Turkiye: Oilseeds and Products Update

The olive harvest continues in Turkiye. The Marketing Year (MY) 2023/24 olive oil production forecast is revised to 190,000 MT due to unfavorable climatic conditions. Domestic olive oil prices in Turkey have more than tripled (in Turkish Lira) compared to last year. According to an October 18, 2023, press release issued by the Ministry of Trade regarding the implementation of the measure on the export of olive oil in bulk and in barrels, the restrictions announced on August 1 and scheduled to last until November 1, 2023 have been extended until further notice.