Powders strengthen and fats weaken at Pulse event 112

Pulse Event 112, the fourth auction of the 2026/27 milk season, delivered mixed results compared with both the previous Pulse event and GDT Event 407. SMP was the only product to strengthen against both the previous Pulse event and the latest GDT event. In contrast, the largest declines relative to GDT Event 407 were recorded in the butterfat complex.Compared with the previous Pulse event, New Zealand WMP Regular declined by 2.15%, while it traded 0.59% above the C2 price from GDT Event 407. A total of 1,096 tons were sold.WMP Instant decreased by 2.50% compared with the previous Pulse event but traded 0.57% above the C2 price from GDT Event 407. A total of 404 tons were sold.New Zealand SMP MH increased by 2.46% compared with the previous Pulse event and traded 0.65% above the C2 price from GDT Event 407. Sales totaled 685 tons.Arla SMP increased by 1.79% compared with the previous Pulse event and traded 2.35% above the C2 price from GDT Event 407. A total of 225 tons were sold.Unsalted Butter declined by 3.19% compared with the previous Pulse event and traded 2.57% below the C2 price from GDT Event 407. Sales totaled 300 tons.AMF Regular increased by 4.92% compared with the previous Pulse event but remained 4.99% below the C2 price from GDT Event 407. A total of 218 tons were sold.AMF Premium increased by 4.95% compared with the previous Pulse event but traded 5.11% below GDT Event 407. Sales totaled 155 tons. Pulse events 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 271 110 3225 690 3160 125 3595 338 3500 1180 n.p. 138 6040 225 6110 375 111 3045 700 3075 75 3595 209 3485 1291 5490 298 5895 35 5960 360 112 3120 685 3130 225 3505 404 3410 1096 5315 300 6185 218 6255 155 ∆% vs previous Pulse event 2,46% 1,79% -2,50% -2,15% -3,19% 4,92% 4,95% ∆% vs C2 in GDT event 407 0,65% 2,35% 0,57% 0,59% -2,57% -4,99% -5,11% If the Pulse event results are indicative of the next GDT event, the outlook remains mixed, with butterfat products showing bearish signals while milk powders continue to point toward a more bullish market.