Morocco to Freeze Import Duty on Soft Wheat to Stabilize Market

Morocco is expected to freeze a 35 pc import duty on soft wheat from Jan.1st to April 30 to ensure a regular supply of the commodity and maintain price stability.

The decision will be made by the government during its meeting scheduled this Thursday. The move comes amid soaring prices on the international market and declining wheat’s stocks standing at 900,000 tons end of December, covering the local millers’ needs for the upcoming two and a half months.

Morocco’s cereals production is expected to total 5.2 million tons in 2019, including 2.6 million tons of soft wheat, down 49 pc from last year due to lack of rainfall.

According to some experts, Morocco’s cereal import needs for the 2019-2020 season are expected to reach 8.2 million tons, almost 30 pc more than in 2018-2019 and about 15 pc above average.