Olive Oil Market Digest w31

Weekly Olive Oil Market Updates

Price Updates

The European olive oil market is facing significant shifts due to changing demand and supply dynamics. Spain shows signs of recovery with rising buyer interest and slight price increases despite generally low market activity. This week’s digest also includes insights from Wikifarmer marketplace transactions and price data from the Union of Olive Oil-Producing Municipalities of Crete, PoolRed, and Ismea Mercati, providing a comprehensive overview of the current market conditions and trends.

The Spanish market has begun to recover a bit, although overall market activity remains subdued. Buyers show increased interest due to low stock levels, prompting producers to raise prices slightly. Finding high-quality Extra Virgin Olive Oil with excellent organoleptic properties and a favorable chemical profile is very challenging. Prices remain low, consistent with the trend observed over the past month. All stakeholders await the AICA data to develop strategies after the summer holidays.

In Italy, demand could be stronger, with only a few transactions occurring, including some involving Greek supplies. Greece is experiencing a similar situation to Spain, with prices declining yet staying above Spanish levels while demand remains low. Cooperatives are making low offers to sell off remaining stock and prepare for the upcoming harvest. Producers in both Italy and Greece are concerned about the upcoming yields due to the current heatwave, which has significantly stressed the olive groves.

Οlive oil sales plunge while pomace oil and sunflower oil soar

Anierac, the National Association of Industrial Bottlers and Refiners of Edible Oils in Spain, has released its quarterly statistics for the current campaign from October 2023 to June 2024. During the first three quarters, Anierac companies sold 162 million liters of olive oil, marking an 18.76% decrease compared to the previous campaign. The decline affected all categories, with extra virgin olive oil sales at 68.77 million liters, down 19.54%. Mild and intense olive oils also experienced reductions of 19.67% and 21.68%, respectively. Virgin olive oil sales were 19.32 million liters, a 9.52% decrease. In contrast, olive pomace oil saw a significant increase, reaching 21.53 million liters, a 66.97% rise. Sunflower oil sales surged 30.56% to 250.24 million liters, while other oils such as seed, rapeseed, and soybean declined.

In the second quarter of 2024, total sales of bottled oils by Anierac companies amounted to 162.85 million liters. Olive oil accounted for 51.49 million liters, including 23.17 million liters of extra virgin, 16.18 million liters of mild, 6.10 million liters of intense, and 6 million liters of virgin olive oil. Olive pomace oil sales reached 7.15 million liters. For the year, total olive oil sales have reached 106.75 million liters, with notable decreases in all categories: extra virgin (-13.67%), mild (-13.76%), virgin (-9.45%), and intense (-27.30%). Meanwhile, olive pomace oil sales have increased by 82.19% to 15.25 million liters. Refined vegetable oils have totaled 325.36 million liters, with refined sunflower oil leading at 179.26 million liters and refined seed oil at 21.61 million liters.

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