News

Laconia gave an 8 euro higher olive oil price, what is going on with Spanish stocks

Olive Oil
Spain
Market & Price Trends
Published Apr 13, 2024

Tridge summary

Since February of the previous year, olive oil prices have been experiencing a downward trend, primarily due to a decrease in demand and a shift by consumers towards more affordable alternatives like sunflower oil. Producers who delayed sales until January 2024 are now encountering lower prices, with current rates for high-quality olive oil in Laconia at 8 euros per kilo and in Messinia ranging from 7 to 7.20 euros per kilo. Despite a reduction in production and previously high prices, Laconia maintains substantial reserves. The Heliotis company's recent purchase of 300 tons of extra virgin olive oil from Laconia at 8 euros per kilo marks the highest price in Greece. Meanwhile, Spain's olive oil production in March stood at 70,000 tons, supplemented by 15,000 tons through imports, with stocks at 658,796 tons. With expectations of normal production in 2024 due to favorable weather, prices are not anticipated to reach the previous peak of 10 euros per kilo.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Since last February, the downward trend in olive oil prices began. Those who did not want to sell in January 2024, when prices were at the top, look like they will be forced to sell at lower prices. The prices were at high levels and it is natural that they will fall, but the demand has also decreased and we have consumers switching to cheaper oils (sunflower oil from Ukraine has returned to normal price levels). At this time producer prices for good quality olive oils in Laconia are at 8 euros per kilo and in Messinia they are at 7 - 7.20 euros per kilo. With the data so far and the prevailing weather conditions, flowering seems to have developed smoothly in Greece and Spain. This means that normal production is expected in 2024. In the past days, the Heliotis company bought from Agricultural Cooperatives of Laconia about 300 tons of extra virgin olive oil at a price of 8 euros per kilo. The owner of the company, Mr. Georgios Heliotis, told AgroTypos that "the price of 8 euros ...
Source: Agrotypos
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