`Spanish Olive Oil Prices Rebound

Europe

Spanish Olive Oil Prices Rebound

Jul. 1, 2014
Charlie Higgins

Recent News

Prices of olive oil futures in the Span­ish mar­ket have been trend­ing upward, accord­ing to the Olive Oil Farm Gate Pric­ing Infor­ma­tion Sys­tem (POOLred). Fin­ish­ing off a week in which nearly 3,900 MT were traded between mills and trad­ing com­pa­nies, all the major olive oil cat­e­gories saw bumps in prices.

Prices for extra vir­gin olive oil, POOLred reported, increased by 3.02% from the pre­vi­ous week, lev­el­ing off at 2.18 euros/kg. Vir­gin oil prices went up 4.87% to a bit over 2 euros/kg, and lam­pante were up 3.48% bring­ing their price to 1.96 euros/kg. Prices for lower qual­ity oils, mean­while, were down 1.85%, round­ing out at around 1.75 euros/kg.

Other sources reported sim­i­lar fig­ures. On June 26 Infao­liva reported prices of 2.15 euros/kg for extra vir­gin, 2.06 euros/kg for vir­gin and 1.97 euros/kg for lam­pante. A pric­ing increase of 13.10 euros/100 kg for extra vir­gin was reported in the province of Jaén, while Cór­doba saw refined olive oil prices shoot up 12.18 euros/100 kg.

In terms of exports, prices for extra vir­gin oils of Span­ish ori­gin remained strong in Italy at 3.79 euros/kg. Prices for Denom­i­na­tion of Ori­gin oils were pric­ing around 6.41 euros/kg. In Tunisia prices rebounded by between 3.8% and 6.6% com­pared to the pre­vi­ous week, depend­ing on the cat­e­gory, with extra vir­gin olive oils pric­ing at 2.43 euros/kg.

The Min­istry of Agri­cul­ture, Food and Envi­ron­ment said that the cur­rent sit­u­a­tion, par­tic­u­larly in the area of exports, pro­vides a reas­sur­ing out­look” because the mar­ket is expect­ing record olive oil pro­duc­tion lev­els.” Nonethe­less, farm­ers are fol­low­ing weather con­di­tions closely as the com­ing weeks are cru­cial for the devel­op­ment of this year’s crop.

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