Moroccan importers have recently booked multiple cargoes of European Union (EU) wheat, offering a much-needed lift to EU exports, traders reported on Thursday.
In the past week alone, Moroccan buyers have secured up to 10 cargoes, amounting to approximately 300,000 metric tons, of milling wheat for delivery this month.
The majority of these shipments are set to come from northern EU countries, including the Baltic States and Germany, with additional supplies expected from France.
This wave of demand follows the sale of a few French wheat cargoes earlier in the month, one of which is now preparing to load in Rouen.
The boost comes as EU wheat futures have dropped to a two-month low, while Russian prices have been climbing due to new regulations on export prices in the Black Sea region.
However, traders noted that Russian wheat is still in high demand, with expectations that it will surpass French wheat in Morocco’s market share this season.
Despite the EU’s efforts to stay competitive, traders warned that Russian wheat prices were adjusted downward to maintain sales momentum.
The competition from Black Sea suppliers, coupled with a drought-stricken EU harvest—including France’s smallest crop since the 1980s—has kept EU wheat exports about one-third behind last season’s levels.
Morocco’s wheat imports have surged due to a smaller domestic harvest and a recent increase in the state’s wheat import subsidy.
As Morocco continues to play a key role in EU wheat exports, Russian wheat has increasingly chipped away at France’s dominance in Algeria, further complicating French prospects in North Africa.
Diplomatic tensions have also impacted France’s position, as Algeria recently bypassed French wheat in a tender, although Algeria’s state grains agency insists that all suppliers were treated fairly.
