Race for Morocco wheat market share intensifies under rebate system
With Moroccan millers buying more wheat from Black Sea outlets than ever before, EU sellers’ market share could come come under more pressure this current June-May marketing year and into 2025-26.
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- Moroccan importers can now buy Black Sea wheat and still benefit from a financial rebate which typically rises with EU prices
- High EU prices will drive up the state rebate and encourage importers to buy even greater volumes of cheaper Black Sea wheat
- EU sellers’ market share could shrink, while Ukrainian and Argentinian wheat could disappear from Morocco altogether
- The Moroccan market could return to a more seasonal buying pattern in 2025-26 if local production recovers
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