Downward pressure intensifies in Pulse event 93

Pulse Event 93, the twelfth auction of the 2025/26 milk season, was characterized by a distinctly pessimistic tone.NZ WMP Regular fell by 3.23% compared with the previous Pulse event and declined 0.86% versus the Contract 2 (C2) price at the previous GDT event.WMP Instant decreased 3.41% from the prior Pulse event and was 0.84% lower than the C2 level at the previous GDT event.NZ SMP Medium Heat edged up 0.40% from the last Pulse event but was still 1.17% below the C2 price at the most recent GDT event.Arla SMP was not published, indicating that the winning price was assessed as non-market determined.Pulse events 2025/26 season 2025-2026 season Event SMP Medium Heat Tons sold SMP MH Arla Tons sold WMP Instant Tons sold WMP Regular Tons 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 93 $2.540 943 n.p. 126 $3.540 225 $3.445 1194 ∆% vs previous Pulse event 0,40% n.p. -3,41% -3,23% ∆% vs C2 in GDT event 391 -1,17% -0,84% -0,86% With all quoted prices moving lower, sentiment remains subdued. Conditions appear unfavorable heading into GDT Event 392 on 18 November 2025. Strong milk production, now accelerating rapidly, is combined with pressure in global futures and physical (cash) markets. This underlines that the latest Pulse results indicate further weakness at the upcoming GDT event.