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.