The premium for new season Australian wheat over the global price has soared during the past month driven by dry conditions in Queensland and northern NSW. Brisbane new season Australian Premium White wheat is trading about $126 a tonne above Chicago Board of Trade benchmark near term wheat futures, while Geelong and Melbourne is $67 to $75/tonne above global values. New crop APW wheat delivered Geelong has lifted $42 from the last week in August to be $285/tonne, while Australian Standard White is trading at $270/tonne. Recent rain in Queensland and NSW has pulled values back marginally. In the past week Australian barley and wheat dropped about $5/tonne in the southern states while Darling Downs wheat dropped about $20/tonne.