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With the olive harvest in full swing in Malaga province, the price of olive, or 'liquid gold' as it is referred to, has fallen for the first time in months thanks to the abundant rainfall in November.
After several harvests marked by drought, the rain brought by the 'Dana' has revitalised the olive groves and has arrived at the best time. This explains the drop in the price of oil at source, to as little as 5.50 euros. A fall that, although delayed, is already being seen on the supermarket shelves, where you can buy a litre of extra virgin olive oil for less than seven euros.
"This rain has been a blessing. The olive tree is a very grateful tree. It has immediately absorbed the water and the fruit has gained between 30% and 40% in volume," explained president of the Mollina Cooperative, Manolo Cebrián. For this farmer, the November rains mark a turning point for the olive groves. "The trees were really bad. But now we can say that they have recovered from all the water stress of the last few years of drought," he said.
The Spanish consumer association Facua published a report last week in which it confirms the aforementioned drop in the price of oil in supermarkets. The price of a litre of own brand extra virgin olive oil in several chains has fallen by more than two euros since October.
Facua pointed to jumps from 9.13 euros at the beginning of October to 6.75 euros for extra virgin olive oil. For the first time in a long time, consumers can buy a litre for less than seven euros.
The estimated harvest for the 2024/2025 marketing year is 37,800 tonnes. These forecasts correspond to the forecasts made by the Junta de Andalucía before the harvesting began. Each province has its own gauge. In the case of Malaga, it had hardly improved. However, since the rains the news is much better and farmers consulted by SUR are forecasting an increase in production. "Fruit yields are still not the best, but these rains are going to increase the number of kilos harvested," Cebrián said.
The president of Dcoop, Antonio Luque, has already predicted a drop in the price of oil by the beginning of 2025. Dcoop is based in Antequera in the north of Malaga province and it is the world's largest producer of extra virgin olive oil and table olives. In a recent meeting with the media, Luque suggested that the cost per litre could be below six euros. In this case, the price of oil would move within margins that he has always defended as acceptable for both the consumer and the producer, as well as further boosting demand.
The president of the Campillos cooperative, Benito Avilés, also describes the November rains as a "blessing" and said that they came "at the best possible time" and president of agricultural association Asaja, Baldomero Bellido, is more cautious when asked about further falls in the price. "It will depend on how demand also evolves. The price for consumers may move up to five euros," he pointed out, although he added that olive oil will be even cheaper in 2025.
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