Latest / CattleUSA Daily / 299: A Resilient Cattle Market That Just Won’t Back Down with Dan and Samantha

Transcript

299: A Resilient Cattle Market That Just Won’t Back Down with Dan and Samantha · CattleUSA Daily

• 0:00
  In today's episode with Dan and Samantha, they are coming on
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  once again to break down the cattle market and everything
• 0:07
  that we are seeing on the board. This past week, it has been a
• 0:10
  very resilient cattle market. So we've got a lot of positivity
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  coming into today's episode to share what we're seeing with you
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  guys, thoughts on it, and also touching quite a bit on beef
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  demand and how we believe that is playing into this market or
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  maybe how it's not playing into this market.
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  At the same time. There's a lot of humor, a lot of
• 0:29
  laughter, and this podcast episode overall is just a lot of
• 0:32
  fun and we hope that you guys enjoy it as much as we did.
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  Before we hop into today's episode though, if you're
• 0:38
  watching on YouTube, make sure you hit that subscribe button
• 0:41
  and like this episode. And if you're watching on any of
• 0:43
  our other podcast platforms, make sure you take a second to
• 0:46
  go follow the show, rate and review it and share it with a
• 0:48
  friend. Without further ado, let's go
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  ahead and hear from Dan and Smith.
• 0:56
  Welcome to the Cattle USA Daily podcast, your go to source for
• 1:00
  the latest livestock markets, industry insights and the update
• 1:03
  shaping agriculture today. I'm your host, Lauren Moylan, a
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  passionate advocate for agriculture, here to keep you
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  informed and connected. Now let's dive into today's
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  episode. Samantha, welcome back to the
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  podcast. I am so excited to have you on
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  once more and get to chit chatting about things that we're
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  seeing in the markets and what's been happening stateside over
• 1:29
  the past week and a half. Last time we talked, I was in
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  Brazil and I am officially back in the States, which feels
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  amazing. Lord, I landed and I was ready
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  to play. Proud to be an American full
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  blast. I didn't.
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  I didn't, but I was. The first things I did was go
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  get an iced coffee and go get a Diet Coke because those were two
• 1:49
  things that I missed dearly and I was very happy to have them
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  once again. Well, welcome back, Lauren.
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  Happy to have you back in the States and safe and happy after
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  we left last week's podcast. So yes, all great things.
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  Hope you had a good trip. But yeah, cattle markets, very,
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  very resilient cattle markets last few weeks, which have been
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  honestly a great change of pace. You know, I'll never complain
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  about a good market. We're pretty bold, so pretty
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  choppy there for a while. So great markets.
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  I think it definitely came as a bit of a shock to people because
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  they're just not been a lot of super solid foundation under
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  this rally and a lot of what normally would have been bearish
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  indicators the last few weeks hasn't been.
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  So you know, we had a bearish Catalan feed report going into
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  last week, then we were trading Iran headlines.
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  Oil broke $100 a barrel. Been a lot of eyes on equities
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  and cash flow and kind of what the stock market's doing.
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  Stock market was actually a big Tuesday and Wednesday, so that
• 2:46
  helped. But last Friday the stock market
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  hit a 7 month low. At the same time, futures and
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  cash both rallied. So we're also hitting record
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  high carcass weights. And you know, according to that,
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  that lovely government report we got a few weeks ago, cattle in
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  February, we placed a lot of cattle in the feed lots in
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  February. And bear in mind, kill levels
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  are still down. Last week they were actually up
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  17,000 week over week. So that's optimistic.
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  But they were 86,000 back year over year.
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  So definitely cut and kills by landslide.
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  Just not a lot of support. But yeah, I'm not, I'm not
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  complaining about it by any means at all.
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  Just very cautionary. This is the rally everyone wants
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  definitely only waiting for to protect on.
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  So you don't want to miss the bus in a sense, if you know what
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  I'm saying. But futures are friendly today.
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  You know, hopefully we get some 241 cash trade with April
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  Futures Trading 244 in some odd sense.
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  And then they were up again today.
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  I think that pushes cash a little bit higher and and we can
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  plan to see that we get some 241 cash trade today here on
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  Thursday before that holiday weekend.
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  And and then I'm a little more optimistic that we have some
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  better footing under this rally to continue those trends in the
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  right direction. It's been a wild week in the
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  cattle market. And I think the last time that
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  we talked, we had a lot of thoughts and a lot of indicators
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  that we were seeing as we went forward and some of them came to
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  fruition and some of them really didn't.
