Pulse event 96 sets a bearish tone for January GDT

Pulse Event 96, the fifteenth auction of the 2025/26 milk season, was characterized by a bearish tone compared with the previous Pulse event, though sentiment was more neutral relative to the most recent GDT auction.NZ WMP Regular declined by -3.56% compared with the previous Pulse event and remained unchanged versus Contract 2 (C2) at the previous GDT auction. Total sales amounted to 1,055 tons.WMP Instant fell by -3.46% compared with the previous Pulse event and also remained unchanged versus C2 at the last GDT auction. Sales reached 445 tons.NZ SMP Medium Heat (MH) decreased by -1.21% versus the previous Pulse event and by -0.20% compared with C2 at the most recent GDT auction. Total volumes sold were 980 tons.Arla SMP settled at $2,320 per ton. As prices from the previous Pulse event were not published, no comparison can be made on that basis. Compared with C2 at the last GDT auction, the price declined by -0.43%. Sales totaled 298 tons.Pulse events for season 2025/26 2025/26 season Event SMP Medium Heat Solds Tons SMP MH Arla Solds Tons WMP Instant Solds Tons WMP Regular Solds 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 96 $2.455 980 $2.320 298 $3.210 445 $3.115 1055 ∆% vs previous Pulse event -1,21% n.p. -3,46% -3,56% ∆% vs C2 in GDT event 394 -0,20% -0,43% 0,00% 0,00% With most product prices moving lower, bearish sentiment continues to linger in the market. As a result, prospects for the upcoming GDT Event 395 on 6 January 2026 appear increasingly negative. This outlook is reinforced by rapidly expanding milk production, combined with continued weakness in global futures and spot markets. Against this backdrop, the outcome of Pulse Event 96 is likely to be indicative of the direction of the next GDT auction.