Pulse event 109 signals softer dairy market

Pulse Event 109, the first auction of the 2026/27 milk season, delivered weaker results compared with both the previous Pulse event and the most recent GDT auction. The only exceptions were AMF Regular and AMF Premium, which performed more strongly. The largest declines were recorded in milk fat products.Compared with Pulse Event 108, New Zealand WMP Regular declined by 3.92%. It was also 3.79% lower than Contract 2 (C2) at GDT Event 405. A total of 1,081 tons was sold.WMP Instant fell by 3.69% compared with the previous Pulse event and was 3.82% below the C2 price at GDT Event 405. Sales reached 325 tons.New Zealand SMP Medium Heat decreased by 3.51% compared with the previous Pulse event and was 6.13% lower than the C2 price at GDT Event 405. A total of 692 tons was sold.Arla SMP settled 3.98% lower than at the previous Pulse event and was 3.06% below the C2 price at GDT Event 405. Sales totalled 150 tons.Unsalted Butter declined by 1.38% compared with the previous Pulse event and was 7.01% lower than at GDT Event 405. A total of 300 tons was sold.AMF Regular was not traded at the previous Pulse event, making a comparison with Event 108 impossible. Sales reached 126 tons.AMF Premium increased by 2.98% compared with the previous Pulse event but remained 7.01% below the level recorded at GDT Event 405. A total of 271 tons was sold.Pulse Events in 2026 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 (NZ/AUS) mt sold AMF Premium mt sold 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 319 104 3240 665 3170 125 3630 264 3535 1177 6420 271 n.p. n.p. 105 3400 471 3125 200 3695 336 3600 1164 5950 300 6865 73 6935 325 106 3460 457 3375 100 3760 48 3650 1452 5720 294 6045 32 6080 368 107 3585 697 3380 148 3840 359 3745 1141 5595 277 6185 67 6255 330 108 3415 692 3270 300 3790 413 3695 1072 5780 282 n.p. 0 6200 374 109 3295 692 3140 150 3650 325 3555 1081 5700 300 6315 126 6385 271 ∆% vs previous Pulse event -3.51% -3.98% -3.69% -3.79% -1.38% N.A. 2.98% ∆% vs C2 in GDT event 405 -6.13% -3.06% -3.82% -3.92% -7.01% -7.00% -7.01% If the results of Pulse Event 109 prove indicative of next week's GDT auction, the outlook for that event appears weak.