Bearish sentiment dominates Pulse event 95

Pulse Event 95, the fourteenth auction of the 2025/26 milk season, reflected a distinctly bearish tone across all product lines.NZ WMP regular: Prices declined by 1.97% compared with the previous Pulse event and were 3.00% lower than the C2 price at the prior GDT event. A total of 1,294 tons were sold.WMP Instant: Prices fell 2.21% from the previous Pulse event and were 2.92% below the C2 price at the preceding GDT event. Volumes amounted to 206 tons.NZ SMP MH: Prices were down 1.97% versus the previous Pulse event and 1.39% compared with the C2 price at the latest GDT event. A total of 997 tons were sold.Arla SMP: No published price was available. As a result, the winning price was assessed as non-market-determined.Pulse events for the 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 92 $2.530 986 n.p. 126 $3.665 290 $3.560 1210 93 $2.540 943 n.p. 126 $3.540 225 $3.445 1194 94 $2.535 981 $2.395 169 $3.400 200 $3.295 1300 95 $2.485 997 n.p. $3.325 206 $3.230 1294 ∆% vs previous Pulse event -1,97% n.p. -2,21% -1,97% ∆% vs C2 in GDT event 393 -1,39% n.p. -2,92% -3,00% With all listed products declining, the market remains under pressure. This broad downward movement suggests a negative outlook for GDT Event 394, scheduled for 16 December 2025. Given the combination of strong milk production, along with weakness in global futures and physical markets, the results of Pulse Event 95 are likely to serve as a reliable indicator for the upcoming GDT outcome.