are doing well as far as sales go. And so we're seeing much stronger growth there. So we're seeing a shift and many products and innovations are moving more into that direction. So it's going to be a positive, uh, growth cycle for cleaner label products and healthier foods. And then of course you've got technology helping solve this also. So you know that the app Yuka isn't necessarily, um, the most accurate, but it's a step towards having something in the palm of your hand that can tell you this is good, um, or this isn't. Here's an alternative you could try instead and here's. Here are the reasons why I imagine in the future we're going to have an app that it's, you know, your personalized diet and goals. And then the app, like a Yuka app, could actually then uh, personalize the review of the product towards what your goals actually are and say yes, this is perfect for your diet and no, that's not good for your diet. So it's a big part of evolution in the way we're eating. And I think that um, it's an exciting time as far as uh, the changes and opportunities that are coming as a result.

Speaker B: Now I love the idea behind nutrient density. It simplified, it is currently protein and fiber. Uh, but part of the story is of course that the consumer not explicitly but implicitly pays for the value, as in the per pound value of the nutrients in the food, uh, and is moving away from, let's call it empty calories where the nutritional value is very, very low. Maria.

Speaker C: Yeah, I wanted to uh, uh, share here a comment that a colleague made on an internal call earlier about the developments on marketing with uh, high protein. Everything is high protein. I was at a trade show earlier this year. Or high protein, uh, even in Europe. Uh, of course I'm talking about Europe. Private labels. They did mention my colleagues protein again. But if everything is protein, that's not enough to differentiate your product. No. So we uh, are starting to see uh, products with extra claims high protein is not enough. So it correlates very much with what uh, you are saying on the research done in the US These two have both high protein, but this one on the top of that has other uh, uh, positive elements. Creatinine, muscle, uh, protection ingredients, whatever. But with everybody adding protein, more nutrients, different nutrients with a clear message to the consumer are going to make the difference also.

Speaker B: Yeah. Though I'm wondering though whether you know, if, if collagen is added to food, which I did see at the plma, chocolate with collagen and, and this has been around for a while in the US with the Expo S you see quite a few of those products. Whether those claims will interest the consumer that much because you know, protein and fiber is appeals do the masters, but others might not.

Speaker C: I think for example, she was mentioning, our colleague Julia was mentioning protein and creatinine. Yeah, creatine related to muscle, uh, building, et cetera. So that makes sense. But uh, it has to be combinations that make sense. Uh, otherwise they may be more difficult to push through. In particular, if you combine one claim that is interesting for a certain cohort uh, another one that is not a priority for the same cohort and in a product that is also not interesting because it's not ranking high on the product, on the priorities of neither one or the other, it has to be consistent. It's not just adding elements for the sake of adding.

Speaker B: Now what is interesting about this discussion is that we are heading to or speculating for what is the next big thing in food. Because protein everybody knows, um, fiber, probably everybody's aware of that trend. M but the consumer will not stick with these and will go to something else again. And it's unlikely to be Omega 3, it's unlikely to be diet because we've been there. Um, but could it be creatine? Could it be collagen? Could it be. I don't know. But R D teams that are listening, they should start thinking about this uh, right now. Um, final one in this special sections, uh, Maria, is that you launched a very interesting report of the coming of age of Internet or E commerce. But then in the retail space you talked in the earlier section, in the menu section on uh, Uber Eats and Delivery Hero. But this is about retailers and delivery to the home.

