Olive Oil: First Contract of the Year at €10.20 per Kilo

The olive oil Agricultural Cooperative of Agioi Apostoloi in Laconia, in the Peloponnese, sold the first batch of Greek olive oil for the 2024-2025 season, at the price of 10.20 euros per kilo.

This year’s first auction for the sale of early-harvest olive oil for the new season stared at a base price of 9 euros per kilo and ended at 10.20 euros per kilo. Five Greek and Italian processing and trading companies participated, with an Italian processing company being the highest bidder and purchasing a total of 51 tons.

Despite the first sale of the year usually being indicative of the unfolding of the new olive oil season, it is uncertain how Greek olive oil will fare this year, with the situation becoming clearer when other olive-producing regions enter the harvest and production stage.

As noted, the price that the first batch was sold for, reflects the exceptional quality of this year’s olive oil from this specific area. The high quality is because there were no infestations from the olive fly, and thus the quality of both the fruit and the olive oil is outstanding. The yields are also excellent, with 18-19 kilos of olive oil produced from every 100 kilos of fruit.

During the 2024-2025 olive oil season, production in the region, as in most olive-producing areas of Greece, is expected to be at normal levels.

Signs of recovery are also seen in global olive oil production, which is expected to return to 3-3.2 million tons. Similarly, Greece’s production is estimated to reach 250,000 tons, up from 150,000 tons last year.

Source: tovima.com