Price of olive oil expected to rise again as European crops feel the heat
Summary
Extreme heat, drought, and wildfires are hurting crop production across Europe, including olive groves, which will likely cause olive oil prices to rise again. Other crops such as cereals, vegetables, and grapes are also affected, leading to lower yields and higher production costs.Key Facts
- European farmers face lower production and rising food prices due to heat, drought, and wildfires.
- Olive groves in countries like Greece, Italy, and Portugal are damaged by fire and heat, causing olive oil prices to increase.
- The French vegetable growers expect production on some crops to be cut by half due to lack of rain.
- French wine regions are seeing delayed grape growth and forecast smaller, earlier grape harvests.
- Spain predicts its cereal crop will drop from 24 million tonnes to about 18.5 million tonnes for 2026-27.
- The EU lowered harvest forecasts for sunflowers, maize, potatoes, and soybeans due to weather impacts.
- Some countries, like Romania and Italy, have had better crop outcomes thanks to more rainfall or resilient wheat varieties.
- Production costs are rising, which may be a bigger issue than international trade restrictions on exports.
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