Spanish Olive Oil Reaches Historic High Price in W31 Amid Weather Woes

Spanish olive oil prices have been steadily rising on a weekly basis, reaching a historic high price of USD 8.79/kg EXW in W31, driven by a shortage caused by adverse weather conditions. After the heat waves and the lack of precipitation during the last few months, the next crop is expected to have the same scarcity characteristics as the previous season, unless the autumn rains help mitigate the effects of the extreme heat.