No offer in the olive oil market in Spain and Portugal

Olimerca.- The olive oil market at origin in the first week of January has closed with the same tone with which it closed in 2023: there are no offers and the few operations that are closed are carried out with prices above the previous week. But this situation is not only affecting Spanish industrialists and packagers, but also olive production in Portugal is repeating the same pattern as Spanish oil mills and cooperatives: not selling a single kilo, despite the interest of the packagers. A position that is undoubtedly further hardening the market and its operation and that can also become a double-edged sword as the weeks go by and the significant rains announced for the coming days are confirmed. Until we can confirm the definitive production of olive oil in the current campaign, which will be very likely at the end of January, and we know if we finally have 750,000 or 700,000 tons, playing not to sell to encourage price increases is not a strategy that look to the future ...