World Market Olive Oil Producer Prices

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Extra virgin olive oil: Since the beginning of June 2014, producer prices in Spain have been tending to rise constantly, perhaps in reaction to the forecasts of a smaller harvest in 2014/15. By the second week of September they had reached €2.74/kg although they went down to €2.66/kg at the end of September as the market seemed to be seeking a balance. Even so, this level is 5 pc higher than a year earlier and 36 pc higher than the low recorded in May 2014 (€1.96/kg). During the period under review, prices reached their highest at the beginning of March 2013 (see Graph 1) when they hit €3.02/kg.
Italy: In recent months, producer prices in Italy have been on a clear upward trend. In the last week of August they broke the four-euro barrier and by the end of September they were lying at €4.10/kg, equating with 37 pc growth on a year earlier and 55 pc growth if compared with the low recorded in the second week of December 2013 (€2.64/kg).

Greece: After holding steady at €2.51/kg through July and August, producer prices in Greece increased to €2.63/kg at the end of September, coinciding with the high recorded in April 2014 and showing 5 pc growth on the same period of 2012/13.

Tunisia: At the end of October 2013, producers were paid €2.53/kg for their extra virgin olive oil. After that, prices started moving downwards until late December 2013, when they leveled off after some fluctuations. At the end of September 2014 they rallied to €2.89/kg and have remained at this level in recent weeks, which is 12 pc higher than a year earlier.

Refined olive oil: In Spain, the producer prices for refined olive oil, like those for extra virgin, started to climb at the beginning of June 2014, then dipping slightly in the last two weeks of September 2014 to reach €2.55/kg by the end of the month. This is 10 pc higher than the level in the same period of 2012/13. In Italy, prices have been moving in parallel with those in Spain, although with a peak in the third week of January (€2.83/kg), after which they fell to €2.67/kg by late September 2014, translating into a period-on-period increase of 4 pc which restores Italian prices to their usual position above Spanish prices. No price data are available for this product category in Greece.

At the end of August 2014, the price of refined olive oil and extra virgin olive oil in Spain differed by €0.11/kg with €2.55/kg being paid for the first category and €2.66/kg for the second. In Italy, the difference in price between the two categories is quite a lot wider than in Spain and works out at €1.43/kg (Graph 3).

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