The olive oil market becomes “ turbulent”

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There is also in Spain a reduction of the production down to 785.000-795.000 tons. The prices increase slowly but in a steady way. The last 15 days the average of extra virgin olive oil has increased by 102 euros/ton (3,6%) reaching this way up to 2.803 euros/ton. For the common virgin olive oil the increase is by 84 euros/ton (3,3%) reaching this way up to 2.581 euros/ton. For lampante 1⁰ the increase is 83 euros/ton (3,3%) reaching up to 2.488 euros/ton. (source: Pool red)

An upward trend of the prices is obvious as they have reached almost 4 euros/kilo. A tanker (27 tons) was awarded in the price of 3,9756 euros/kilo in the region of Agios Dimitrios of Monemvasia at an auction the day before.

A first auction took place in the region of Agioi Apostoloi (also in South Lakonia, Peloponnese). The first offer was at 3,4491/kilo and this week it has reached up to 3,76 euros/kilo for a quantity of 680 tons which has been shared between the agricultural cooperative and the local oil mills. The trend is also upward in the region of Gargalianoi (in Messenia, Peloponnese) reaching up to 3,20 euros/kilo. The olive mills of Crete begin progressively having a production.

Fortunately there is a bigger production than the expected one, that is from 250.000-280.000 tons to 300.000 tons. This is the result of two main factors. The first one is the increased production of the table olive (e.g. in Chalkidiki) where the small sizes are channeled to the olive mills in order to extract olive oil from them. The second one is the increased efficiency of the olive mills where percentages of oil content and moisture even above 25% have been mentioned.

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