News Briefs
Olive oil prices in Spain continue to grow, following a trend that has been consolidating since October. The prices are on track to set new records.
Poolred, the online olive oil database run by the Andalusian government, reported that prices have been steadily growing for the last few weeks.
See Also:Olive Oil Business NewsBetween November 28th and December 19th, the extra virgin olive oil price at origin grew from €4,951 per ton to €5,348 per ton.
In Jaén, the most relevant olive oil market in the country, the Association of Young Farmers of Jaén (ASAJA) confirmed that between December 12th and December 19th, the extra virgin olive oil price at origin reached €5,371 per ton.
Oleostepa, an olive oil producers cooperative, told Agripopular that it estimated the EVOO price at origin for the national market had grown 3.85 percent in one week.
Overall, the EVOO price at origin over the last twelve months has grown by more than €2,000 per ton.
Similar tendencies are reported for Virgin Olive Oils (VOOs), whose price at origin exceeded €4,700 per ton on November 28th. VOOs are currently traded at €5,116 per ton.
Significant growth is also reported for Lampante olive oils price at origin, which is now exceeding €5,000 per ton for the first time. A month ago, Poolred noted that lower-quality olive oils sold for €4,480 per ton.
The current trend appears to be consolidating. The latest data from the Ministry of Agriculture, Fisheries and Food stated that from November 5th to November 11th, EVOO price at origin grew 3.55 percent.
Such striking price growth is mainly associated with the significant drop in overall olive oil production, which Spanish producers are experiencing this harvest.
Still, the Union of Small Farmers and Ranchers (UPA) noted that Spanish olive oil had seen record sales in 2022. In a recent note cited by OleoRevista, UPA confirmed sales of 1.6 million tons, an extraordinary number driven by exports.
To maintain such volumes, Spanish producers have special stocks of extra virgin olive oil at their disposal. These are estimated to be more than 400 thousand tons.
In a note reported by ABC de Andalusia, the agricultural organization COAG commented on the price spike, which, according to some experts, might translate into lower olive oil consumption throughout the country.
“A Spanish family consumes, on average, 40 litres of olive oil per year. If we divide this per month and per person of the family, such price rise sums up to a few cents. People are not going to give up the Mediterranean Diet to save €60 a year,” the association noted.
In 2021, the International Olive Council found that Spanish buyers consumed 510 thousand tons of olive oil.
More articles on: extra virgin olive oil, prices, Spain
Dec. 13, 2023
An Olive Harvest Under Bombardment in Southern Lebanon
The conflict between Israel and Hamas has drawn in Hezbollah militants from Lebanon, threatening olive farmers and their livelihoods.
Jun. 5, 2023
38 Complete Sommelier Certification Program in New York
Professionals and enthusiasts from around the world completed an intensive week-long course on olive oil quality and sensory assessment.
Sep. 25, 2023
Olive Farmers in Puglia Face Catastrophic Harvest After Autumn Storms
The damage to the southern Italian region’s olive trees is expected to drive up prices in the short term and lower production in future harvests.
Jan. 2, 2024
Agritourism Takes Off at Arizona’s Queen Creek Olive Mill
Tourism is key to the success of Queen Creek Olive Mill’s business and the promotion of extra virgin olive oil in Arizona.
Jan. 16, 2024
The Olive Tree and the Rise of Athens
The story of the divine competition for Athens reflects the ancient Greeks' reverence for wisdom, strategy and life's practical needs.
Apr. 24, 2023
U.S. Producers Weathered a Difficult Season and Emerged with Good Results
Although the yield is expected to be 50 percent lower than last year, there are reasons for a positive outlook.
Dec. 5, 2023
Hard Work Yields World-Class Quality in Brazil
Estância das Oliveiras earned seven Gold Awards at the 2023 NYIOOC, the most in a single year for any Brazilian producer.
Jul. 28, 2023
Record Temperatures, Wildfires Return to Mediterranean Basin
Many Southern Europeans and thousands of tourists are coping with the consequences of some of the worst wildfires suffered by the region in recent times.