EVOO prices paid to producers in the three top EU producing countries plus Tunisia

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Olive Oil producer prices
Graph 1 tracks the weekly movements in the prices paid to producers for extra virgin olive oil in the three top EU producing countries plus Tunisia while Graph 3 shows the weekly changes in the producer prices for refined olive oil in the three main EU producers. The monthly price movements for the same two grades of oil are tracked in Graphs 2 and 4.

Extra virgin olive oil: Producer prices in Spain started to rise in November 2014. After peaking at €4.23/kg in the third week of August 2015, they switched direction and began to drop, gathering momentum from the last week of September. It is noteworthy that this downward movement in prices started later in Spain than in Italy. In the last week of December, prices were lying at €3.05/kg (similar to December 2014 prices). This is 2 pc lower than a year earlier, 56 pc higher than the low recorded in the third week of May 2014 (€1.96/kg), but 27 pc below the peak recorded in the third week of August 2015 (€4.23/kg).

Italy: In the week from 10 to 16 November 2014, producer prices in Italy hit the highest level of both the period under review and the last decade, reaching €6.79/kg. After some fluctuations, they started to fall sharply, reaching €3.34/kg at the end of December 2015, i.e. 40 pc less than a year earlier but 27 pc more than the low recorded in the second week of December 2013 (€2.64/kg). Graph 2 shows how the monthly prices of extra virgin olive oil have behaved in recent crop years.

Greece: In the third week of January 2015, prices in Greece crossed the three-euro/kg line. After small fluctuations, they rose to period highs (€3.54/kg) in the last weeks of August and first week of September 2015. After holding steady for a while, they reacted in the same way as the other markets but have steadied lately and were lying at €2.87/kg at the close of December 2015, 1 pc down on the same period a season earlier.

Tunisia: Producer prices peaked in the last weeks of August. Then, like elsewhere, they started to drop, only to switch back upwards. At the end of December 2015, they were lying at €3.08/kg, showing period-on-period growth of +13 pc.

Refined olive oil: After peaking in August 2015, producer prices for refined olive oil have followed in the footsteps of extra virgin prices.

In Spain where they started to drop ahead of elsewhere, they dropped sharply but started to rally in recent weeks to stand at €3.00/kg in late December 2015, showing an increase of 13 pc on the same period of the preceding crop year.

The trend in Italy has been similar, but more pronounced with prices lying at €2.87/kg by the end of December 2015. This level was 4 pc higher than the same period the season before. No price data are available for this product category in Greece.

At the end of December 2015, the price of refined olive oil (€3.00/kg) and extra virgin olive oil (€3.05/kg ) differed by a minimal €0.05/kg in Spain whereas in Italy the gap between the two categories was wider (€0.47/kg – Graph 3).

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Source: International Olive Council MARKET NEWSLETTER No 100 – December 2015

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