The Spanish association of olive oil exporters has, in a rare statement, admitted that the 2004/2005 crop has slumped to 983,000 tonnes, with a carryover of 315,000 tonnes, compared with last year’s 1,416,000 tonnes.
Poor weather in the Xinjiang province has resulted in a 30% drop in
production of triple strength tomato concentrate (36/38 brix). European
buyers have switched from China to Italy, where their interest has pushed prices up 15%. Italy cut tomato production by 15% this year in a bid to avoid last year’s low prices.
Toll of cold weather
Mandarin orange prices are set to increase dramatically as Spain and China have serious raw material problems due to frost and snow reducing the crop by 50%. Escalating energy costs are pushing up prices 25% on last year.
Fruit juice prices will rise dramatically as European processors are coming
to terms with the 50%-plus increase in all concentrates. These costs are now filtering through to retail and consumers will be paying more early in the year.
Switching to Italy
Hikes reaching retail