Sunday, June 16, 2024

Fever in olive oil prices

The prices of evoo have reached 5euro/kg In Turkey In Tunisia, despite the fatigue qualities due time, prices are still high In Spain, evoo is close to 4 euro/kg In Italy, a retreat was proved temporary and now prices are maintained to 4,65 – 4,80euro/kg In Greece, in a recent auction that took place in Zakros Eastern Crete evoo reached 4,02 euro/kg CIF delivery to Italy, which is around 3,90 euro/kg ex-factory

imageThis fluctuation of prices is something that we have been talking about for quite a long time now After a very poor harvest in Spain and mainly in Italy, stocks are really limited it wonrsquot be easy to meet the needs of industry until, fresh olive oils, come to marketnbsp

At the same time, international demand evolves quite satisfactory and with an upward trendnbsp

As we use to say every other summer, at this period, everything, or almost everything, depends on the upcoming Spanish production Rainfalls were finally not very satisfying something that led to downed the forecasts from 12-14 million tons to 10-12 million tones Inevitably, prices are likely to rise

Estimations for Greek production are positive, as after two good months in terms of weather conditions during May and June we now can forecast a production close to 270-280 thousand tons

So, we now turn our attention to the following critical months until Christmas However, the rise in prices has always two options A short term smiling one, for producers, traders and millers, who have kept their olive oils, and a long term questioning one, as it may lead producers to other competing oils such as seed oil, which could create problems to the industry that has committed itself to strict contracts of certain quality

Translated by
Vasileios Pyrgiotis

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