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  As we look at the cattle market. And I think that that really
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  just goes to show A, how volatile it is and B, how we can
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  sit here and we can try and predict and we can try and say
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  here are the indicators. It's bearish, it's bullish.
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  This is why I like this is what we're seeing.
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  This is what we think it's going to do going forward.
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  And then a couple headlines get traded and all of a sudden
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  everything goes out the window and things just get popped
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  around and it's very volatile. But I think you said it
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  perfectly, Samantha, that it is a really resilient cattle market
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  nonetheless, even though that we have seen a lot of these things
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  get thrown at it over the past week.
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  It's really encouraging to see it rally and see it continue to
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  push forward nonetheless. Yeah, absolutely.
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  I mean, you always have to bear in mind that it only takes 1
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  pessimistic trader or a few trip pessimistic traders to throw
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  this thing off course, which isn't a great thought, but it's
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  good to keep that in mind just to brace for what could be
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  coming, especially at these levels.
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  We get really, really volatile at these levels.
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  And I'm just kind of circling back to beef demand.
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  I mean, we talked so much back in January, February about where
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  beef demand would be come spring and here we are, which is
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  insane. I mean, I can't believe we're
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  already first week into April. I wasn't even.
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  Paying attention What? Is that what the big surprise
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  was? Baseball season, right?
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  Rally after the first pitch of the year.
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  So we got baseball rally caps on and look at what happens to the
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  cattle market. You know, lifelong Cubs fan like
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  me, as used to putting the old rally cap on and look what
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  happens on the the last day of the week right before Easter.
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  How do you not get pumped up for this rally?
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  How do you not get pumped, huh? Oh my gosh.
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  Rally listening For all of you listening to this podcast, Dan
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  just interrupted Samantha and I came out of nowhere with a
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  costume and a fire under his ass, apparently.
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  Well, look it. I mean, they smoked boxed beef
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  this morning. We're down 4 bucks and the
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  choice, the equities are down, oils raging, and cattle's like,
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  screw you, I'm going higher. So how do you not get jacked up?
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  Right? We're going to have a grating
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  Easter. Let's go.
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  Having this energy, I'm loving it.
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  Let's go. Come on.
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  I don't know what to do with this, Dan.
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  Like just you take it away. Take it away, my friend.
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  Look at those cattle with with 240 break evens thinking we were
• 6:27
  going to lose money and then we're like Nah grew it let's
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  just hold him another week and we'll get 245 come on sorry
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  Samantha, I'd do it No, you're. Fine, interrupt with that energy
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  anytime, sorry. You got to be pumped.
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  Come on. Samantha was having a very calm
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  delivery on her report on everything that we're seeing as
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  far as this crazy week has been. But you know, Dan, I'm here for
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  the energy. I'm here for the costume.
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  I have concerns with your mental well-being with you being a Cubs
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  fan, but we'll let that slide for now.
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  Yeah, you. You are used to wearing one of
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  those rally caps. Why are you?
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  Trying. Why are you trying to bring me
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  down? Jeez, baseball season.
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  Let's be excited. Beef demand always gets better
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  after baseball starts. Right.
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  Yes, yes, as long as they're all beef hot dogs, then baseball
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  season is a great thing for the cattle industry.
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  Hey, and it's raining. I mean, man, how do you, how do
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  you beat? Not here it's not.
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  Sorry. Think for yourself.
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  Wipe my tongue. Never mind.
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  Sorry everybody. Yeah, Dan and I got a little bit
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  of moisture. Samantha, I'm sorry.
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  Just plug your ears and we'll keep on sending it your way.
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  We got a sprinkle and some fog. It's a start, but nothing crazy.
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  My gosh. Well, Dan, what other thoughts
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  do you have on the cattle market that we've seen over the past
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  week? My thoughts, I guess forget
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  everything we normally watch because they don't matter, you
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  know, throw everything in the trash.
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  You could throw throw the book at this market and it doesn't
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  die. So this is incredible.
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  New month, new money, negative basis, three day weekend.
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  There's lots of stuff you could throw at this market to get me
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  very, very concerned, cautious, worried, scared, thinking we
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  were going to correct, you know, Trump's comments, Iran, all that
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  throw it all at the cattle markets.
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  Like, Nope, not doing it. We're going higher.
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  So I no, no, I it's just I like getting surprised by bull
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  markets. I do not like the negative basis
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  we're running in the April right now.
