Market catalyst
AICA November data: first full month of the new crop
SpainMarket dataHigh
Previous
1,298.5 kt in 2025/26Expected
First 2026/27 outputWhy it matters
The first declared output of the campaign either confirms the aforo or breaks it, the largest single repricing risk on the calendar.
Neutral if confirmed · the desk's reading
November is the first full month of milling, so this release is the first hard production figure of the campaign: the point at which the aforo stops being an estimate and starts being checked against declared output.
In each of the last three campaigns the market has repriced within days of this reading. Dated on AICA's usual second-week cadence.
- Date
- 2026-12-11 · Estimated date, inferred from the publication's usual cadence
- Category
- Market data
Source: AICA / MAPA, monthly market situation advance · Checked 2026-07-31
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