OLIVE OIL CRISIS: Prices Sink To A 10-Year Low Crushing Spain, Italy And Greece

[FarCenter]

Nothing seems to be going right for the debt-laden countries in southern Europe.

According to the Financial Times Javier Blas, wholesale olive oil prices are at 10-year low:

“The market is in serious crisis,” said Pekka Pesonen, head of the Copa-Cogeca farming union in Brussels. “This crop is vital for the main producing countries in terms of maintaining employment in their rural areas.”
...
The price of premium-quality extra virgin olive oil in the wholesale market fell this month to $2,900 a tonne, the lowest since 2002 and down more than half from nearly $6,000 a tonne in 2005, according to the International Monetary Fund.


Read more: http://www.businessinsider.com/olive-oil-prices-10-year-low-spain-italy-greece-2012-5

Even worse, much of the Greek olive oil is wholesaled to Italy, and then bottled and branded there.

[kestrel91316]

1. Funny, I don't see a corresponding price drop at the grocery store......

[jberryhill]

3. Why would you?

If you can sell a bottle 500 ml of premium olive oil for $5 on your shelf in NY, why would you drop the price because the wholesale price of tankerloads in Europe has gone down?

[Prometheus Bound]

20. Because one or more of your competitors is?

But I'm talking about places that don't allow price fixing. Are there any?

[jberryhill]

21. The wholesale price of bottled oil

...is fixed long before it reaches retail shelves in the US.

The olive oil business is pretty slippery.

[southernyankeebelle]

4. I was thinking the same thing. Today I bought some and it was $10.00. Here I keep thinking

why is the prices going up.

[HiPointDem]

19. because the farmers' share of the consumer price is negligible. unless you're a corporate agri-

business.

[southernyankeebelle]

22. It's something to see.

[hlthe2b]

5. That's for sure... But I wonder if all that bad press re: some EVOO not being extra virigin....

has caught up with the market. Admittedly, I've been buying a high quality certified California variety since that came out...

[FarPoint]

7. I don't either..

Colavita has always been my go-to olive oil. As of late, I have been looking into domestic olive oil to buy. I did get a good one at Trader Joe's, their own brand I believe from California olives...I always buy extra virgin cold press.

[Art_from_Ark]

9. I've seen the price go down here in Japan

A 1.5-liter jug of generic Spanish virgin olive oil used to cost as much as 999 yen ($12.50), but a couple of weeks ago I got the same jug at the same store for 699 yen ($8.75)

[kestrel91316]

10. Why on earth does the media in the US go on so about how expensive everything is in Japan???

Even $12.50 for 1.5 liters is a fabulously low price.

[Art_from_Ark]

11. That is generic olive oil from Spain, sold by a store that also sells to restaurants

So the price isn't typical, and the little bottles of European name brands that are sold in regular supermarkets are much more expensive.

[kestrel91316]

13. A similar product at a similar store here runs substantially more.

[Art_from_Ark]

14. If it's any consolation,

I just paid the equivalent of $6.60/gallon for gasoline

[kestrel91316]

16. I'm car-free since mine was stolen.

[Art_from_Ark]

18. Your car was stolen? Yikes!

That's awful.

I've never been the victim of car theft, but I've had 4 bicycles that got new owners without my permission

[kestrel91316]

25. I live in the car theft capital of the US. Somebody needed my ancient Honda more than me. And THEN

somebody needed my bicycle more than me, too.

In this town, if it's not bolted down it is considered abandoned property to be taken by whoever can.

[Art_from_Ark]

26. That really stinks

Three of the times that a bicycle of mine was stolen, it was my main, or even only, form of transportation. You have my deepest sympathy.

[Art_from_Ark]

15. OK, how does this compare...

Last night, I bought a liter of Mastr'Olivo extra virgin olive oil at an import shop in Japan for 599 yen, or about $7.50

[jberryhill]

2. Biodiesel time

[bhikkhu]

6. Sorry to say, I'm done with European olive oil

after listening to this article - http://www.npr.org/2011/12/12/143154180/losing-virginity-olive-oils-scandalous-industry

The author advised California olive oils as a better alternative, so I tried a more or less local organic alternative and it was very very good - a whole different thing than the big commercial brands. Once that is gone I have a bottle of an organic Australian import to try, where they are supposed to also have excellent standards and quality controls.

I suppose if I don't drink or smoke or have any of the conventional vices enjoying good olive oil is a forgivable luxury. I hope they can sort things out in Europe - it seems like there should be a good domestic market, and a huge Asian market for the stuff.

[Blue_Tires]

24. i was just about to post that

it's all a scam

[pipoman]

8. The trend in restaurant cooking is to use

more canola and butter, and less olive oil. The price of olive oil increased at twice the pace of other shortenings and oils. If the price returns to reasonable levels I will increase the usage...now we only use it in dishes which traditionally use it and can be detected in the flavor of the dish..pesto, humus, oil & vinegar, etc. Most vinaigrettes I use canola, I think it produces a great product and emulsifies a little better anyway.

[aquart]

12. Would it have to do with the scandal about "extra-virgin" olive oil?

As in, it ain't?

[JVS]

17. My Olive Garden stock is going to skyrocket!

[southernyankeebelle]

23. Olive Garden sucks. It isn't good Italian food. Olive oil is suppose to be a healthier oil.

I only use the extra extra virgin olive oil. I don't like the olive taste.

[fascisthunter]

28. hopefully your stock falls

...that felt great!

[fascisthunter]

27. ummmm.... why?