As we enter the New Year, the olive harvest in the Mediterranean is almost done. The harvest season usually lasts from October to January, and by the end of this season, we all begin to get a good look at what the prices will look like over the coming months.
In Spain, this 2013/14 harvest has been a reasonably typical year, with production levels comparable to the “Spanish norm”.This is in stark contrast to last year’s olive harvest (2012/13) which was much lower than usual. Because of the last year’s scant harvest, market prices for olive oil were somewhat higher over the previous year. However, we now expect that to change.
As of January 2014, olive oil prices are more competitive. We are hopeful that prices will remain around this level through the spring of 2014.
On the other hand, many other producing countries like Tunisia, Turkey, Greece and Italy did not have such an abundant year. This means that many of these Mediterranean countries will be drawing from Spain’s abundant crop, which has historically raised oil prices in the past. Because of this, we may see prices may begin to increase in the summer of 2014.
With this good harvest, oils like Refined Olive Oil and Pure Olive Oil are especially competitive. January 2014 is an ideal time to lock in a contract for the next 3 or 6 months. There are many benefits to signing a supply contract for your bulk olive oil, if your volume warrants it.
To recieve a price quote, you can request pricing online or call us at (800) 689-7510 x1.
Topics: Harvest/Commodity Market
