Good expectations in the olive oil market

After knowing the last data corresponding to the monthly declarations that the operators of the olive sector make to the Food Information and Control Agency, (AICA), it is verified that, in August, month that traditionally is characterized by a reduction of operations, it has been maintained a very positive rhythm of departures. In fact, it could have been put on the market around 105,000 t., Considering imports of 10,000 t., Which would represent the third highest figure for a month of August of the last 6 campaigns.

Recall that these data are preceded by a month of July that has recorded the best campaign figure since, according to the estimates of the AICA, that month would have exported 96,000 t. and for internal consumption some 36,500 t., that is, it would have exceeded 132,000 t. of outputs to the market.

In the absence of a single month to conclude this atypical campaign in which there have been around 1,255,000 tons in Spain, everything seems to indicate that we will reach a volume of exports close to 900,000 tons, thanks to the good performance of these During the last months. As for the internal market, the data confirms that we will place a campaign below the 500,000 t., Although in recent months there has also been an increase in the volume of oil marketed in Spain.

With all this, stocks are estimated for the end of the campaign at around 375,000 t., A volume necessary to cover oil needs until next season.

Precisely, with regard to the 2018-2019 campaign, according to Rafael Sánchez de Puerta, president of the Olive Oil sector of Agri-food Cooperatives of Spain, “all forecasts predict a good harvest in Spain, which will partially compensate for the fall in the production of the rest of the producing countries, especially in Italy, Greece and Tunisia. Despite this, the first estimates coincide in pointing out that we will have a lower production than last season worldwide. “

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