ASIA WHEAT ROUNDUP: Rains improve Australia crop in May, high prices pressure demand in Commodity News 08/06/2026 Mounting weather concerns and bullishness from offshore wheat markets lent strength to Australian wheat prices in May, though a weaker currency and significant rains across dry cropping regions in New South Wales boosted near-term crop prospects and encouraged more old crop sales, causing prices to decline toward the end of the month. Rains improve crop sales Australian Premium White ended the month at $284/mt May 29, up $10/mt from May 4, while Australian Standard White rose $7/mt to $276/mt during the same period, according to data from Platts, part of S&P Global Energy. Prices extended their gains from April, as grower sales remained limited for much of May with winter crop sowing in full swing, according to multiple Australian trade sources. Concerns over lower production in the 2026-27 crop season (October-September) have also not abated, though prospects are looking much better in the driest cropping regions of northern New South Wales and Queensland, thanks to ample rains across late May, with some areas receiving up to 100 millimeters in the month. “There is definitely more old crop selling, and the NSW surplus is starting to come out from growers. The season and the El Nino narrative have been turned on their heads. All the exporters and domestic buyers are getting calls from growers and their agents. This is happening right across the East Coast,” a Victoria-based trade source said late May. “This could change planting intentions and lead to more barley and even wheat being planted in June,” another Perth-based trade source said. “Everyone has got very bearish domestically with all the rain we have been seeing.” Other Asian trade sources also pointed to a weaker Australian dollar, which fell below 72 US cents mid-May, as a factor behind softening prices. However, further bearishness may take time to reflect in Australian old-crop offers in