Olive oil stocks and prices in Italy, Italian olive groves are abandoned

Market & Price Trends
Published Feb 23, 2024

Tridge summary

Despite a slight drop in early February, olive oil prices in Italy have now stabilized, with extra virgin olive oil averaging at 9.55 euros per kilo. However, the country's olive oil production is declining due to the abandonment of approximately 2,000,000 hectares of olive groves. Gennaro Sicolo, the president of Italia Olivicola, has criticized the lack of attention from national politics and the EU towards this issue, emphasizing that climate change necessitates a policy shift for the benefit of consumers and the national economy.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Olive oil prices stabilized in Italy, after a slight drop in the first two weeks of February. According to Ismea (Information Institute for Agri-Food Trade), this week the average price in Italy of extra virgin olive oil is 9.55 euros per kilo. Organic extra virgin olive oil was traded at a price of 10.50 euros per kilo, which remains stable after January 9. Price stability shows, on February 20, 2024, the commodity exchanges of Bari and Milan. Italian olive oil stocks on January 31, 2024 amounted to 203,554 tons, down from 236,496 tons on January 31, 2023 (by -13.9%). Italian production according to Ismea at the end of January stood at 152,517 tonnes. In the meantime, the Cooperative Organization "Italia Olivicola", in a research it did showed that the Italian production of olive oil is decreasing dangerously, year after year, which is a result of the abandonment of olive groves in the country. Today in Italy at least 2,000,000 hectares of olive groves are in a state of total ...
Source: Agrotypos
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