Speaker C: And perhaps that's why the other theme attracted so much my interest. We just released a report about the coming of H on European online groceries and focusing on actual grocers be it online only, pure players, uh, like Picnic, uh, or like Ocado or also the large multi, multi channel um grocers that are involved in on E commerce. And just reviewing what is the situation, um, uh, how is it going, where is it going, who is going to keep going so to speak. Why? Uh, because basically growth is still going to be faster than in total uh groceries for the foreseeable future. But it's much slower than what it used to be and at the same time profitability is not really very visible. So when the different players start to look at this equation, slower growth, yes, growth, but slower. And uh, profits being more uh, difficult to grasp. They need to take strategic decisions and we are starting to see these things happening. For example reconsidering the investments they need to or they want to do maybe is no longer the best I can have. But what is just good enough. And that is in terms for example of technology but also uh, it's about where I want to be present and at what cost. Of course something different is to be digitally present. That is uh, not a discussion every single grocer has to be but this is about actually executing the delivery and the online groceries. So in France for Example, uh, click and collect they call it drive thru is very well positioned, but probably it's got as big as it can be. Uh, next growth may come actually from the pure home delivery. But who is going to do that with the cost of the extra uh, transport and the last mile challenges? Well most likely it will be actually the delivery platforms that are growing there.

Speaker B: Yes.

Speaker C: And not the grocers themselves. What consequences this has about uh, who is going to benefit and at what cost and what kind of investments and what kind of discussions with the food suppliers are going to take place in the near future is something that will be gradually being reshaped to a more realistic view of who uh, can provide uh, online groceries and at what price and what they want to provide. Will it be more uh, just uh, private, uh, label for example where they have a better control of costs and prices, or will it be just more premium and that is just for the last mile expensive uh, clients that they don't mind paying the highest ticket. But no doubt it is being reshaped and we will see more reshaping because of that lower growth and still challenging profitability. Plenty of examples.

Speaker B: This one is also maturing. Yeah, but this one is also maturing. So it is very clear that uh, on your message here, um, we've discussed a lot uh, today from reports, um, in this special section, if you would like to receive any of these, just feel free to send us, uh, any of us basically a message and we'll send uh, the report to you. Um, let's go to the final section, which is the made to order section. The questions that we've got received over the past month. Um, Tom, let's start with you. What was the, an important question or main question that you've received?

Speaker A: Yeah, so the, you know, back to kind of talking about nutritional density. Actually a question I've seen coming through is which functional attributes or ingredients are resonating most with consumers? And kind of the question of do you want to just add all of these various ingredients into one product to have the holy grail? Does that even work? Um, that's kind of the direction in questioning of what do we do, what do we have to add to our food to make it resonate with the consumer? I don't think there's no magic, um, bullet at this point in time. Um, it's very tough to say. We're discovering it as we go. Various, um, products are having very different results. Um, but protein is obviously a big one. But you have to start to look into what type of Protein is it. We talked about collagen. Collagen's a protein, but it's very different protein to whey protein. Um, and so consumers are paying more attention to these ingredients and what they're actually looking for. Um, and then these other functional ingredients like creatine, um, ashwagandha, L theanine. We're getting kind of complicated in what's being added to the food products. Um, but I think the answer is consumers are fragmenting into just very specific groups looking for very different, um, you know, things from a demographic standpoint they're different from an economic standpoint, they're, they're, they're different from ethnic background standpoint, you know, specifically very different. So they, they have, their dietary trends and goals are very, very fragmented. And so what I think is, what I think makes the most sense is you get really targeted within one of those groups and do a really good job of connecting and then you start bridging across more broadly. Um, so say you're, you're adding creatine, collagen and a whey protein product for, for a certain type of fitness person. Um, that then extends into ah, you know, a broader, a broader consumer segment who are just looking for a healthier diet. Um, and the, you know, the benefits of creatine which you know are various, um, are varied. And so then you can bridge across. We've seen products doing that. So Aulani New is one type of product that targeted you know, female consumers and now it's kind of been acquired by Celsius and then as a much bigger segment uh, of a consumer base and they continue to see growth as they, as they branch across the consumer

Speaker B: um, parties which happens sort of with protein which started off in the sports

Speaker A: nutrition, yeah, sports nutrition, gym bros and so on. Um, and then you just kind of, you grow from there and you do a good job with that targeting and that, that um, product development and then word gets out and then.

Speaker B: But again a discussion on what's the next one. And I think we are an interesting sort of, and I hate the word crossroad word crossroad here but it is sort of where we are as in what is next here.

