Agriculture
15 May, 2023
Oil yield hopes high as olive picking starts
A SIGNIFICANTLY higher yield is tipped for the Boundary Bend olive grove at Boort as picking gets underway. Cobram Estate expects the delayed 2023 harvest will take two months. Joint CEO Leandro Ravetti said cool and wet weather spring conditions...
A SIGNIFICANTLY higher yield is tipped for the Boundary Bend olive grove at Boort as picking gets underway.
Cobram Estate expects the delayed 2023 harvest will take two months.
Joint CEO Leandro Ravetti said cool and wet weather spring conditions meant the full bloom period in November took place 10 days later than historical average leading to a delay in fruit development and the start of oil accumulation.
“Cooler than average temperatures during autumn, particularly late in March and early in April did not allow the oil accumulation to reach historical average levels despite the decision to start harvest a week later than normal,” he has told investor.
“Analysis of samples from different varieties and management areas currently indicates that the oil accumulation this season is likely to be approximately 15 per cent lower than historical average.
“At this point there are no meaningful fruit volume indicators although this financial year is still expected to deliver a significantly higher yielding olive crop compared with 2021-2022.”
Harvesting at Boort has the new $22 million processing plant in operation for the first time.
Cobram Estate’s latest statement to the Australian Stock Exchange says that grove input costs were about 10 per cent lower than internal budgets.
“This is predominantly due to the combination of less water application with the cooler and wetter than average season, and softening of costs, particularly in relation to water,” the company said.,
“The company is expecting key grove input costs such as water, fertilizer, and electricity to remain soft into 2023-2024.
“Sales for the March 2023 quarter have been strong.
“Packaged goods sales for the quarter were higher than each of the September and December 2022 quarters in both the Australian and the USA operations,” Cobram Estate said.
Shares in Cobram Estate were trading at $1.35 on Tuesday.