Pulse event 92 marked by pessimistic tone

Pulse Event 92, the eleventh auction of the 2025/26 milk season, was characterized by a pessimistic market mood.New Zealand WMP Regular declined by 2.71% compared with the previous Pulse event and fell 0.56% versus the C2 price at the previous GDT event.WMP Instant decreased by 2.14% compared with the prior Pulse event and dropped 0.27% versus the C2 price at the previous GDT event.New Zealand SMP Medium Heat (MH) declined 2.13% from the previous Pulse event and 0.98% versus the C2 price at the last GDT event.Arla SMP was not published, indicating that the winning price was assessed as non–market determined.Pulse season 2025/26 overview 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 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 92 $2.530 n.p. $3.665 $3.560 ∆% vs previous Pulse event -2,13% n.p. -2,14% -2,71% ∆% vs C2 in GDT event 390 -0,98% -0,27% -0,56% With all product prices moving downward, the outlook appears negative for GDT Event 391, scheduled for 4 November 2025. Given strong milk production, combined with weakness in global futures and cash markets, this Pulse result is likely a leading indicator for further declines at the upcoming GDT auction.