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  It has me a little concerned, but hey, what the hell, as long
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  as we hold it together and cash falls futures up, up and away.
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  So I don't know. Yeah, pretty crazy times.
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  Like I said, you can throw everything out the window.
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  It doesn't matter right now. It's a leverage game and the
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  feet yards know they got it. For now, they do.
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  We'll see if they can hold on to it next week because this week
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  has been good. Yeah, we need to get the party
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  poppers out for you, Dan. Like I, you needed to come on
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  with this whole costume and everything and like pop one of
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  those really dramatic party poppers like, hey, we're we're
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  here to party guys because it is a resilient market.
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  Samantha, you were talking about that earlier and it's, it's a
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  really great time to be a cattle producer, I tell you what.
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  Not a costume, it's just a rally hat.
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  Come on, you gotta get pumped up for the rally, See?
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  I'm sad that you didn't come on with your beef shirt too, Dan.
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  Like rally hat and beef shirt. What?
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  What the hell? Well, like I should have been,
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  could have been. 4 bucks boxes were down 4 bucks on morning
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  report. So it ain't the beef demand
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  right now driving it, or at least not today it was it.
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  It's still good prices. Yeah.
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  Demand is OK. Yeah, we're OK.
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  Life is good. Sorry.
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  All right for interrupting. Samantha.
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  Keep going. You're doing great, I'm sure.
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  I have honestly have no idea where I left off.
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  Yeah, beef demand. Whoa.
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  I was just going to say yeah, I mean, we killed we killed more
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  cattle last week on a week to week basis on on lower beef
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  demand and so far we're killing more this week again on lower
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  beef demand box We cut out values fell out of bed.
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  So, yeah, I, I mean, I just anybody's guess at this point.
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  I think it's and then we saw that inverted spread on on
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  choice and supply or choice and select box beef cut out values.
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  So I mean anybody's guess, I think it's normal, you know, in
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  supply and demand markets you increase slaughter and suddenly
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  have a higher supply to meet demand.
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  But like I said, you look at that, that inverted price spread
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  last week between choice and select and at one point select
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  was higher than choice. So I mean, granted, we don't
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  have a lot of select product built there because our quality
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  in the United States is just so damn good.
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  But clearly the demand for lower end product is still there at a
• 10:41
  time of unseasonably warm tense. And I highlight that because
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  we've pretty much had spring grilling weather all winter,
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  which is, you know, potentially part of what push choice cuts
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  past $4.00 in March. But now we're back well off of
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  that. Just knowing there is less like
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  product available to boost prices normally wouldn't concern
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  me on the spread, especially since choice cuts broke $4.00 a
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  couple weeks ago. But a huge chunk of that had to
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  do with kill cuts versus demand, which is now what we're seeing
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  here today. So I think we're really going to
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  need to Sprint into grilling seasons post holiday and really
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  push the demand for those higher end cuts to give choice cuts
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  that boost. And like I said, we're really
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  going to need it. So going to need that support.
• 11:20
  Yeah, for sure. Dan, what are your thoughts on?
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  Beef command here today forward contracted meet 2025 we did
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  12109 loads 2026 we've done 13163 loads.
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  Now some of that was fear driven you know with Greeley going on
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  with you know or supplies Packer driven lower kills they fear
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  monger the retailers into contracting more of that that
• 11:43
  spring demand meet either way I don't really care because it got
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  contracted over $400.00. So guess what, Hey Mr. Packer, I
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  want more money. Yeah, so I love it.
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  Retail demand, rock solid, great restaurants.
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  Very concerned, very, very concerned.
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  We could just get this calendar and the weatherman to agree.
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  We don't you know if if we get the weatherman to give us some
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  weather, I think we could get by on the retail instead of needing
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  the restaurant demand. But little bit of concern there
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  overall. Like I say, we contracted a a
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  bunch more meat. Looks great.
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  Bring on the rally. Let's go.
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  Dan's ready for it all to go even higher.
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  He's he's ready to den. You're going to have to come on
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  next time and you're going to have to have your rally hat.
• 12:28
  You're going to have to have your party popper.
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  You're going to have to like, we're going to have to just
• 12:32
  start stepping it up as we continue to see some insanity
• 12:36
  within the cattle market. Well, just like bad juju in the
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  baseball, when you're on a streak, you don't change
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  anything. Maybe I will still change my
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  underwear, but I better keep wearing my hat this way.
