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<pre>Land must be very expensive in New Zealand and olive trees very cheap. Here
in Italy where we think we have expensive land it would still cost less to
buy another hectare compared to buying more than 2000 olive trees.

The other aspect of the research which will be most interesting is the
margin over costs. News I have from New Zealand is that olive oil prices are
falling sharply as the industry moves out of the boutique phase into real
consumption. Margins over cost will be particularly important as prices fall
towards world parity.

Cheers Brian Chatterton.
</pre>
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