• Australian Company Fined for Deceptive Olive Oil Labeling

    A product prominently labeled ‘Extra Virgin Olive Oil’ and ’100% Olive Oil’ — but that was 93 percent canola oil — has resulted in two fines totaling AU$20,400 (US $19,850) for misleading claims by MOI International, an Australian subsidiary of Malaysia-based MOI Foods.

    According to the Australian Competition and Consumer Commission (ACCC), Queensland-based MOI International imported the ‘Mediterranean Blend’ oil from Malaysia and sold 3L tins of the oil in 2012 and 2013.
    Fine print on the side of the container revealed the oil was 93 per cent canola oil and just seven percent extra virgin olive oil.

    Read more at Olive Oil Times

    VN:F [1.9.22_1171]
    Rating: 4.7/10 (20 votes cast)
    VN:F [1.9.22_1171]
    Rating: +3 (from 5 votes)
    A product prominently labeled ‘Extra Virgin Olive Oil’ and ’100% Olive Oil’ — but that was 93 percent canola oil — has resulted in two fines totaling AU$20,400 (US $19,850) for misleading claims by MOI International, an Australian subsidiary of Malaysia-based MOI... 
    Read More →
  • Madrid in a bid to create a new ‘super’ oil

    The Spanish capital has carried out olive oil tastings in shopping centers throughout the city to determine what locals consider to be best characteristics of extra virgin olive oil , all in a bid to create a new ‘super’ oil.

    After six years of research, The Madrid Institute for Research and Rural Development, Agriculture and Food have prepared a variety of coupages, or mixtures, of extra virgin olive oils from the region, made with different varieties of olives, harvested at their prime. A multidisciplinary team made up of biologists, chemical engineers and agronomists were responsible for the selection of the best produce available in the 25 thousand hectares of olive fields located in the Community of Madrid to make up the five mixed varieties. All the mixtures on offer for tasting included the Cornicabra olive variety as a base, which is produced by the majority of farms in the region.

    Local consumers from a variety of socioeconomic and age profiles were given the opportunity to taste and give their opinion on the characteristics of each mix, in order to determine the olive oil sensory profile which was the most popular and therefore the most likely to be purchased among the Spanish population. Tasters had the opportunity to sample oils of both mild and stronger intensity that varied in color, some of which also had a spicy quality, with results indicating that overall the mild-flavored oils were deemed the most popular.

    The research was designed with the idea that, from mixes of single varietal olive oils produced locally, a new ‘super’ olive oil could be created based on the preferences of local consumers, which will hopefully become a best seller around Spain. The recipe for the unique oil will have specifically controlled collection times and strict parameters for the olive varieties and qualities that have been used in the primary oils before mixing so as to produce a uniform product and to give the consumers what they want, every time. Based on the consumer research, it seems likely that the new variety will have a mild flavor when it hits supermarket shelves.

    Sources:

    El Mundo
    ABC Espana
    Comunidad de Madrid

    By Naomi Tupper
    Olive Oil Times Contributor | Reporting from Santander

     

    VN:F [1.9.22_1171]
    Rating: 3.7/10 (20 votes cast)
    VN:F [1.9.22_1171]
    Rating: +5 (from 5 votes)
    The Spanish capital has carried out olive oil tastings in shopping centers throughout the city to determine what locals consider to be best characteristics of extra virgin olive oil , all in a bid to create a new ‘super’ oil. After six years of research, The Madrid Institute... 
    Read More →
  • 1

    Olive Oil Futures Market

    The Olive Oil Futures Market (MFAO) booked a €213,000 ($280,000) loss last year despite a 28 percent spike in the number of contracts negotiated in it. But its fortunes turned around in the first quarter of this year – as movements in olive oil prices sparked even more trade – seeing it end April with a profit of nearly €136,300 ($180,000).

    The market closed 2012 with nearly 98,000 contracts negotiated, up about 21,000 on 2011, and with August and December by far the busiest months.

    The average price last year was €2,083/t and the total value negotiated was nearly €204 million, up from €1,660 and €76 million in 2011.

    The Olive Oil Futures Market (MFAO) booked a €213,000 ($280,000) loss last year despite a 28 percent spike in the number of contracts negotiated in it. But its fortunes turned around in the first quarter of this year – as movements in olive oil prices sparked even more trade – seeing it end April with a profit of nearly €136,300 ($180,000).

    The market closed 2012 with nearly 98,000 contracts negotiated, up about 21,000 on 2011, and with August and December by far the busiest months.

    The average price last year was €2,083/t and the total value negotiated was nearly €204 million, up from €1,660 and €76 million in 2011.

    Futures market a “useful hedging tool”

    Manuel León, president of the Jaén-based market, told Spanish media that the vast majority of 2012’s trade took place in the last half of the year, when ex-mill prices for olive oil were rising and the outlook was poor for the next harvest.

