Due to high demand, Greek exporters of olive oil (refined pomace, Labonte, and virgin olive oil) take offers out of the table, waiting for the price to reach a high level between mid-April and May 2022.
Their unwillingness to negotiate for significant volumes and sign contracts is also boosted by the Ukraine war that left the EU food industry thirsty for sunflower oil and the Indonesian ban of palm oil exports until May 2022. The next best substitute for these two types of vegetable oil is refined pomace oil, and sellers see possible the scenario that Pomace oil is negotiated at the price of extra virgin oil before the end of Spring 2022.
The demand for extra virgin oil is weak due to the inflation that burns out the income of consumers. Greek Retailers have taken position early in the year, but the Europe market traditionally targeted other vegetable oils are now programming summertime deliveries. It will be a very interesting coincidence for Europe's olive oil market.
The general remark is that the crisis of the fat and oil category will remain vivid since the market's supply disruption, created by lost Ukraine’s sunflower production, which cannot be covered within the next 3 to 4 years.