OLIVE OIL MARKET– – –
In the 2012/13 crop year, i.e. from October 2012 until September 2013, trade in olive oil and olive pomace oil expanded by 18 pc in Japan, 8 pc in Russia and 5 pc in Brazil but shrunk by 10 pc in Australia, 8 pc in China and 6 pc each in the United States and Canada. The EU data for September 2013 were not available at the time of publication, but the figures for the first eleven months of the crop year (October 2012–August 2013) report an increase of 61 pc in extra-EU/27 imports and a decrease of 10 pc in intra-EU acquisitions versus the same period a season earlier. This is obviously linked to the low level of EU olive oil production in 2012/2013.
TABLE OLIVE MARKET
As can be seen from the next table, table olive imports in the 2012/13 crop year (October 2012–September 2013) rose by 8 pc each in Brazil, the United States and Russia and by 5 pc in Canada while they remained at the same level in Australia compared with the same period the season before. Again, the EU data for September 2013 were not available when writing this newsletter. However, in the eleven months from October 2012 to August 2013, extra-EU/27 imports increased by 2 pc and intra-EU-27 acquisitions by 3 pc compared with the same period the season before.
PRODUCER PRICE MOVEMENTS
Graphs 1 and 3 track the weekly movements in the prices paid to producers for extra virgin olive oil and refined olive oil in the top three EU producing countries. The monthly price movements for the same two grades of oil are given in Graphs 2 and 4.
Extra virgin olive oil Price:
Standing at around €2.30/kg, the prices paid to producers in Spain in late November were 1 pc lower than the same time a season earlier as markets reacted to the announcement of a good crop in the 2013/14 season, which opened on 1 October 2013, and the likelihood of olive oil storage being emptied as much as possible to make way for new season production.
Even so, it should be remembered that prices had begun moving downwards already at the beginning of April 2013. Prior to that, they had started to climb sharply in late July 2012, reaching €2.64/kg by the third week of September. They then switched course in the second week of October, dropping until the second week of December, only then to hit a peak of €3.02kg in early March 2013.
After dropping previously, prices in Italy started to rise in the last week of October and reached €2.65/kg by the end of November, up by 2 pc on the same time the year before. It should be remembered that they rose from a low of €2.61/kg in the last week of November 2012 to €3.23/kg in the last week of April 2013, at which point they progressively dipped to €3.12/kg (-3 pc) where they held steady (see Graph 1).
At the end of September, prices in Greece were lying at €2.50. They then started to drop and levelled off for about four weeks at €2.36 in late October/November only to pick up to €2.41 in the last week of November. This price level is 15 pc higher than the same period a year earlier and probably mirrors the small crop expected for 2013/14.
Source latest market report from the IOC November 2013 market newsletterWorld Market for Olive Oil, Table Olives and Producer Price Movements in 2012/13,