    He said the increase in the number of contracts reinforced the market’s role “in providing a hedge against price volatility.”

    “It’s a useful tool for the industry and good price observatory,” he said.

    Those most active in the market were big companies. Many smaller companies were still unaware of the advantages of being active in the MFAO, León said.

    First quarter recovery

    The busiest month in the most recent quarter was January, when 18,000 contracts were negotiated, though leaving the market’s record for the most trade in a month still standing at 23,115 contracts, from January 2010.

    The total for the first quarter this year had reached 44,000 by April 23.

    More activity online

    The MFAO is also enjoying a spike in activity on its web site. Its trading screen received a record (since 2005) number page views – 7.9 million – in 2012, up from 1.4 million in 2011.

    The only market in the world where futures contracts on olive oil can be traded, it opened in February 2004 and made its first profit, €116,000, in 2010, but 2011’s flatline prices – reducing the need for buyers or sellers to hedge against price swings – sent it back into the red with a €300,000 loss.

    Sources
    Olive Oil Futures Market (MFAO – Mercado de Futuros Aceite Oliva)
    Mercado de Futuros Aceite Oliva aumenta 28% número contratos respecto a 2011
    Mercado de Futuros registra 136.000 euros de beneficio en el primer trimestre

    By Julie Butler
    Olive Oil Times Contributor | Reporting from Barcelona

     

    VN:F [1.9.22_1171]
    Rating: 4.6/10 (28 votes cast)
    VN:F [1.9.22_1171]
    Rating: +2 (from 8 votes)
    The Olive Oil Futures Market (MFAO) booked a €213,000 ($280,000) loss last year despite a 28 percent spike in the number of contracts negotiated in it. But its fortunes turned around in the first quarter of this year – as movements in olive oil prices sparked even more trade... 
    Read More →
  • Olive Oil Queries in Google

    dear olive oil enterpreneurs and producers, dear consumers and people interested in olive oil,
    what is people actually searching for olive oil?

    This is a question that could take pages and pages for an answer, months of research and investigation. Surely, there is not an unique answer but several, depending how do you interpret the former generic question.

    Here we present one of the many interpretations: we gave a look on what kind of web-based researches people made in the last years on google.com, using key words as “olive oil”, “organic olive oil”, “extravirgin olive oil”, etc. Why? Just to grasp what people is looking for on the web, how much do they search (or did), what are the latest more issued news about olive oil. Just keep reading and you will learn more.

    In the last month (referring to the date of this post), in the entire world, there were 49,500 queries (only on google.com) that used the (ENGLISH) words “extravirgin olive oil” (read carefully, “extravirgin” is one word).

    The whole number of the queries containing the words “extravirgin olive oil” and “extra virgin olive oil” (including “evoo”), alone or combined with others, summed up to 1,629,467, in the last month. Quite interesting. Interesting is also that many other words were associated to refine the search, words that for us speak about what could be the interest of the person searching. For example, there were 659 different kinds of web search (meaning key words combinations) that included our three magic words.

    For example, the only “extra virgin olive oil” queries were 110,000, and those somehow including also the word “organic” were 5,883 quite few compared to the rest (respectively .36% and 5.35%).
    Why should we care? Just to know what people is interested in when looking (and then thinking) to extra virgin olive oil.

    Looking below, you can see how the numbers of queries changed over time during the last year and since 2004.

    Article source iobooo and updated 02.06.2013

    VN:F [1.9.22_1171]
    Rating: 4.2/10 (29 votes cast)
    VN:F [1.9.22_1171]
    Rating: +4 (from 8 votes)
    dear olive oil enterpreneurs and producers, dear consumers and people interested in olive oil, what is people actually searching for olive oil? This is a question that could take pages and pages for an answer, months of research and investigation. Surely, there is not an unique... 
    Read More →
  • Imports of olive oil by Brazil showed 9 pc growth

    20130602-195902.jpg

    In 2011/12 imports of olive oil and olive pomace oil by Brazil showed 9 pc growth on 2010/11 levels, reaching 71 004 t. European Union countries were the suppliers of 88 pc of this tonnage, split between Portugal (57 pc), Spain (25 pc), Italy (6 pc) and Greece (1 pc). The remaining 12 pc came from Argentina (11 pc) and Chile (1 pc). Table I reports the import figures for the last five.

    Reed report Olive and Olive Oil Imports: focus on Brazil by internationaloliveoil

    VN:F [1.9.22_1171]
    Rating: 3.4/10 (18 votes cast)
    VN:F [1.9.22_1171]
    Rating: -5 (from 7 votes)
    In 2011/12 imports of olive oil and olive pomace oil by Brazil showed 9 pc growth on 2010/11 levels, reaching 71 004 t. European Union countries were the suppliers of 88 pc of this tonnage, split between Portugal (57 pc), Spain (25 pc), Italy (6 pc) and Greece (1 pc). The remaining... 
    Read More →