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Olive Oil Market Digest w41

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Weekly Olive Oil Market Updates

Monthly Movements in Spain

 
As the olive oil sector counts down to the new harvest, stakeholders closely monitor the release of AICA data and the Junta de Andalucía's forecast, which influence market prices. This week, the market remained quiet in anticipation of the AICA report that was released on Friday, October 11th.

According to the report, Spanish olive oil outputs surpassed the threshold of 85,000 tons, reaching 86,847 tons, shaping the average output for 2024 at 78196 tons. This high output level indicates that despite the overall scarcity of olive oil, there was unexpectedly significant trading activity. These figures raise concerns about whether enough olive oil will be left until November when the new harvest becomes available in the market. Specifically, 77,487 tons remain in producers' stocks, and less than 110,000 tons are held by packers, contributing to a tense market situation.


Total olive oil production in Spain has reached 854,000 tons for the 2023/24 campaign. The weather forecast predicts rainfall at the end of October, which is expected to boost olive oil yields further. Given the prospects of an improved crop but the current scarcity of olive oil to meet the heightened demand, there is significant anticipation about how the market will respond. Stay tuned for an in-depth analysis of the Monthly Focus on Oils later this week, featuring insights from the Mediterranean Olive Oil market.

 
 

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