Pulse Event 89: Cautious optimism ahead of the GDT

The 89th Pulse event, the eighth auction of the 2025/26 milk season, reflected a generally optimistic tone.NZ WMP Regular was unchanged from the previous Pulse event but down compared with the C2 contract at the last GDT auction.WMP Instant increased by 0.13% versus the previous Pulse event and up 2.11% against the C2 contract at the last GDT auction.New Zealand’s SMP MH was slightly higher, up 0.19% from the previous Pulse event, and unchanged against the C2 contract at the last GDT auction.Arla SMP was not published. The winning price was therefore not determined by the market.Pulse events for the 2025/26 season 2025-2026 season Event SMP Medium Heat mt sold SMP MH Arla mt sold WMP Instant mt sold WMP Regular mt sold 81 $2.725 500 $2.600 369 $4.370 350 $4.030 875 82 $2.710 455 $2.695 300 $4.155 398 $3.935 831 83 $2.715 500 $2.680 100 $4.180 330 $3.825 875 84 $2.860 500 $2.700 100 $4.105 364 $3.940 875 85 $2.830 492 $2.695 125 $4.230 291 $3.960 875 86 X X X X X X X X 87 $2.690 251 $2.690 708 $4.050 490 $3.955 760 88 $2.610 816 $2.575 163 $3.865 433 $3.770 911 89 $2.615 909 n.p. $3.870 339 $3.770 911 ∆% vs previous Pulse event 0,19% n.p. 0,13% 0,00% ∆% vs C2 in GDT event 388 0,00% 2,11% -0,53% With all prices either increasing or holding steady, except for WMP Regular, which declined by 0.53% compared with the last GDT auction, the outlook ahead of GDT Event 389 (set for October 7) appears moderately positive. That said, with milk production surging and global futures and cash markets still struggling to gain momentum, it is too early to view this Pulse result as a reliable indicator of the upcoming GDT outcome.