Spanish Rainfall Triggers Sharp Drop in Global Olive Oil Prices, Benefiting Moroccan Importers

The rainfall in recent days has helped mitigate the effects of drought in the main olive-growing areas in Spain. Currently, olive trees are growing normally and the outlook for the next season is good. These rains have led to decreases in olive oil prices, reports La Razon.

Last week, extra virgin was at 3,800 euros per ton, virgin at 3,092 euros, and lampante at 2,791 euros, according to data from the Poolred System of the Olive Foundation. A downward trend confirmed by Oleoestepa data. Just over a year ago, extra virgin olive oil prices reached over 9,000 euros per ton.

Like olive oil, cereals such as soft wheat, feed wheat, and barley recorded decreases last week, particularly in the markets of Salamanca, León, or Toledo. A trend explained by the superiority of supply over demand and the massive importation of low-priced products.

The same is true for eggs, whose prices have fallen to record levels due to avian flu raging in Europe. On the other hand, the trend is upward for almonds, cattle, and sheep. Livestock exports to Morocco and Algeria have also exploded due to Eid al-Adha, celebrated in early June in these countries. However, Morocco should not celebrate the holiday this year due to King Mohammed VI’s call.