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EVOO Prices in Spain Close in on €4

Olive oil prices continue their steady rise and with the highest rates usually paid at the season's end, there's little consensus on how high they'll go.

Feb. 28, 2017
By Eduardo Hernandez

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Spain has been expe­ri­enc­ing scarcity in the sup­ply of extra vir­gin olive oil and its value has increased as a result.

The mar­ket has seen har­vest delay due to unfa­vor­able weather as well as low olive oil pro­duc­tiv­ity.

Accord­ing to a recently quoted rate from the Span­ish orga­ni­za­tion El Obser­va­to­rio de la Fed­eración de Almazaras Infao­liva, com­mer­cial agents have been spend­ing €3,649 worth of extra vir­gin per kilo, €3,548 for vir­gin oil and €3,472 for lam­pante oil. Usu­ally, the final trans­ac­tion val­ues end up being higher which indi­cate that the value for the extra vir­gin olive oil in the coun­try is on the verge of reach­ing €4.

The Sis­tema de Infor­ma­ción de Pre­cios en Ori­gen (POOLred) shows that, over­all, activ­i­ties have been decreas­ing, with 5,403 tons sold for €3.68 per kilo from the 4th to the 10th of Feb­ru­ary, com­pared with 15,224 tons in the prior week.

Fig­ures for the dif­fer­ent cat­e­gories of olive oils include €3.74 per kilo for extra-vir­gin, which is a slight recov­ery of 0.44 per­cent, and €3.55 per kilo for lower qual­ity lam­pante oils, which are mixed with extra vir­gin and com­mer­cial­ized as refined, an increase of 2 per­cent.

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Only the vir­gin oils have suf­fered a slight 0.25 per­cent decrease end­ing at €3.62 per kilo. POOLred has reg­is­tered 78,700 trans­ac­tions between oil mills and mar­ket­ing enti­ties from the 11th to the 17th of Feb­ru­ary, while the pre­vi­ous month saw a reg­is­tra­tion total of 60,729,85 tons at €3.42 per kilo.

Spain is not the only coun­try whose olive oil prices are increas­ing, how­ever, as other Euro­pean Coun­tries have seen a sim­i­lar rise prices.

Accord­ing to ISMAEA, the prices for olive oils in Italy have surged between 19.3 to 58.1 per­cent in just the past year. Prices kept esca­lat­ing in Italy in the first weeks of 2017 through Feb­ru­ary 5, which saw extra vir­gin olive oils reach €5.85 per kilo.

In Greece, olive oil pro­duc­tion has decreased due in part to heat waves in the spring which caused prices for extra vir­gin olive oils to fluc­tu­ate between €3.31 and €3.85 per kilo.

The United King­dom has been hit with the hard­est blow in prices as a result of the col­laps­ing value of the pound that was brought on by Brexit, and olive oil is at the high­est lev­els in seven years.

The Inter­na­tional Olive Coun­cil said that the prices for extra vir­gin olive oil in Spain have been increas­ing at a con­stant and reg­u­lar pace in the past weeks with a 10-per­cent surge that had the price at the end of Jan­u­ary at €3.64 per kilo. When the price is com­pared to the third week of August, which had the high­est price value of €4.23 per kilo, the sharp con­trast shows a 14-per­cent decrease.

Records released by the Spain’s Min­istry of Agri­cul­ture from Jan­u­ary 30th to Feb­ru­ary 5th for oils bought in bulk in dif­fer­ent areas in Spain are as fol­lows: €370 per 100 kilos in Bada­joz, €369 in Ciu­dad Real, €364 in Cór­doba, €371.75 in Granada, €366.34 in Málaga, €372.27 in Sevilla, €377.50 in Tar­rag­ona and €368 in Toledo.

Over­all, oil prices are aug­ment­ing at a steady rate in Spain, and it remains to be seen what will be the max­i­mum price that the oils reach.



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