Pulse 117 · 22 Sept 2026
GlobalDairyTrade
−1.1%
GDT Pulse
The small auction on the Tuesdays between the events. A short list of products, a few thousand tonnes, a handful of rounds in a quarter of an hour. It settles nothing — it tells you whether the last event still holds.
−$ 45+€ 6 since 8 Sept 2026
Against the Pulse of 8 Sept 2026. Average $ 3,958€ 3,453 per tonne.
- average price
- $ 3,958€ 3,453
- quantity sold
- 3,551 mt
- winning bidders
- 28
- duration
- 0:15
The week after 15 Sept 2026
Like for like: the same contract month, the same origin, one week apart. Pulse trades one contract period, so the event price here is that same period rather than the event's blended average — comparing against the blend would measure the change in the contract mix as much as the change in price, and on AMF it reverses the sign.
Anhydrous Milkfat
NZ/AU · Nov26Event$ 5,705€ 4,944Pulse$ 5,715€ 4,986+0.2%Whole Milk Powder
NZ · Nov26Event$ 3,555€ 3,081Pulse$ 3,559€ 3,105+0.1%Skim Milk Powder
NZ · Nov26Event$ 3,689€ 3,197Pulse$ 3,700€ 3,228+0.3%Skim Milk Powder
EU · Nov26Event$ 3,726€ 3,229Pulse$ 3,720€ 3,245−0.2%Butter
NZ · Nov26Event$ 4,757€ 4,123Pulse$ 4,735€ 4,131−0.5%
Every Pulse since 9 Aug 2022
116 auctions, volume-weighted from GDT's own published prices. Euros are converted at the ECB rate of each auction's own day.
- 22 Sept 2026
- USD$3,958
Every product
Change is measured against the previous Pulse, not against the event.
Anhydrous Milkfat
▼ 2.3%$ 5,737€ 5,005/ mt
−$ 137−€ 53
- NZ/AUFonterraRegular 210kg drum$ 5,715€ 4,986
- NZFonterraPremium 210kg drum$ 5,745€ 5,012
17 auctions of history
Whole Milk Powder
▼ 0.9%$ 3,559€ 3,105/ mt
−$ 31+€ 14
- NZFonterraInstant, Regular$ 3,559€ 3,105
116 auctions of history
Skim Milk Powder
▲ 1.3%$ 3,701€ 3,229/ mt
+$ 48+€ 82
- NZFonterraMedium Heat$ 3,700€ 3,228
- EUArlaMedium Heat Regular$ 3,720€ 3,245
83 auctions of history
Butter
▼ 4.8%$ 4,735€ 4,131/ mt
−$ 240−€ 153
- NZFonterraUnsalted 25kg$ 4,735€ 4,131
17 auctions of history
How Pulse works
- supply offered
- 3,600 mt
- sold of supply
- 99%
- qualified bidders
- 615
- bidders present
- 52
- rounds
- 9
A thin auction is a signal, not a settlement. Pulse moves a few thousand tonnes against the tens of thousands an event clears, it prices a short list of products rather than the whole board, and it sells one contract period from one or two sellers. Read it as the market's temperature between events — useful precisely because it arrives a week early, not because it is the price.
Next PulsePulse 11829 Sept 2026 · 12:00 UTC
Back to the auction results