Our farmers and millers have come back from their summer break, and they are now hands busily preparing for the upcoming harvest in November.
The olive tree groves all over the Mediterranean had another extremely hot and dry summer. In Tunisia temperatures reached 115F.
There was some rain during the blooming season but not enough to save this year’s production. At this stage rain is more beneficial for the following harvest.
We have started to get an insight into 2023/2024 global output. Olive oil production in Spain is forecast at about 800,000 tons bringing down the global production between 2.6 and 2.7 million metric tons, marking the second consecutive year of record lows.
Luckily, in Tunisia, we anticipate a larger crop than last year at 240K lbs. vs 180K reported for the 2022/23 crop year.
Greece’s production is estimated to be down at 200,000 MT. Italy’s estimate is not expected to surpass 230,000 MT.
Global demand has not slowed down, remaining at above 3MM metric tons. There is no oil carrying over from this year’s production; shortage is expected for the upcoming year.
We won’t know the weather’s impact until harvest begins in November and 23/24 crop yields are confirmed.