News

Cooperatives predict a shortage of olive oil in the second half of the campaign in Spain

Olive Oil
Spain
Market & Price Trends
Published Apr 18, 2024

Tridge summary

The Olive Oil Sector Council Oliva, part of Cooperativas Agroalimentarias de España, has highlighted a concerning shortage in olive oil for the latter half of the 2023-2024 campaign, with available stocks not expected to surpass 560,000 tons. This situation mirrors the previous campaign but is exacerbated by reduced production and difficulties in importing from key producers like Turkey and Morocco. Despite this, recent rainfall in March has slightly improved the outlook for the upcoming campaign, though the final outcome will heavily depend on spring weather conditions. The cooperatives foresee that market forces of supply and demand will play a significant role in pricing during the summer and autumn of 2023. They are committed to working closely with the sector to ensure consumer confidence remains strong despite these challenges.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The olive oil market faces a shortage of product in the second half of the current campaign, which lasts until September, although the March rains generate optimism for the next one, the cooperatives said this Wednesday. The Olive Oil Sector Council Oliva from Cooperativas Agroalimentarias de España has analyzed the market situation after six months of the campaign and its possible evolution until the new oils arrive in mid-November. In a statement, the organization has estimated that "there will be a shortage of oil to cover market needs" in the second half of the 2023-2024 campaign, which will be similar to the last one. According to the latest data, the availability of oil in that period will not exceed 560,000 tons, with a minimum link "stock" of 200,000 tons to cover the months of October and November. The cooperatives have specified that this availability is the same as that of the last campaign, which had a lower production but the link stocks exceeded 450,000 tons, 200,000 ...
Source: Agrodiario
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