Spain predicts 58% slump in olive-oil output, cuts corn outlook

Spain’s Agriculture Ministry forecast a 58% plunge in olive-oil production this year, predicted lower wine output and cut its outlook for corn. Olive-oil production is predicted to slump to 673,700 metric tons from 1.6 million tons last year, the ministry wrote in a report on its website.  Spain is the biggest exporter of olive oil, used in cooking and salad dressings. The country had its second-driest summer in 60 years, with the June-through-to-August period the fourth- warmest since 1961, the ministry said in September.