Spain's extra virgin/lampante spread narrowed sharply this week, the most notable move across the origin basket. ES-LP (Lampante) rose 3.44% to €3.01/kg on Aug 23, while ES-EV (Extra Virgin) held flat at €3.45/kg, compressing the EV/Lampante spread to €0.44/kg, down from the €0.54 to €0.57/kg range that held through most of August. A spread this tight this early in the campaign typically points to firmer demand for lower grades relative to available EV supply, though it is a single-session reading and warrants confirmation.
Portugal was the lone decliner in the basket: PT-EV fell 2.78% to €3.50/kg, still above its 12-month low of €3.42/kg but well off the €4.86/kg high set earlier in the cycle. Greece (GR-EV, €3.70/kg, +1.62%), Italy (IT-EV, €4.87/kg, +1.46%) and Tunisia (TN-EV, €3.68/kg, +1.94%) each posted gains.
All origins remain well below their 12-month highs (ES-EV €4.67/kg, IT-EV €9.57/kg), consistent with continued normalization from last season's shortage-driven spike. Watch AICA's Sep 11 final August carry-in stocks read and Ismea/Unaprol's first Italian 2026/27 production estimate (Sep 28) for the next real catalysts: both should help confirm whether the Spanish lampante bid reflects genuine tightening or a one-off move.