In this uncertain time, there is one thing we can count on – olive trees will bare fruit. The team at CHO is preparing for the upcoming harvest in Tunisia. Mills are being cleaned, audits conducted, and COVID-19 procedures are being continued to protect our 28,000 full-time and seasonal farmers.
It’s been hot and dry in Tunisia lately. Rain and cooler weather between now and November 1st will give the fruit which it needs to complete the ripening process.
Global production is forecasted to remain the same as last year, around 3.03 million tons of olive oil. After last year’s bumper crop, we estimate 140K in Tunisia. Spain is projecting 1.6 million, an increase from last year. Italy and Greece are forecasting a decrease – 200K tons each.
There seems to be more of a consensus that we should expect some increase of pricing with the new crop. Even though production will be the same, the oil remaining from the 2019/2020 production is lower than last year in both Spain and Tunisia. Plus consumption is up worldwide due to Coronavirus and expected to continue. This reduction of available oil is driving the speculation of higher prices.
We suggest that you cover your needs for January and February now. When harvest begins in November, the team at CHO America will assist you in booking your annual volume at the most advantageous time.