olive oil production - News - FoodAuthenticity2024-03-28T20:33:17Zhttps://www.foodauthenticity.global/blog/feed/tag/olive%2Boil%2BproductionOlive Oil Hits Highest Price in A Decadehttps://www.foodauthenticity.global/blog/olive-oil-hits-highest-price-in-a-decade2015-08-25T17:40:29.000Z2015-08-25T17:40:29.000ZMark Woolfehttps://www.foodauthenticity.global/members/MarkWoolfe<div><p><span data-mce-mark="1">Commodity prices for virgin olive oil reached €4,099.52 ($4,615) per tonne last week, up more than 60% from a year earlier, according to Spanish industry group La Fundación para la Promoción y el Desarrollo del Olivar. </span><span data-mce-mark="1">Global retail prices have risen about 10% in the last 12 months, Euromonitor research shows. </span><br />
<span data-mce-mark="1">“The main reason is a key supply issue, which happened simultaneously in the two most important countries – Spain and Italy,” said Vito Martielli, analyst at Rabobank. </span><span data-mce-mark="1">Crop-damaging droughts last summer shrank the Spanish harvest to 835,000 tonnes, less than half the prior season’s bumper crop of 1.78mn tonnes. </span><span data-mce-mark="1">In Italy, traditionally the world’s No 2 producer, insect-borne bacteria destroyed swaths of olive groves in the southeast and cut production by more than 50% to 222,000 tonnes. </span><br />
<span data-mce-mark="1">Global production for 2014/15 dropped by 29%, figures from the International Olive Council (IOC) show, helping to push olive oil’s commodity price to its highest since February 2006.</span></p>
<p></p>
<p><span>Read more at:</span></p>
<p><span><a href="http://www.gulf-times.com/eco.-bus.%20news/256/details/452128/olive-oil-hits-highest-in-nearly-a-decade" target="_blank">http://www.gulf-times.com/eco.<wbr />-bus.%20news/256/details/<wbr />452128/olive-oil-hits-highest-<wbr />in-nearly-a-decade</a></span></p>
</div>