Daily Archives: January 13, 2016

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

    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).

    3

    4

    5

    6

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

    VN:F [1.9.22_1171]
    Rating: 3.0/10 (179 votes cast)
    VN:F [1.9.22_1171]
    Rating: +1 (from 53 votes)
    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... 
    Read More →
  • World trade in ilive oil and table olives

    As can be seen from the table below, at the close of the 2014/15 crop year (October 2014–September 2015), Japanese imports of olive oil (customs heading 15.09) and olive pomace oil (customs heading 15.10) were 10 pc higher than in 2013/14, and have shown strong growth since March 2015. Imports into the United States and China have held steady, whereas they have dropped in Russia (−33 pc), Australia (−21 pc), Brazil (-8 pc) and Canada (−7 pc).
    1The 11-month figures for the EU* for the 2014/15 crop year show a drop in intra-EU acquisitions (−2 pc) and a steep 311 pc rise in extra-EU imports versus the same period a season earlier. This situation was prompted by the heavy drop in production in Spain and Italy in 2014/15. As a result, extra-EU imports by both countries soared, particularly imports from Tunisia (+1070 pc by Spain and +329 pc by Italy on 2013/14 levels). As reported in the previous issue of this newsletter, this upward movement began in December 2014 and was connected with the large climb in Tunisian production in 2014/15, which positioned Tunisia as the world’s top exporter that season.

    WORLD TABLE OLIVE TRADE IN 2014/15

    At the close of the 2014/15 crop year (October 2014–September 2015), table olive imports (see next table) into the United States showed an increase of 12 pc on the season before whereas they remained stable in Canada. Conversely, decreases are reported for the rest of the countries listed, i.e. Russia (−16 pc), Australia (−12 pc) and Brazil (−9 pc).
    2The figures for the EU* for eleven months of the 2014/15 season show that intra-EU acquisitions and extra-EU imports went up by 6 and 1 pc respectively versus the same period of 2013/14.

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

    VN:F [1.9.22_1171]
    Rating: 3.2/10 (341 votes cast)
    VN:F [1.9.22_1171]
    Rating: -1 (from 153 votes)
    As can be seen from the table below, at the close of the 2014/15 crop year (October 2014–September 2015), Japanese imports of olive oil (customs heading 15.09) and olive pomace oil (customs heading 15.10) were 10 pc higher than in 2013/14, and have shown strong growth since... 
    Read More →
  • Tunisia’s status as the world’s second-largest olive oil producer was short-lived

    The country’s Ministry of Agriculture, Water Resources and Fisheries has announced there will be approximately 150,000 tons of olive oil compared with 340,000 tons last season, as recent forecasts signal a dramatic drop from last year’s bumper crop.

    In a statement on the ministry’s website, it said 988 mills are currently producing an estimated 30,000 tons per day compared with 1,150 oil mills in operation over the same period last season.

    The lower production forecast is likely to push up the price of olive oil, according to the ministry.

    The latest figures are in stark contrast to Tunisia’s production levels last season when the country exported more olive oil than any other producer nation after a record olive crop, overtaking Italy and Spain.

    VN:F [1.9.22_1171]
    Rating: 3.2/10 (328 votes cast)
    VN:F [1.9.22_1171]
    Rating: +11 (from 121 votes)
    The country’s Ministry of Agriculture, Water Resources and Fisheries has announced there will be approximately 150,000 tons of olive oil compared with 340,000 tons last season, as recent forecasts signal a dramatic drop from last year’s bumper crop. In a statement on the... 
    Read More →