Greek Currants Crop Update, 14.09.2022

The Crop was progressing well with an expected outcome of 21-22,000 MT. However, there was some extent, and in some areas, heavy rainfall recorded 2 weeks ago, which, as it turns out, did damage the Crop specifically in some areas, mainly in the Nemea Corinth region. We are estimating that this should decrease the expected overall volume of new Crop at around 10%, so we are now expecting a crop size of around 19-20,000mts similar to previous 2021 yield.

Below is a more detailed outlook on the current situation:

•  Aeghion Region (Vostizza): Progressed well, with damages recorded only on the higher hill areas due to the rainfall. Estimated to be of similar yield as last year.

• Corinthian Region (Gulf): In this region, damages have been recorded, and overall, it is considered to be one of the most damaged areas due to the heavy rainfall, mainly in the valley of Nemea and the high hills of Kiato. A 25-30% reduction is estimated compared to last year.

• Zante island (Zante): Some to no damages were recorded in the island, with an expected increase in crop size.

• Elias region (Provincial): Similar to Zante, this region had no significant damages, and we expect a slight increase from last year.

• Kalamata region (Provincial): Overall, this region progressed well with no significant damage. It is estimated to be a normal crop yield, most likely higher by at least 10-15% than last year.

By this time, low hill vines have been gathered and dried while the high hill vines are being gathered and entering the drying process. This means that in 2 weeks’ time higher hill vines should also be arriving at our factory and at that time we will have a much better understanding of the overall crop quantity and quality.

Regarding the carryover, which is held mainly by the Union, there are no official figures, but as we had pointed out previously we believe that there should be 2,000mts of exportable fruit of previous crops in the Unions warehouses. This acts as a buffer which will probably help in stabilizing prices and ensuring enough product for coming season.

Finally, considering prices, as we are in the middle of the receiving process with the high hill vines still being dried, prices have not fully formed yet. Growers are pushing and demanding higher prices as their cultivations costs and overall expenses have significantly increased, along with the cost of living for all of us. As we are closely heading toward the end of the drying process and will have a better understanding of overall crop size prices will consolidate.