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  So yeah, yeah, we'll see if it works next week.
• 12:49
  I. Have a conversation.
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  Everybody around you really hopes that you change your
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  underwear, Dan. Yeah, I will.
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  Maybe I'll just wash it, put it back on.
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  Yeah. Oh my gosh.
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  I was talking to John this morning and he told me that if
• 13:04
  we keep on seeing markets like this happen and weather like
• 13:07
  this come in, he might tell me that I have to go back to
• 13:10
  Brazil. And then they might let me come
• 13:13
  back every once in a while. But they're just going to keep
• 13:14
  on sending me back and forth to and from Brazil because of the
• 13:18
  superstition of me being gone is the reason behind all of this.
• 13:22
  I told him I was like, you know what, John, if you can compile
• 13:26
  first class tickets for me to and back, and I'm talking like
• 13:29
  first class lay down seats, first class on D1 to and from
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  Brazil every single time, I could be convinced.
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  But if I'm sitting in the back of the airplane and economy, I'm
• 13:39
  not doing it. You have to, you cannot break
• 13:42
  the streak. You have to do everything
• 13:44
  identical. So a baseball works.
• 13:46
  All right. So yeah.
• 13:47
  Good week. So my consensus is Dan's not
• 13:49
  changing his underwear, he's wearing his hat like that, and
• 13:52
  Lauren's going back to Brazil. Bye bye.
• 13:55
  Bye bye oh. My gosh, I love it as.
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  She was just saying how happy she is to be back.
• 14:02
  They're already sending her back to Brazil.
• 14:04
  Yeah, You know, if I, Yeah, I'm proud to be an American.
• 14:09
  We're just going to leave it at that because that was great.
• 14:11
  But I am proud to be an American.
• 14:13
  And fun fact, Brazilian beef producers hate JBS just as much
• 14:17
  as we do. I can believe that.
• 14:20
  Yeah, that is one very, very interesting fun fact.
• 14:22
  I learned that I'm like, you know what?
• 14:24
  At least we're all in this together.
• 14:25
  Also, they have to pay. We pay $1.00 to the beef check
• 14:29
  off. They have to pay $15.00 for
• 14:31
  every animal sold to the gut, to the Brazilian government.
• 14:34
  And they don't even like nothing goes back to the producer.
• 14:36
  It's just like $15.00 to the government and nothing like is
• 14:40
  for research or anything. So about like.
• 14:44
  I found no comment on that. I do, yeah, I agree.
• 14:48
  You know, it should be 0. But you know, I feel bad for
• 14:50
  them. Oh my.
• 14:51
  Gosh, yeah, no, I I think I'm going to stay here unless I can
• 14:56
  get those first class tickets and you guys can start
• 14:58
  fundraising for that. Best of luck to you there.
• 15:01
  So. I said we had 45 fat cattle.
• 15:04
  We're not. Yeah, we get to 275.
• 15:07
  Maybe I'll I'll buy you a first class ticket.
• 15:09
  We'll see. Well, then if we get up to 275,
• 15:11
  then I'm already here in the States, so then I just get to
• 15:13
  stay, right? We get to 275 Fat cat.
• 15:15
  Well, I might have to retire because I don't know if I'll be
• 15:17
  able to afford to buy back feeders.
• 15:20
  I don't know. That's.
• 15:21
  Oh, fun times. Yeah.
• 15:23
  Yeah. This is.
• 15:25
  Wild moving back to why we're here, Yeah.
• 15:29
  I like John's thoughts though. Yes, I love it.
• 15:31
  Well, what else are we seeing in the cattle market?
• 15:33
  Any other like key indicators we need to head on as we continue
• 15:36
  to look forward or if you guys are done talking about the
• 15:39
  cattle market, we can talk about grains too?
• 15:41
  You know, great rally end of the week.
• 15:43
  Well, three day weekend feels like Friday, but technically
• 15:46
  because the market's a concern, it is feeder cattle on the
• 15:50
  weekly chart broke the downtrend broke through that downtrend
• 15:53
  line. So that's optimistic.
• 15:55
  They broke the high from back in February.
• 15:57
  I believe that was it early Feb, yeah, very first week of
• 16:01
  February. So now we're now all eyes are
• 16:03
  trending towards that high we had last October, up at 381 fat
• 16:08
  cattle on the weekly chart are trending towards a potential of
• 16:13
  a triple top. Very, very close.
• 16:17
  I believe we need to see 24675 front months.