Speaker A: It's don't, it's always evolving and you know, with, with tech and AI and the consumer insights we're getting, it's just going to evolve quicker and, and you'll see rapid fixes and um, one thing is for sure it's going to be, there's going to be continued change but I do think technology will help Us be much more targeted in knowing what the consumers want and the consumer making a choice and innovating for that.

Speaker B: Yeah. Okay, nice one. Good question. I got a really interesting question that made me think, and I don't have the answer to. Um, a lot of the discussions that we are having with clients of Rabobank is uh, are about resilience. So how resilient are you to all the changes that we see? And uh, of course because of all the drivers around us, geopolitical, climate change, cybersecurity, changing consumer. And many drivers, uh, that might lead you to think about how your business is set up. Um, many. The theory says that you might want to move to a different type of system, so less transactional, more networking, uh, more inventory, um, buffers, those type of things you might want to have instead of, as I said, transactional just in time, those type of things. But then someone asked me the question whether companies within an industry or perhaps in a value chain should share more to de risk, which I think is a really interesting one. Um, so instead of having your own transactional value chain, should you go to a network, to an ecosystem where you share resources, potentially share physical resources, you share inventory. Because if one side goes down, then the other one is still uh, uh, there. So you de risk or you risk, you mitigate the risk with finding a partner company which may be a partner in the same sector, in a different sector. But it's a really different way of thinking which uh, I truly uh, found stimulating to think about. And not necessarily the sharing economy per se, but, but the sharing. Just from a risk mitigation point of view, is that a way forward? Perhaps not for all, but something to think about.

Speaker A: Consumers are doing it with Uber and then we work the office space sharing and things like that. It's interesting concept upstream and how this can work.

Speaker B: Perhaps already happens in a sense, storage, uh, where facilities. There's many companies that may use the same storage platform, platform or the same storage facility. But there may be more options of sharing, um, networks, infrastructures, uh, from here.

Speaker C: Yeah, I think it's to some extent in smaller companies in case of need. There has been a long history of one stepping up to help the other. But this is more on the special occasion. But there is one risk. There is, uh, to what an extent can you share? And of course in the logistics side it's obvious. But if you share too much, aren't you going with two similar companies? Aren't you going to be accused of oligopolism?

Speaker B: Yeah, yeah. So there may be different industries that are sharing. I don't know. It's just.

Speaker C: I don't know. I don't know either. But yeah, what is clear is that the world is very complex and uh, we need different solutions. And I wanted to comment on what Tom was saying of all these small niche, et cetera, that there is a risk now because there's so much media, so much communication that all the companies rush to a buzzword before it really becomes a solid, interesting feature. And there is a lot of energy and cash flow wasted because of everybody running behind the last buzzword, be it uh, collagen or blue collar food, you name it. So there is also. Be careful about here.

Speaker B: Yeah. Okay. Uh, Tom, Maria, we've covered a lot in the last half an hour, so, um, well thank you again for joining. Um, and the listener we are, we love to be stimulated by interesting questions, uh, by you like the sharing one which I just, you know, it gets the mind going and I'm not sure whether there's an answer but at least we like to share the concepts that are being shared with us. Talk about sharing, uh, uh, on what is on people's minds. And I thought this was a, was an interesting one, so that's why I used that one. But any others please reach out to us. Um, use my email address cyril.philott.com and we'll discuss your question or your thought, uh, in the next podcast. So again Maria, Tom, thank you so much for joining this month. It was a bit more quiet than previous episodes, not in terms of the energy level but much more in terms of the geopolitical musings that we had. So it's better let's fingers crossed for the next one.

Speaker C: I think it's a hint.

Speaker B: Yeah. And dear listener, thank you again for uh, listening to consumer foods to go wrap and we're looking to forward forward to bring you a new episode very soon.

Speaker A: Thanks for listening to this latest Rabo Research, food and agribusiness podcast. To hear more up to the minute expert analysis, search for rabobank on your favorite podcast app and follow our uh, channels. Visit research rabobank.com for more.