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| The Deoleo brands |
Extra virgin olive oil prices in Spain’s Andalusia stood at 6 euros ($6.33) per kilogram as of Nov. 6, according to Expana, an agricultural and food-focused market intelligence firm. That’s down around 19% on a monthly basis and nearly 35% off a record high of 9.2 euros in January.
Spain accounts for more than 40% of the world’s olive oil production, making it a global reference for prices. ...
Deoleo said olive oil prices should fall to around 5 euros per liter, a steep drop from highs of 9 to 10 euros, which had become the norm in Spanish supermarkets this year. ...
Kyle Holland, senior market reporter for oilseeds and oils at Expana, said most industry players were “very, very bearish” regarding the price outlook.
“The production numbers are key. For Spain, we’re looking at probably 1.3 million metric tons, compared to last season’s 670,000 to 680,000 metric tons, depending on who you speak to, so not far from double basically.”
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