Olive Oil Market Digest w5

Weekly Olive Oil Market Updates

Market Updates in Europe

Significant rainfall has been recorded in Spain over the past couple of weeks, resulting in a market with limited purchasing activity. To provide a clearer understanding of this week’s updates, we have gathered valuable insights from our commercial team, analyzed Wikifarmer, and consulted price data from our "Price Insights" tool.

In Spain, the price of extra virgin olive oil has dropped by approximately €300/tonne, marking a significant shift. This decline is directly attributed to the recent rainfall in the country’s key olive-growing regions. However, despite this price correction, bottlers remain cautious, choosing to wait and assess whether January’s production volumes and potential further rainfall will push prices even lower.

Meanwhile, in Italy, extra virgin olive oil prices remain stable at over €9/kg, showing resilience against external market fluctuations.

In Greece, prices are on a downward trajectory, following Spain’s market movements. Although supply remains limited, the overall trend suggests further reductions in the long term. Greek producers are still holding out hope for a price recovery, but as highlighted in previous digests, the final outcome depends on total campaign volumes, weather patterns, and consumer demand. Even with prices remaining above Spanish ones, the internal market is presenting some activity; however, the availability of olive oil stays low due to the unsold freshly produced olive oil.

At present, the market is locked in a battle of nerves between producers and the industry. Buyers are adopting a wait-and-see approach, attempting to pressure the market into further declines, while producers are determined to hold firm and prevent a sharp downward spiral. The coming weeks will be crucial in determining whether this standoff will lead to further price adjustments or a stabilization of the market.

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 Impactful data: our price insights tool 📈

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