First Crop Predictions

The internet version of Diario de Cádiz reports that the Spanish agricultural co-op association, FAECA, estimates that olive oil production from the 2008-09 crop will fall some 8% in Andalucía, and 9% in Spain as a whole with respect to this year. This would place production at, more or less, 2006-07 levels. This would also go some way towards explaining the certain firmness of olive oil futures prices. Although at low levels, one notes a tendency to the upside, be it one cent at a time.

As happened a few weeks ago, PoolRed has again reported an unrealistically low price figure for lampante grade oil. In this case, it is less than 2.16€/kilo - 10 cents below July futures and not accompanied by any notable change in either virgin of extra virgin prices. This should not be taken as representative until further evidence presents itself.

Readers might have noticed that we have not updated cash or futures prices in the right hand sidebar over the last few days. The problem is that we cannot, for whatever reason, get access to our Google Docs spreadsheets. Logging in turns up a blank screen. If the situation persists, we will find other means. Thanks for your patience.