A total of 3,019 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) pulse auction held Tuesday, with supply ranging from 2,700 MT to 3,050 MT, according to data from the trading platform.
The average selling price for anhydrous milk fat was $6,243 per MT, butter averaged $5,595 per MT, and skim milk powder and whole milk powder averaged $3,549 per MT and $3,768 per MT, respectively.
The Australian budget for fiscal 2026 to 2027 comprises of significant policy changes, including capital gains taxation, negative gearing and the taxation of trusts, all of which are expected to improve the fiscal position in the long term, ANZ Research said Tuesday.The firm said the underlying cash deficit is projected to be 1% of the gross domestic product (GDP) in the near term, reflecting a modest improvement on estimates from the mid-year economic and fiscal outlook in December 2025.ANZ does not expect any direct impact on near-term growth or inflation forecasts from lower-than-expected net new spending in the 2026 to 2027 period.The headline cash deficit is expected to be 2.1% of GDP in 2026 to 2027 amid a neutral fiscal impulse, and fiscal position is set to return to balance in 2034 to 2035 as per the budget papers."Overall, we see nothing in the budget to dissuade us from our view that the RBA is likely to keep the cash rate at 4.35% through 2026 and 2027," analysts at ANZ said.However, higher prices and costs as reflected in the business survey data, coupled with weaker forward orders present a risk that policymakers may have to make difficult trade-offs in the coming months, it added.
US equity indexes were mixed on Tuesday after hotter-than-anticipated inflation data and higher crude oil prices amid US-Iran peace negotiation deadlock.* The US seasonally adjusted consumer price index jumped by 3.8% in April from 3.3% in the prior month, according to data released Tuesday by the Bureau of Labor Statistics, compared with the 3.7% consensus.* The CPI increased 0.6% in April, as expected, following a 0.9% increase in the previous month. Core CPI gained 0.4%, higher than the consensus estimate for a 0.3% increase.* June West Texas Intermediate crude oil rose $4.22 to settle at $102.28 per barrel, while July Brent crude, the global benchmark, was last seen up $3.53 at $107.75.* Zebra Technologies (ZBRA) shares were up roughly 11%, the highest on the S&P 500, after the company reported higher fiscal Q1 non-GAAP earnings and net sales, and issued fiscal Q2 and 2026 non-GAAP EPS outlook above analysts' estimates.* Shares of Qualcomm (QCOM) and Intel (INTC) dropped nearly 12% and 6.5%, respectively, the steepest slides on the S&P 500 and the Nasdaq, amid a sell-off in the tech sector following the extended closure of the Strait of Hormuz.
The consumer price index rose by 0.6% in April after a 0.9% gain in the previous month and was up 0.4% excluding food and energy prices after a 0.2% gain.The gain lifted the year-over-year increase to 3.8% from 3.3% in March, while the core measure was up 2.8% year-over-year after a 2.6% rate in the previous month.Food prices rose by 0.5%, while energy prices increased by 3.8%. Gasoline prices alone were up 5.4%.Owners' equivalent rents rose by 0.5% and regular rents were also up 0.5%, both faster than in the previous month and accounting for about one-third of the overall gain.In addition, prices of new vehicles fell by 0.2% after a 0.1% gain in the previous month and used vehicle prices held steady after a 0.4% decline.The National Federation of Independent Business' monthly sentiment index rose to 95.9 in April from 95.8 in March, with gains in seven of the 10 components, particularly the earnings trend."Inflationary pressures continue to be a challenge for Main Street," said NFIB Chief Economist Bill Dunkelberg. "While small business optimism is currently fragile, the benefits of the Working Families Tax Cut Act should start to feed into the private sector over the next few months."The US Treasury reported a $215.02 billion budget surplus in April, smaller than the $258.40 billion deficit reported in April 2025. The fiscal year-to-date gap narrowed to $953.56 billion from $1.049 trillion.Redbook reported that US same-store retail sales were up 9.6% year-over-year in the week ended May 9, stronger than a 7.8% gain in the prior week due to seasonal sales and Mother's Day spending.