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GDT Pulse

GDT Pulse

Since its joint launch by GDT and Fonterra in August 2022, the pilot version of GDT Pulse has sought to expand GDT’s service offering for buyers and sellers by facilitating more frequent price discovery.

Overview of the GDT Pulse pilot

Starting in October 2023, Fonterra will introduce both Instant Whole Milk Powder and Skim Milk Powder in addition to the Whole Milk Powder Regular Contract Period 2 currently being offered for auction in weeks when GDT Trading Events are not held. GDT Pulse ensures a streamlined auction process with a total duration of approximately 10 to 20 minutes.  

The pilot allows GDT to validate whether: 

  • There is a credible level of participation
  • Credible prices are published
  • Trading has increased in the dairy futures market

Prices discovered through the GDT Pulse auctions are complementary to the price discovery provided by GDT Events.

GDT Events continues to be the large volume, high liquidity events that the dairy industry watches, while GDT Pulse intends to provide interim price discovery for core commodity products between the GDT Events auctions.

Key differences between GDT Events Trading Events and GDT Pulse auctions

Below is a summary of key differences between a GDT Events Trading Event, and a GDT Pulse Auction during the pilot period:

GDT Pulse auction dates during the pilot period

Published results/prices

The following key metrics are displayed on the GDT website via the GDT Pulse tab and as a new page under the existing Results tab, immediately following each GDT Pulse auction:

  • Average price
  • Number of winning bidders
  • Number of participating bidders
  • Number of bidding rounds
  • Duration of GDT Pulse auction
  • Minimum supply (MT)
  • Maximum supply (MT)
  • Quantity sold (MT)

Participating sellers

Fonterra is the only seller participating in the pilot.

If the pilot is deemed successful, enhancements will be made to GDT Pulse to enable the service to be scaled, and other sellers will be able to offer products at this time.

Governance and trading rules for GDT Pulse

The GDT Events Oversight Board has approved proposed rule changes to the GDT Trading Event Rules to incorporate GDT Pulse. More detail is available in the marked-up GDT Trading Event Rules.  

Changes within the GDT Trading Event Rules to accommodate GDT Pulse took effect from 3 August 2022.

Conclusion of GDT Pulse pilot

After the pilot period, GDT will assess the merit of GDT Pulse and the future potential for more frequent price discovery from Global Dairy Trade.

If the pilot is deemed successful, it is envisaged that GDT will invest in platform upgrades to enable scalability of the service offering and the potential for more auctions.  Other sellers will be invited to offer products at this time.

Important information for bidders


GDT Pulse auctions are accessible to all registered GDT Events bidders, but just like GDT Events, only bidders that have eligibility to purchase Fonterra products offered on GDT Pulse, are able to participate in a GDT Pulse auction.

  • To read more about becoming a bidder on GDT Events, see here. 

If you are an existing GDT Events bidder and wish to request eligibility to purchase Fonterra products on GDT Pulse, please email gdthelp@fonterra.com

Pre-auction supply information

GDT Events bidders can access GDT Pulse pre-auction bidder data such as CPBL, BCI and product restrictions by looking at the most recent GDT Trading Event in the GDT Events Bidder Portal.

GDT Pulse pre-auction supply information is posted as a bidder announcement on the homepage of the GDT Events Bidder Portal four days before each GDT Pulse auction.

As occurs with GDT Events, bidders need to contact their seller sales teams to organise Contract Period Bid Limits, freight rates etc.

Refer to the Bidder's Guide to GDT Pulse training guide for more information. 

GDT Pulse Supply Agreement

Accessing the GDT Pulse Auction Website

Existing GDT Events bidders can login via MyGDT (the home for all GDT services) using their GDT login credentials. Only bidders that have eligibility to purchase Fonterra products on GDT Pulse can view the product on offer and participate in a GDT Pulse auction.

Refer to the Bidder's Guide to GDT Pulse training guide for more information. 

Post-auction information 

As occurs with GDT Events, participating GDT Pulse bidders can view their results and download them through the GDT Pulse Auction Website for up to 24 hours after an auction. For the duration of the pilot period, bidders will not be able to access GDT Pulse post-auction information in the MyGDT Bidder Portal.

The after-sales process for GDT Pulse is the same as GDT Events; sellers will contact the winning bidders and issue contracts for the volume won.

GDT Pulse training materials

GDT Pulse training materials are available on the GDT Pulse Training Resources page, accessible via MyGDT.