Rising Prices Reach Historical High for Spanish Olive Oil in W23 Due to Supply Shortage

The shortage of olive oil in Spain remains a concern, and producers are uncertain about their ability to meet the demands of the 2023/24 campaign. Prices continue to rise, reaching a historical high of USD 6.99/kg EXW Spain in W23. However, a positive development in recent weeks has been the rainfall received in the fields, which will help replenish some reserves in the subsoil. This will provide some relief from the anticipated hot summer and mitigate its potential consequences.