Pulse Event 100: Price increase despite GDT corrections

Pulse Event 100, the nineteenth auction of the 2025/2026 season, was marked by the introduction of Unsalted Butter, AMF Regular, and AMF Premium in significant volumes.Compared with the previous Pulse event, New Zealand WMP Regular increased by 5.56% and declined by 2.17% versus the C2 result of GDT Event 397. A total of 1,116 tons were sold.WMP Instant rose by 5.41% compared with the previous Pulse event and by 0.41% versus the C2 result of GDT Event 397. Volumes sold reached 384 tons.SMP Medium Heat from New Zealand increased by 7.17% compared with the previous Pulse event and by 2.40% versus the C2 result of GDT Event 397. A total of 673 tons were sold.SMP from Arla settled 1.10% higher compared with the previous Pulse event but declined by 1.96% versus the C2 result of GDT Event 397.For Butter and AMF, no earlier Pulse reference prices were available. Compared with the C2 results of GDT Event 397, prices developed as follows: Unsalted Butter increased by +5.57%, while declines were observed in AMF Regular (-1.4%) and AMF Premium (-1.52%).Pulse events – Season 2025/26 Season 2025/26 event SMP Medium Heat mt sold SMP MH Arla mt sold WMP Instant mt sold WMP Regular mt sold Unsalted Butter mt sold AMF regular mt sold AMF Premium mt sold 81 2725 500 2600 369 4370 350 4030 875 * * * * * * 82 2710 455 2695 300 4155 398 3935 831 * * * * * * 83 2715 500 2680 100 4180 330 3825 875 * * * * * * 84 2860 500 2700 100 4105 364 3940 875 * * * * * * 85 2830 492 2695 125 4230 291 3960 875 * * * * * * 86 X X X X X X X X * * * * * * 87 2690 251 2690 708 4050 490 3955 760 * * * * * * 88 2610 816 2575 163 3865 433 3770 911 * * * * * * 89 2615 909 n.p. 3870 339 3770 911 * * * * * * 90 2600 1003 n.p. 3860 170 3765 1235 * * * * * * 91 2585 897 n.a. 150 3745 423 3659 1077 * * * * * * 92 2530 986 n.p. 126 3665 290 3560 1210 * * * * * * 93 2540 943 n.p. 126 3540 225 3445 1194 * * * * * * 94 2535 981 2395 169 3400 200 3295 1300 * * * * * * 95 2485 997 n.p. 3325 206 3230 1294 * * * * * * 96 2455 980 2320 298 3210 445 3115 1055 * * * * * * 97 2495 1000 2350 151 3250 234 3155 1266 * * * * * * 98 2660 657 2485 201 3490 842 3395 658 * * * * * * 99 2790 750 2715 300 3510 425 3415 1067 * * * * * * 100 2990 673 2745 251 3700 384 3605 1116 6165 285 6330 86 6400 288 ∆% vs previous Pulse event 7.17% 1.10% 5.41% 5.56% n.a. n.a. n.a. ∆% vs C2 in GDT event 397 2.40% -1.96% 0.41% -2.17% 5.57% -1.40% -1.52% Although prices increased across all products compared with the previous Pulse event, notable corrections relative to GDT Event 397 point toward a more bearish market sentiment. This may weigh on expectations for the upcoming GDT Event 398, scheduled for 17 February. Over the full year 2025, a total volume of 59.03 tons was sold.