Olive Oil Market Digest w47

Written by Wikifarmer | Nov 30, 2023

Weekly Olive Oil Market Updates

Price Updates

On Wednesday, the Union of Olive Oil-Producing Municipalities of Crete shared its latest update on the olive oil trade in Greece and abroad. The data refer to the mean oil mill EVOO price in the businesses that responded to the organization's survey.

In the last few days, we have observed a revival of market interest in olive oil after the withdrawal of B2B transactions in the previous weeks. That is why there is a slight rebound in prices compared to last week.

As for the olive oil-rich region of Andalucia in Spain, we see a continuation of the negative trend that started in the first half of November.

Based on our recent analysis, we have observed significant price fluctuations in the market. However, despite these fluctuations, we anticipate that prices will remain at record levels. This is due to the fact that the global balance in the olive oil market is once again estimated to be negative. Although the drop in consumer demand in some cases has had an adverse effect, this has been negated by the fall in production volumes.

Effects of Extreme Weather Conditions on EVOO Quality

The prolonged heatwaves during fall in Greece, particularly in Crete, have resulted in this season's EVOO having a high acidity level. The mechanism that caused this to happen is as follows: heatwaves, even during the "cooling" period of the year (mostly October), increase the spread of the "dangue" plant disease, which affects olive trees for longer and alters the characteristics of the olives produced.

Update on Table Olives Production in Greece

In one of the main table olive-producing areas of greece, the region of Aetolia-Akarnania, we are currently observing a rare reduction in production volumes. In more detail, the drop in volumes for the main table olives varieties this season ranges from 70% to 90%, posing a fall that has never been observed before in the last 15 to 20 years.

As we have already discussed, this extraordinary drop is a result of the prolonged exposure of olives to very high temperatures, as well as the extraordinarily high performance of olive trees last year in the country.

World Day of the Olive Tree

November 26 marks the UNESCO-recognised world day of the olive tree, on which humanity celebrates the significance of the olive tree not just as a symbol of peace and wisdom, but also as a significant factor in the social and economic development of the regions that it grows.

This year's celebration is centered around the crucial involvement of women in agricultural production and in the safeguarding of food security through that participation. Research shows that women make the 43% of the global agricultural workforce, yet they don't seem to get the recognition they deserve.

The nature of this year's exhibition marks the beginning of a new era for this important portion of agricultural activity. This is made more evident if we also take into account the organisation of big olive players in Greece towards the improvement of the market conditions that their product of exceptional national strategic significance ought to enjoy. It is socially imperative that in this era the needs and value of everyone are recognized, so that the benefits everyone receives from their toil are the best possible, for all sides of the market's aisle.

To help B2B olive oil buyers navigate through these conditions, 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.

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