2023-11-20 07:04:30
The prices at origin of olive oil have experienced significant falls in November. The cuts were especially pronounced in the week from the 6th to the 12th. After these drops, the prices of the extras have already moved far away from 8,000 euros per ton (8 euros per kilo) and are at their lowest level since mid-2000. July. What happened last week was more of the same and, according to Oleoestepa sources, the price for this category is 7,750 euros per ton compared to the more than 8,500 euros that were reached in the period between the beginning of September and the end of October. Prices fell 100 euros compared to the previous week. According to the information provided by the Poolred system of the Olivar Foundation, the extra remained at 7,515 euros per ton, with a drop of 3.07% in one week. Virgin oil reached 6,725 euros and lampantes were quoted at 6,495 with a cut on the previous one of 3.77%.
Last October, the first of the current 2023-24 olive oil marketing campaign, shipments of this product were around 78,000 tons, according to provisional data provided by the Food Information and Control Agency (AICA). This is a lower quantity than the monthly average of the last campaign, which was about 90,000 tons and is very far from the 129,000 tons sold in October 2022. Production last month was about 36,000 tons and stocks at At the end of October they were at 216,000 tons. The yields obtained after the first operations of grinding the olives are low.
Meanwhile, cereal prices in the domestic market continue to trend downwards, mainly due to the pressure exerted by merchandise from abroad. According to commercial operators, last week cuts of between 3 and 5 euros per ton were recorded in the case of barley, corn and feed wheat. This same downward trend was observed in the main markets, with generalized falls. In general terms, prices are between 20 and 33% lower than twelve months earlier. The most pronounced falls correspond to barley and corn. It is foreseeable that the declines will also continue in the coming days, in view of the abundant supply of imported merchandise at prices that fell between 2 and 4 euros last week. Finally, the International Grains Council (CIC) revised its global production forecast for the current campaign, which amounts to 2,295 million tons.
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