Olive oil: price in Laconia rises to 9.36 euros/kg

There is no end to the rise in olive oil prices. After a slight drop in November, December started with a record price for olive oil in a deal struck in Laconia.

In particular, the agricultural cooperative of olive oil Metamorphosis agreed with a Greek company to sell olive oil at a price of 9.364 euros per kilogram. This price is calculated for one tank (about 20 tons) of extra virgin oil.

Last week, the agricultural cooperative of Agioi Apostoli announced the sale of 2 tanks of extra virgin olive oil from the 2023-2024 harvest to an Italian company at a price of 9.05 euros per kilogram, and at the end of November the agricultural cooperative of Vlahiotis entered into an agreement to sell one tank (27 tons) of olive extra virgin oils from the 2023-24 harvest and acidity 0.4 at a price of 8.80 euros per kilogram.

The agricultural cooperative of olive oil “Metamorfosi” entered into an agreement with a Greek company to sell olive oil at a price 9,364 euros per kilogram.

Although prices appear to be recovering from a slight fall in global prices since early November, producers are reluctant to sell – those with production at the moment, expecting even higher prices.

However, traders are also holding back and not taking any action. Limited demand from traders, on the one hand, is aimed at reducing prices on the part of producers, and on the other hand, they are waiting to see how the market will develop on the eve of the Christmas holidays.

However, at this stage, no one can risk predicting what price the producer will ultimately achieve, since the harvest is still ongoing and there is no clear idea of ​​the final volumes of the product, which are expected to be reduced this year. According to the latest estimates, Greek production – although we are still in the olive harvest season – should be between 160,000 and 180,000 tons.

In addition, production in the European Union, which accounts for 70% of the world’s olive groves, will reach 1.8 million tons of olive oil in the 2023/2024 season, up from 1.4 million tons in the previous season, according to the USDA.

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