FEBRUARY 2023
Spain’s output shortfall by 50% during the 2022-23 harvest in progress, along with Italy’s 30% drop, has sent prices through the roof. This is a shortfall of nearly 1 million metric tons in global compared to last year’s ~3 million. Prices for Extra Virgin Olive Oil are currently 30-40% higher than in 2022, which were already elevated due to a problematic harvest last year. Italian grown EVOO sells for over €6.00 a liter, while Spanish and Greek for €5.00 – 5.50. Portuguese and North African oils do not lad far behind. Higher retail prices have stymied consumer demand, which should level prices at marketable levels. Exports to the USA will be similarly impacted except that the supply chain bottleneck seems sorted out while the USD: EUR exchange remains favorable at close to par.
