Two weeks after touching €3.43, its lowest print in a year, Spanish extra virgin has settled at €3.54 per kilo. The recovery ran as far as €3.57 on 30 July and has been easing since: €3.55 on Monday, €3.54 on Tuesday.
The grade structure tells the same story from below. Lampante printed €2.97, two cents above its twelve-month low of €2.95, and has now spent three straight sessions under €3.00. That leaves the spread between extra virgin and lampante at 57 cents. A narrow gap like this says the market is not paying a scarcity premium for quality oil; there is enough sound oil around.
Italy is drifting with Spain rather than against it. Italian EVOO eased to €5.68, holding its premium over the Spanish benchmark near €2.14. Greece printed €3.80 and Portugal €3.93.
The next real test is dated: AICA publishes July stocks and offtake for Spain on 12 August. The desk's read is simple. If offtake held up through these price levels, the €3.43 print starts to look like the campaign's floor; if it softened, the market has more work to do lower. One more date to watch: the public consultation on the 2026/27 marketing standard closes on 13 August.
Prices: OliveTerm board, from official weekly prints. See the methodology.