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.