EU slashes 2018 wheat export estimate by 5.5 million tonnes.

The European Commission slashed its monthly forecast of common wheat exports from the European Union in the 2018/2019 season, due partly to a cut in its output estimate, in a further sign of tight world wheat supplies. In supply and demand forecasts released, the Commission pegged EU common wheat exports this season at 20.0 million tonnes, down from 25.5 million estimated in July and now below the 21.3 million shipped last season. The Commission cut its estimate of EU common wheat output to 128.8 million tonnes from the 133.5 million estimated in July and 142.0 million harvested last year. European wheat crops have suffered from hot and dry weather this season, particularly in the northern part of the bloc, with Germany losing nearly 20 percent of its crop.