SINGAPORE: Prices of Australia wheat being offered in Asia have dropped from highs seen earlier in the season with expectations of a bumper harvest in the Black Sea region weighing on the market, two trade sources said on Friday.

Australian Premium White wheat was quoted around $280-$285 a tonne, including cost and freight (C&F), to Southeast Asia, after trading above $300 a tonne over the past few months.

“The key reason for a drop in wheat prices in Asia is because Black Sea prices are coming down. Harvest is staring around the middle of the year,” said one of the traders.

New-crop Black Sea wheat is being offered at $271-$272, a tonne C&F, to Indonesia for July/August shipment.