Spanish Olive Oil Market Situation (December 2024)

Olive Oil Production on the Rise in the First Quarter of the 2024/25 Campaign, but Departures Remain Moderate

The olive oil sector is experiencing a positive start to the 2024/25 campaign in terms of production. Preliminary data from the Ministry of Agriculture and the Food Information and Control Agency (AICA) indicate that a total volume of 583,281 tons was reached in December. When added to the production from October and November, the cumulative total at the end of December amounts to 883,589 tons.

This figure is in line with the initial estimates of the Andalusian Regional Government and the Ministry of Agriculture, Fisheries and Food (MAPA) from October, fostering confidence in the availability of olive oil for this year and to face the 2025/26 campaign. Should the production forecasts for January (400,000 tons) and the February-March period (150,000 tons) be confirmed, the total production would reach approximately 1,450,000 tons.

Regarding olive oil departures, they remain at a moderate level, around 88,082 tons per month, not including 15,000 tons from imports. Although foreign trade shows stability, an increase in departures was expected following the recent drop in prices, something that has not yet materialized.

If this pace of departures continues, it is estimated that the carryover in October of this year will exceed 550,000 tons. It is important to note that the increase in packers' stock levels could put some pressure on demand in the coming weeks.

December 2024 Balance:

• Cumulative production: 883,589 tons.
• Departures in December: 88,082 tons (not including the estimated 15,000 tons of imports).
• Producers' stocks: 683,854 tons.
• Packers' stocks: 135,560 tons.
• Stocks at the PCO: 4,315 tons.

Olive oil prices at the source.

Olive oil prices in supermarkets.

Buying and selling olive oil wholesale (in bulk and bottled).