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.