Weaker pricing marks Pulse event 117

Pulse Event 117, the twentieth auction of the year, was marked by mostly weaker results compared with the previous Pulse event, while results were generally stronger compared with the previous GDT event. Fonterra SMP was the only product to increase compared with both the previous Pulse and GDT events, while Fonterra Butter was the only product to decline compared with the previous GDT event.Compared with the previous Pulse event, NZ WMP Regular decreased by 0.98%, while it increased by 0.71% compared with C2 on GDT Event 412. A total of 1,195 tons was sold.WMP Instant declined by 0.95% compared with the previous Pulse event and increased by 0.69% compared with C2 on GDT Event 412. A total of 305 tons was sold.SMP MH from NZ increased by 1.37% compared with the previous Pulse event and by 0.68% compared with C2 on GDT Event 412. A total of 1,301 tons was sold.SMP from Arla declined by 0.40% compared with the previous Pulse event but increased by 1.67% compared with C2 on GDT Event 412. A total of 50 tons was sold.Unsalted Butter declined by 4.82% compared with the previous Pulse event and by 0.42% compared with C2 on GDT Event 412. A total of 300 tons was sold.AMF Regular declined by 1.97% compared with the previous Pulse event but increased by 1.33% compared with C2 on GDT Event 412. A total of 108 tons was sold.AMF Premium declined by 2.21% compared with the previous Pulse event but increased by 0.51% compared with GDT Event 412. A total of 292 tons was sold.Pulse events 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 155 113 3160 700 3125 300 3630 181 3435 1319 5265 300 6475 57 6545 312 114 3335 700 3360 300 3605 189 3510 1320 5230 300 6325 400 6345 400 115 3595 929 3505 125 3705 234 3610 1266 5135 300 5915 32 5930 381 116 3650 1242 3735 50 3670 224 3575 1229 4975 300 5830 10 5875 397 117 3700 1301 3720 50 3635 305 3540 1195 4735 300 5715 108 5745 292 ∆ vs previous Pulse event 1.37% -0.40% -0.95% -0.98% -4.82% -1.97% -2.21% ∆ vs C2 in GDT event 411 0.68% 1.67% 0.69% 0.71% -0.42% 1.33% 0.51% Although the cash market can generally be described as relatively firm at present, if the above prices are indicative of next week’s GDT event, the outlook appears less positive.