Australia slashed more than 2.7 MMT from its wheat export forecast, as it counted the cost of drought damage to its crops. Abares lowered to 18.15 MMT, from 20.89 MMT, its forecast for the country’s wheat exports in 2017-18, on a July-to-June basis. The downgraded figure, below a 18.5 MMT estimate from the US Department of Agriculture, would take shipments nearly 4 MMT below last season. Exportable supplies are expected to decrease because of the smaller harvest.