USDA has further reduced its estimates of EU cereals production, as drought affects yields in the Southern member states, especially Spain. But August rains appear to be damaging quality in Germany, France and the UK too. USDA forecasts a 148 million tonne EU wheat crop, down from its July figure of 150m tonnes. This is above the 145.5m tonnes from the 2016 harvest, but below the record 160.5m tonnes from 2015. With 2016/17 ending stocks of 10.44m tonnes, this would mean a total availability figure of 165.44m tonnes, 1.9m tonnes down on July’s estimate and below the 166.44m tonnes in early August 2016 and 180.06m tonnes in 2015.