ASIA WHEAT ROUNDUP: Australian prices fall in June; buyers await new crop from Canada, Black Sea

Rains continue to reshape new crop expectations despite El Nino forecast
Platts, part of S&P Global Energy, assessed Australian Premium White wheat at $273/metric ton June 30, down $9/mt since the start of the month June 2, while Australian Standard White fell $6/mt to $268/mt during the same period.   Prices softened throughout much of June as swathes of the Australian wheat belt received rain since late May, improving crop prospects across multiple states, according to several Australian trade sources.      Sources also cited bearish influences from a weaker Australian dollar in June. The Australian dollar closed the month at 69.19 US cents June 30, down 3.3% from 71.58 cents June 1.      There was greater urgency to sell on the East Coast, where growers had been holding onto old-crop stocks as a hedge against potentially lower production in the 2026-27 marketing year (October to September) due to a super El Niño forecast. However, widespread rains have vastly changed new-crop prospects, at least in the near term, according to several trade sources in Perth and Victoria.      “The season is very positive. The El Niño is interesting. There is still a lot of media [coverage] around it in Australia. But the facts are, we keep getting widespread excellent rain. So, who knows if [or] when it cuts out,” a Victoria-based trade source said.