Weekly Olive Oil Market Updates
Price Updates
Once again, the data collected from transactions on the Wikifarmer Marketplace has enabled us to present an overview of the olive oil markets in the primary olive oil-producing countries of the Mediterranean. We have compiled a table showing the average prices, enriched with insights from reliable industry sources including the Union of Olive Oil-Producing Municipalities of Crete for Greece, PoolRed for Spain, and Ismea Mercati for Italy. This comprehensive approach provides a representative snapshot of the current situation in the field.
Insights from our experts regarding the Olive Oil Market this week indicate that Spain has seen a modest recovery, leading to a more balanced pricing landscape. The rapid decline observed in previous periods has halted, with offers now being more carefully managed. Furthermore, significant players in packing houses have begun to enter the market, further aiding in its stabilization. Weather conditions and consumption levels are the key factors that influence olive oil prices. According to this month's AICA release, the consumption volume amounted to approximately 67,000 tons. We plan to delve deeper into this data and provide a detailed analysis next week. Sustaining high consumption levels could have a significant impact on future price trends.
In Greece, although there has been a slight decrease in prices, they remain higher than those in Spain. The Greek market has experienced some instability in recent weeks, with prices showing no clear trend. According to our experts, it is anticipated that prices will rise again due to the low volume of offers for this year's campaign.
In Italy continues to maintain a stable situation, mirroring the trend observed in Spain with no significant changes. The decrease in prices has left suppliers disappointed, as they have been holding bulk olive oil in their tanks in anticipation of higher selling prices. Despite yields being double that of last year, limited consumption due to high prices has resulted in a decrease in purchasing of this season's crop.
Support the Youth to Take Action
The olive oil sector holds deep-rooted significance in the traditions of Mediterranean nations. Across numerous generations, cooperative efforts and local associations have played pivotal roles in advancing olive oil production. Yet, the agricultural sector is experiencing a shortage of young professionals, primarily due to limited financial opportunities and inadequate support from local authorities. In particular, individuals under 40 years old are notably absent from leadership roles within these cooperatives.
The inclusion of young professionals in agriculture could catalyze industry evolution through the adoption of innovative practices and a commitment to sustainability. While technological advancements have significantly reshaped agriculture, older generations' resistance to change and limited familiarity with new technologies have posed challenges.
In a bid to encourage younger participation in agriculture, the Italian government has enacted a new law aimed at fostering youthful entrepreneurship in the farming domain. This legislation targets individuals under 40 who aspire to enter or are already engaged in agricultural pursuits.
The support measures encompass several facets, including a tax-friendly regime for initial agricultural ventures by young entrepreneurs, incentives for land acquisition and sales, tax credits for participation in training programs, and provisions for tax relief linked to the expansion of cultivated areas. Additionally, the law addresses issues such as pre-emption rights among neighboring properties and establishes a National Observatory for Entrepreneurship and Youth Employment in Agriculture.
The mission of Wikifarmer Academy is to offer accessible and cost-effective courses on various cultivation practices, catering specifically to young professionals. As a startup, we prioritize empowering young individuals who aspire to thrive in the agricultural sector and contribute to a global community committed to inclusive and sustainable farming practices.
Wikifarmer negotiates with several suppliers to secure a steady supply of Olive oil at reasonable prices. Our team can help you with price negotiation, pay with credit terms, and arrange logistics and transportation. We also implement strict Quality Assurance procedures, making sure that producers provide us with all certificates that prove their claims about their products, and that all relevant analyses take place.
Our contribution is not constrained just to the facilitation of value optimization for the various market players. We also invest a lot in making sure that our highly-valued partners, either from the supply or from the demand side, keep up with the latest developments in their fields.
This is why we have created Wikifarmer Academy, in order to offer affordable educational courses to all. The Wikifarmer Academy is an online school that aims to provide complete educational courses that will empower you and help you cultivate more efficiently and sustainably. In case you are interested in learning more, check our new course "Wikifarmer Expert in Sustainable Olive Oil Production, Quality, and Economics" here.