Harvest Will Not Recoup Low Stocks in Spain
Although Spanish olive oil production is expected to increase to 1.2 million metric tons for the marketing year (MY) 2015/2016 from the 836,000 metric tons in MY 2014/2015, a recent report published by the USDA under the Global Agricultural Information Network estimates that it will be insufficient to make up for the depleted stores of the previous year.
Spain will most likely begin its 2015/2016 marketing year with “historically low stock levels,” according to the report.
The 2014/2015 campaign saw poor olive oil yields in Spain, down to 836,000 metric tons after record levels of 1.7 million metric tons produced in MY2013/2014. Poor flowering and fruit setting due to unfavorable conditions in April and May, accompanied by a delayed harvest and fruit fly infestation played a role in decreasing olive oil yield in MY2014/2015.