Bearish signals across key dairy commodities at the Pulse event 103

Pulse Event 103, the twenty-second auction of the 2025/2026 season, was characterised by predominantly weaker results compared to the previous Pulse event and a more bearish outcome relative to the latest GDT event.NZ WMP Regular decreased by 3.23% compared to the previous Pulse event and declined by 1.78% relative to Contract 2 (C2) at GDT Event 400. A total of 1,343 tons was sold. WMP Instant declined by 3.26% compared to the previous Pulse event and fell by 11.33% relative to C2 at GDT Event 400. A total of 157 tons was sold. NZ SMP (medium heat) decreased by 0.60% compared to the previous Pulse event and declined by 6.10% relative to C2 at GDT Event 400. A total of 658 tons was sold. SMP from Arla increased by 7.08% compared to the previous Pulse event and rose by 2.75% relative to C2 at GDT Event 400, with 300 tons sold. Unsalted butter decreased by 3.05% compared to the previous Pulse event and declined by 4.16% relative to GDT Event 400. A total of 300 tons was sold. AMF Regular increased by 4.90% compared to the previous Pulse event, but declined by 4.28% relative to GDT Event 400, with 73 tons sold. AMF Premium increased by 4.85% compared to the previous Pulse event, but declined by 4.41% relative to GDT Event 400. A total of 319 tons was sold. Pulse events season 2025/26 2025/26 season 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 288 101 3050 725 2945 222 3750 283 3655 1217 6615 278 6640 42 6710 356 102 3330 658 3035 225 3830 420 3715 1080 6895 300 6935 129 7005 233 103 3310 750 3250 300 3705 157 3595 1343 6685 300 7275 63 7345 319 ∆% vs previous Pulse event -0.60% 7.08% -3.26% -3.23% -3.05% 4.90% 4.85% ∆% vs C2 in GDT event 400 -6.10% 2.75% -1.33% -1.78% -4.16% -4.28% -4.41% Although several prices increased compared to the previous Pulse event, the overall trend shows mostly downward corrections relative to GDT Event 400.