Assessing the Effects of Recent Rains on Spain's Olive Oil Industry

Recent rains in Spain have been beneficial for olive trees, but it is still too early to predict their impact on the 2023/24 season's production. Over the next few weeks, farmers will be providing initial assessments, but the official evaluation by the Spanish government to determine the reality of the next campaign will take place in Sept-23. Efforts are being made to regulate demand, as olive oil prices have reached USD 7.67 per kilogram (kg) EXW Spain, but demand remains strong, creating uncertainty in the market.