Cash-Strapped Morocco Is No Hurry To Import Soft Wheat
This story seems boring, but its been subject to much speculation over the past year due to a combination of drought, economic issues, and pushes for political influence and stability. It has gotten to the point that market rationales for these imports have been popping up everywhere to bolster support for imports of wheat. Meh.
The Moroccan government, facing its biggest wheat import campaign this year in three decades while hard currency reserves are dwindling, said it would not tap international soft wheat markets before the bulk of its domestic harvest is sold.
August 19, 2012 8:16 by Reuters
The north African country, which has received no bids in two tenders this week for European Union and U.S.-origin soft wheat, can keep stocks at a comfortable level of 1.75 million tonnes by end-August, enough to cover four months of milling needs, the Agriculture Ministry said in a statement.
By the end of the first week of August, farmers had sold 1.39 million tonnes of the 2.74 million tonnes of soft wheat expected to be harvested this year, the ministry added on Thursday. (Reporting By Souhail Karam)
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