Global olive oil prices to stay high as Spain's heatwaves hit exports

Mr Planas estimates Spain’s overall production of grains including corn, wheat and barley, could fall as much as 13% this year to 17.5 million tonnes as a result of the high temperatures and scarce rains

Refined olive oil prices from Jaen, the Spanish benchmark, rose by over 8% in June from the previous crop year, according to the International Olive Council. 

Relentless heatwaves blasting Spain this summer threaten to sink production of olive oil from the world’s top exporter of the cooking ingredient, according to Agriculture Minister Luis Planas.

“If there is no temperature relief or rains in the coming weeks, this year’s olive harvest could be notably lower than previous ones,” said Mr Planas in an interview, declining to give an exact output estimate.