Halkidiki 2014/15 olive harvest looking good. Worries though about olive oil.
As we count just a few more weeks before the harvesting period for Halkidiki’s olives begins, things seem to be looking good. The favourable weather with plenty of rainfall at the right time, the heat-wave-free summer have all contributed in having a good harvest this year.
Things however don’t look so optimistic with regards to the quantity of olive oil that will be produced in Halkidiki. The reason is that the edible olive processing facilities in Halkidiki alone have a processing capacity of approximately 100.000tons per year. Most years the edible olive processing facilities retained some “safety stocks”. With the extraordinary small harvest of 2013/14, those facilities have used all their stocks and are virtually out of olives since the first quarter of 2014.
The olive harvest of Halkidiki is roughly 90.000tons per year. So in this case and if all olives harvested had to go to the edible olive processing facilities there would be no olives left for milling! The Hondroelia olive variety of Halkidiki unlike other olive varieties has a dual purpose edible and for olive oil.
So it seems that edible olive processing facilities and mills will compete to get the olives from farmers. Under normal conditions the farmer prices are about x2 for edible olives compared to those going for olive oil.
The ELEONES team is forecasting that the Hondroelia olive oil prices will remain stable. The so called “mega drought” in Spain which some predict it will drive production down by 50% in the largest olive oil producer in the world will surely affect Greek olive oil prices as well.
It remains to be seen if the above forecast come true or not. In any case ELEONES has prepared on time for all possibilities.