Bearish trend remains at Pulse event 111

Pulse event 111, held on 30 June 2026, the third auction of the 2026/27 milk season, delivered weaker results compared to both the previous GDT event and the previous Pulse event. The only exception was Arla SMP, which proved more resilient than the other products. The steepest declines were recorded in butterfat products, followed by New Zealand SMP.Compared to the previous Pulse event, New Zealand regular WMP declined by 0.43% and was 1.83% lower than the C2 contract price at GDT Event 406. A total of 1,291 tons were sold.Instant WMP remained unchanged compared to the previous Pulse event but settled 1.37% below the C2 contract price at GDT Event 406. A total of 209 tons were sold.New Zealand SMP (MH) declined by 5.58% compared to the previous Pulse event and settled 9.91% below the C2 contract price at GDT Event 406. A total of 700 tons were sold.Arla SMP declined by 2.69% compared to the previous Pulse event and settled 1.32% below the C2 contract price at GDT Event 406. A total of 75 tons were sold.Unsalted Butter remained unchanged compared to the previous Pulse event but settled 9.03% below the C2 contract price at GDT Event 406. A total of 298 tons were sold.Regular AMF declined by 2.40% compared to the previous Pulse event and settled 8.18% below the C2 contract price at GDT Event 406. A total of 35 tons were sold.Premium AMF declined by 2.45% compared to the previous Pulse event and settled 8.24% below GDT Event 406. A total of 360 tons were sold.Pulse events in 2026 Date Event SMP Medium Heat Sold tons SMP MH Arla Sold tons WMP Instant Sold tons WMP Regular Sold tons Unsalted Butter Sold tons AMF regular (NZ/AUS) Sold tons AMF Premium Sold tons 13/Jan 98 2660 657 2485 201 3490 842 3395 658 * * * * * * 27/Jan 99 2790 750 2715 300 3510 425 3415 1067 * * * * * * 10/Feb 100 2990 673 2745 251 3700 384 3605 1116 6165 285 6330 86 6400 288 24/Feb 101 3050 725 2945 222 3750 283 3655 1217 6615 278 6640 42 6710 356 10/Mar 102 3330 658 3035 225 3830 420 3715 1080 6895 300 6935 129 7005 233 24/Mar 103 3310 750 3250 300 3705 157 3595 1343 6685 300 7275 63 7345 319 31/Mar 104 3240 665 3170 125 3630 264 3535 1177 6420 271 n.p. n.p. 14/Apr 105 3400 471 3125 200 3695 336 3600 1164 5950 300 6865 73 6935 325 28/Apr 106 3460 457 3375 100 3760 48 3650 1452 5720 294 6045 32 6080 368 12/May 107 3585 697 3380 148 3840 359 3745 1141 5595 277 6185 67 6255 330 26/May 108 3415 692 3270 300 3790 413 3695 1072 5780 282 n.p. 0 6200 374 09/Jun 109 3295 692 3140 150 3650 325 3555 1081 5700 300 6315 126 6385 271 23/Jun 110 3225 690 3160 125 3595 338 3500 1180 n.p. 138 6040 225 6110 375 30/Jun 111 3045 700 3075 75 3595 209 3485 1291 5490 298 5895 35 5960 360 ∆% vs previous Pulse event -5.58% -2.69% 0.00% -0.43% n.p. -2.40% -2.45% ∆% vs C2 in GDT event 406 -9.91% -1.32% -1.37% -1.83% -9.03% -8.18% -8.24% If the Pulse event results are indicative of the next GDT event, scheduled for 7 July, the outlook remains