Extra virgin oil: producer prices up

SOURCE: INTERNATIONAL OLIVE COUNCIL – How much has extra virgin oil been paid in the three top EU producing countries? Since June 2014, producer prices for extra virgin oil in Spain have been rising constantly. By the second week of September they had reached €2.74/kg but the market seems to be seeking an equilibrium, with prices falling to €2.66/kg at the end of October (week of 20–26.10.2014).Even so, this level is 13 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 peaked at the beginning of March 2013 (see Graph 1) when they hit €3.02/kg.

In recent months, producer prices in Italy have been on a very clear upward trend. In the third week of September they were lying at a high of €4.13/kg. After dipping slightly, prices turned back upwards in the last two weeks of October to reach €4.08/kgby the end of the month, equating with a rise of 34 pc on a year earlier and 54.5 pc if compared with the low recorded in the second week of December 2013 (€2.64/kg).

After holding steady at €2.51/kg through July and August, producer prices in Greece have been climbing in recent weeks to peak at €2.66/kg at the end of October, the highest level recorded in the graph and representing 13 pc growth on the same period of 2012/13.

Talking about Tunisia, at the end of October 2013, producers were paid €2.53/kg for their extra virgin olive oil. Prices then started moving downwards until late December 2013, when they levelled off after some fluctuations. At the end of October 2014 they had rallied to €2.89/kg and have remained at this level in recent weeks, which is 24 pc higher than a year earlier.

Olio Officina