Market Price Update
Many people are wanting to know about Olive Oil prices.
Currently, Spain has produced sufficient stocks for 2016 but demand all over the world is strong for Olive Oil products. The market has remained remarkably firm despite better production than last year.
Given that 2015 stocks were completely exhausted, the packers are reluctant to drop prices given reasonable demand from Asia (particularly China) and USA markets.
Australian production is also stable and they have held prices up – therefore the imported stock – which is normally much cheaper than local is only slightly cheaper than the Australian produced stock. Watch the exchange rate over the coming weeks to see if the AUD/EUR will hit 0.70 – this should see some small relief in prices.
For Tomato there are some good deals going on full containers – please let us know if you need a quote on Peeled, Chopped, or Diced Tomatoes from Italy as there are a few packers looking for quick sales on Full Containers (FCLs).
Artichoke prices continue to rise as it seems that the longer warmer weather isn’t restricted to just Australia – Spain has had a very mild winter and the Artichokes failed to produce a good crop. Demand for fresh is still growing so the packers haven’t had the luxury of obtaining excess stocks from the farms. Peru is experiencing similar problems, which was confirmed when I visited the fields in September last year. Peru are now experimenting with different locations, such as Cusco. This is 3500m above sea level resulting in a cooler climate. We will let you know how this transpires, as it is the first time in the history of the Artichoke to grow at this height above sea level.