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FINANCIAL NEWS
Morocco won’t tap wheat markets before domestic crop is sold
21 Aug 2012
(MENAFN) Morocco, a traditional wheat buyer, said it is in no hurry to import wheat from international producers, Reuters reported.
The North African country is facing its biggest wheat import campaign this year in three decades due to poor growing season.
The government said it would not tap international soft wheat markets before the bulk of its domestic harvest is sold.
Morocco can keep stocks at a comfortable level of 1.75 million tons 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 tons of the 2.74 million tons of soft wheat expected to be harvested this year, the ministry said.
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