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Weekly Olive Oil Market Updates
As we approach November, tension in the olive oil market is increasing, as it is a crucial month for harvesting and extraction. Weather conditions in recent weeks have led to notable disparities among producing countries, impacting expectations for this season’s yield.
For our weekly market analysis, we have gathered insights from our experts, the Wikifarmer Marketplace, and reliable pricing data from trusted sources combined with our market research.
In Spain, recent heavy rainfall has significantly improved oil yields in olives. As a result, the market continues to show a downward price trend, driven by an anticipated abundance of fresh olive oil. Suppliers are eager to clear out their remaining stocks, while packers and other businesses only buy in quantities they can quickly replenish, avoiding large purchases. The initial prices for the new crop have been released, and as anticipated, they are higher than those of the previous crop. However, as the harvesting season progresses, prices are expected to decrease as the available stocks will increase.
This pattern is also evident in Italy, where favorable weather conditions have benefited olive groves. However, the forecast for the upcoming crop remains cautious, with prices for Extra Virgin Olive Oil (EVOO) remaining stable or slightly elevated.
In the coming days, rain is expected in Portugal's olive-growing regions, as well as in Extremadura and Andalusia. This could lead to further delays in the start of production, potentially causing a decline in prices. Despite this, exceptionally low prices are still being offered for December and January, leading to increased agitation and uncertainty among industry operators.
In Greece, the market is experiencing fluctuations diverging from Spain's trend. A lack of rainfall has led to a modest and steady price decrease without significant changes. The remaining stocks are nearly depleted, and domestic movements are sufficient to meet demand, leading to a relatively stable market situation.
New EU regulation tightens standards for olive oil quality control
The European Commission has recently updated its regulations concerning olive oil, aiming to enhance quality control and ensure transparency across Member States. The new Commission Implementing Regulation (EU) 2024/2707, which amends the existing 2022 standards, introduces stricter rules on the classification of extra virgin olive oil. A key change involves the notification process for non-compliance related to organoleptic defects—flaws that can arise during production, transport, or storage. This amendment ensures that cases of detected quality issues will be uniformly reported across countries, promoting greater accountability in the industry.
Additionally, the updated regulation incorporates the latest International Olive Council (IOC) methods for analyzing the chemical characteristics of olive oil, aiming to standardize assessments across the European Union. Adjustments to the sampling methodology have also been made, providing clearer guidelines on sample sizes and procedures. These changes reflect the EU’s commitment to maintaining high standards in olive oil production and safeguarding consumers’ trust in this essential agricultural product. The updated regulation will be in effect on November 11th.
As the olive oil market navigates a critical period of harvesting and extraction, varying weather conditions and regulatory changes are shaping the industry's landscape. While favorable weather has boosted yields in countries like Spain and Italy, creating a downward price trend, Greece faces a different scenario with limited stock and stable pricing. Meanwhile, the recent EU regulation underscores a commitment to quality and consistency, aiming to standardize practices across Member States. Together, these market shifts and regulatory updates set the stage for a dynamic season ahead, with both challenges and opportunities for producers and buyers alike.
