Global olive oil production is set to recover in 2024/25, reaching nearly 3.1 million tonnes, a 27% increase from the previous year. This rebound is due to better weather conditions in key Mediterranean countries like Spain, Greece, Portugal, and Turkey, and the alternate-fruiting cycle of olive trees. The European Union is expected to see a significant rise in production, led by Spain, while other Mediterranean countries, including Turkey and Tunisia, are also expected to recover. However, production in Italy and Morocco may decline. Global exports and consumption of olive oil are also predicted to rise, although prices are likely to remain high due to low initial global stocks. In contrast, global millings and trade in other oilseeds are projected to decrease, and the US soybean season average price forecast remains unchanged at $10.80 per bushel.