• 16:24
  Yeah, you're you're $0.50 away for April.
• 16:28
  Close the week out this week, you're $0.50 away from putting a
• 16:31
  triple top on that charts. That looks healthy.
• 16:34
  You had higher open interest yesterday.
• 16:36
  Love to see that you're bringing new buyers into the market.
• 16:39
  Like I said, my concern is with the negative basis, but the way
• 16:43
  that the force the cash market to rally.
• 16:45
  I'm OK today. We'll see what happens next
• 16:48
  week. If that negative basis persist,
• 16:51
  I would not be surprised to see some deliveries tendered.
• 16:54
  Typically that's a little bit concerning.
• 16:56
  But yeah, like I said, equities, equities, oil grains, everything
• 17:04
  is all hinged upon tweets upon Trump, upon Iran.
• 17:08
  It's all a factor. So it's over for the week and
• 17:11
  we'll just forget about it for the weekend.
• 17:13
  I mean, it's totally week. We don't need to worry about it
• 17:16
  for the next three days. So yeah.
• 17:20
  There you go. I love that thought process.
• 17:22
  Let's just go into the weekend with all this positivity and we
• 17:26
  have an amazing weekend and we're just going to focus on
• 17:28
  that. I love it.
• 17:30
  Samantha, do you have any other thoughts on what we've been
• 17:32
  seeing over the past week? I know you and I had a great
• 17:35
  conversation before Dan came in and came in like a literal
• 17:38
  Wrecking Ball, but do you have anything else that you haven't
• 17:41
  already said that you want to head on?
• 17:43
  No, I mean, Dan took the words right out of my mouth.
• 17:46
  Let's just go into this thing optimistic, hope that the market
• 17:50
  keeps shrugging off the headlines.
• 17:52
  So thank God for that. Yeah.
• 17:53
  I mean, just being very cautious as we get into, you know, back
• 17:58
  up to these highs, the back that we've seen in October.
• 18:01
  Unfortunately, you know, we've got another cloud of doom coming
• 18:04
  over the market here with talk of the screwworm, which I think
• 18:07
  that'll be shrugged off here for at least another month.
• 18:09
  Saturday, Secretary of AG Brooke Rawlins, she spoke at the Texas
• 18:13
  and Southwestern Cattle Raisers event and she started talking
• 18:16
  about New World screwworm. Now, I will say, and I will
• 18:19
  touch on this as many times as possible, be very careful with
• 18:22
  your sources. Be very careful where you're
• 18:24
  getting information because there is crazy amount of
• 18:27
  clickbait out there. And you're lucky if you click on
• 18:29
  the article and then the actual article itself clears it up and
• 18:32
  you're like, it wasn't quite as bad as what I thought because
• 18:35
  sometimes it doesn't. And the headline for this one
• 18:38
  was saying how the South border was going to reopen soon.
• 18:41
  I actually saw a headline that said that.
• 18:43
  And then you start reading about it and yeah, it was totally
• 18:46
  clickbait. But it's almost one of those
• 18:48
  deals where you have to go exactly straight to the source
• 18:50
  and listen to the words right out of their mouth.
• 18:53
  If you listen to you know more, more in depth about what Roland
• 18:56
  said on Saturday, she said it'd be a port by port reopening
• 18:59
  again, what we already knew if you're following the right
• 19:02
  sources. But they specifically plan to
• 19:04
  look at that port in Douglas, AZ, because the last reported
• 19:07
  case was 800 miles South of there.
• 19:09
  So I think she concluded that saying that maybe we'd have some
• 19:12
  more answers in three to four weeks, but not a big deal.
• 19:15
  But when you start talking about those things, I think it's
• 19:17
  important to be cautious of that when you're looking forward.
• 19:20
  Is it a possibility we open that port and futures react to it?
• 19:23
  Maybe. I mean, personally, I still
• 19:25
  think the cattle cartels that are making a lot of money off
• 19:28
  those cattle in Mexico will fight all odds, keep that border
• 19:30
  closed. But like I said, who knows?
• 19:32
  We know what futures do when there's talk of it and when
• 19:35
  there's headlines, but we don't exactly know what they do when
• 19:38
  you actually open a port. So just being cautious of that.
• 19:42
  And like I said, just brace for anything.
• 19:44
  Use this opportunity as a, you know, opportunity to get some
• 19:48
  good profit locked in. But yeah.
• 19:50
  I love it. I love it.
