This week, with a bank holiday in the middle, comes to show up prices stability in the olive oil market. This situation that we foresaw weeks ago, can be due to the link between the last harvest and the new one.
Olive oil produced from last crop year 2016/2017 are lacking in the market, and are being sold at prices that goes from 3,60 €/kg. for virgin olive oils to 3,70 €/kg. for extra virgin olive oil. In any case, import olive oil from Portugal, Tunisia and Greek will come to Spain soon, and it can end up in a no buyers scene with a downturn in prices.
On the other hand, fresh olive oil is being produced little by little and, at this moment, we can confirm that the quality are not being as good as last crop year, probably because of the wet fruit collection from the ground after the rainfalls. Also, the olive oil mills have been cleaned, which can cause a bit fault in taste. Anyway, this is just the starting of the new production so, let´s be optimistic and think that better olive oils will be produced soon, before the maturity of fruit.
The olive grove is living now a ripening moment, so the rains forecast for next dais will probably make good to the fruit, which can be good in quality and size. Hopefully, all the Spanish mills will start working from the next 20th or 25th of November.