Pulse event 91: Prices drop across all categories

Pulse Event 91, the tenth auction of the 2025/26 milk season, was characterized by a generally pessimistic tone.NZ WMP Regular declined by 2.82% compared with the previous Pulse event and was 0.57% lower than the C2 price from the previous GDT event.WMP Instant fell by 2.98% versus the previous Pulse event and by 0.79% compared with the C2 price from the last GDT event.SMP MH (New Zealand) decreased slightly by 0.58%, remaining at the same level as the C2 price from the prior GDT event.Arla SMP was not published, indicating that the winning price was assessed as non-market determined.Pulse events 2025/26 season 2025/26 season Event SMP Medium Heat Sold tons SMP MH Arla Sold tons WMP Instant Sold tons WMP Regular Sold tons 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 90 $2.600 1003 n.p. $3.860 170 $3.765 1235 91 $2.585 897 n.a. 150 $3.745 423 $3.659 1077 ∆% vs previous Pulse event -0,58% n.p. -2,98% -2,82% ∆% vs C2 in GDT event 389 -0,58% -0,79% -0,57% With all product categories showing downward movement, the outlook appears negative for the upcoming GDT Event 390, scheduled for October 21, 2025. However, given the sharp rise in milk production and the continued weakness in global futures and cash markets, the results of this Pulse event are likely to serve as a reliable indicator for the forthcoming GDT outcome.