Black Sea Grain
Morocco imported 36mn quintals (equivalent of 3.6mn tonnes) of grain in February 2012, down by 10% y/y, the state-run grains authority ONICL said on its website. On a monthly basis, however, imports increased by 19.6%. Soft wheat, the main staple food in Morocco, accounted for 46% of the February imports, followed by maize (35%), durum wheat (12%) and barley (7%). France topped the list of grain exporters to Morocco accounting for 40% of the total.
Second ranked Argentina with a share of 17%, ahead of Brazil holding a 16% share. ONICL also reported that total wheat harvest in February amounted to 22mn quintals, distributed among traders (68%), flour mills (26%), cooperatives (5%) and feed sellers (1%). Overall, the volume of grain held by traders at Moroccan grain terminals declined by 5% m/m to 18.1mn quintals at the end of February. In particular, the volume of soft wheat stocks in Morocco by the end of February totalled 14.3mn quintals (slightly down from 15.1mn quintals in January), which is sufficient to cover four months of the country’s milling needs. ONICLE also informed that Moroccan government decided to extend the suspension of import duties on wheat allowing tariff-free imports until April 30, 2012. Prior to that, Morocco applied an import tariff of 135% on soft wheat and 80% on durum.
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