• 19:51
  Dan, what are we seeing on grains?
• 19:53
  We've had a little tiny bit of a positive week on grains.
• 19:58
  So I feel like it's not like a complete dovey downer to bring
• 20:01
  up the grain market and kind of what we're seeing there.
• 20:03
  But if you want to give us a recap on that.
• 20:04
  Top city again, back and forth, rating headlines, trading
• 20:08
  tweets, really nothing to talk about.
• 20:09
  I mean, honestly, it goes up a dime comes down, dime goes up,
• 20:13
  you know, 15 come down 15. Not a lot going on in that
• 20:16
  world. I'm actually very, very
• 20:19
  surprised that you poke oil back above 100 and corn closed even
• 20:25
  means closed down one to five. Actually kind of surprising that
• 20:28
  that happened. Wheat.
• 20:30
  I don't know, Lauren. I'm just I want to be a seller
• 20:36
  of wheat here. I really do.
• 20:40
  I just don't know if the weatherman wants me to.
• 20:43
  Yeah, It's Chop City. I don't know.
• 20:46
  Let's see what Sunday night over, You know, Sunday night,
• 20:48
  Monday morning opens. Like, maybe we'll sell a few
• 20:50
  wheat, but I just. It's very, very tough for me to
• 20:54
  sell wheat knowing that not everybody's getting the rains
• 20:56
  they need. Yeah.
• 20:59
  Yeah, Well, let's focus on the cattle market and all the
• 21:01
  positivity with that and just remind ourselves that we're
• 21:04
  going into a holiday weekend with so much positivity to think
• 21:09
  on as far as the cattle market is concerned.
• 21:11
  And that the live market is following all of this in the
• 21:14
  exact same way. And that we've been seeing just
• 21:16
  some really great numbers across the board for everything as we
• 21:19
  continue to go into another amazing week on the podcast,
• 21:24
  being able to talk about something really awesome and
• 21:27
  just how resilient the cattle market has been over the past
• 21:31
  couple weeks. So wrap it up.
• 21:32
  Do you guys have any closing comments or other thoughts as we
• 21:36
  close it all out? He's having a really hard time
• 21:38
  taking Dan seriously with his hat like that, but for obviously
• 21:42
  you for keeping it like that the whole podcast.
• 21:44
  I wouldn't I yeah, cash is still trading higher, so I got to keep
• 21:47
  it on. Yeah, hell yeah till cash trades
• 21:50
  lowers. Normally I'm not out promoting
• 21:52
  to eat pork over beef, but, you know, Easter ham.
• 21:56
  Stop right there. More time.
• 21:59
  Hey, I think your fellow pork producers would appreciate maybe
• 22:02
  having having ham offered it for your Easter meal next to your
• 22:07
  prime rib. Throw it out there because ham
• 22:10
  ham was kind of struggling here the last month.
• 22:12
  So I'd like to see, like to see us help our our fellow producers
• 22:17
  out. Ham.
• 22:18
  Ham still good. You got a love a ham.
• 22:20
  Yeah. Other than that.
• 22:22
  I'm done having 12 lbs of prime rib over here.
• 22:27
  Yeah, You know, as long as you're having your ham next to
• 22:29
  your prime rib, I won't complain about it.
• 22:32
  But I I agree with that. As long as you're having it
• 22:35
  together, no, no qualms from the peanut gallery over here on as
• 22:40
  far as all of that is concerned. Go buy a ham, feed it to the
• 22:43
  kids. More prime rib for you.
• 22:44
  We all win. There you go.
• 22:45
  I think that that sounds like a great plan.
• 22:47
  I love it. I love it.
• 22:48
  Well, Dan, Samantha, as always, thank you for your time.
• 22:51
  Thanks for coming on and sharing your thoughts, your insight.
• 22:53
  Dan, thank you for bringing some humor to the podcast.
• 22:56
  I guess it's the the best way to put this and if anyone's
• 22:58
  listening to this podcast on any of our podcast platforms and not
• 23:02
  watching on YouTube, you should go watch it on YouTube because
• 23:05
  it's a who and a half over here and it's definitely something to
• 23:09
  look at. So I lumberjack Dan over here
• 23:13
  with his rally hat is given all given to.
• 23:19
  And on that note, we're going to wrap up the podcast there.
• 23:22
  Thanks for listening. We will see you all next time on
• 23:25
  another episode. Have a great Easter weekend and
• 23:27
  we'll see you all on Monday.