In a medium bowl, stir together the flour, chopped olives, and yeast.
Add the water and, using a wooden spoon or your hand, mix until you have a wet, sticky dough, about 30 seconds.
Cover the bowl and let sit at room temperature until the surface is dotted with bubbles and the dough has more than doubled in size, 12 to 18 hours.
When the first rise is complete, generously dust a work surface with flour. Use a bowl scraper or rubber spatula to scrape the dough out of the bowl in one piece. Using lightly floured hands or a bowl scraper or spatula, lift the edges of the dough in toward the center. Nudge and tuck in the edges of the dough to make it round.
Place a clean towel on your work surface and generously dust it with wheat bran, cornmeal, or flour. Gently place the dough on the towel, seam side down. If the dough seems sticky, dust the top lightly with a little more wheat bran, cornmeal, or flour.
Fold the ends of the towel loosely over the dough to cover it and place it in a warm, draft-free spot to rise for 1 to 2 hours. The dough is ready when it is almost doubled. If you gently poke it with your finger, it should hold the impression. If it springs back, let it rise for another 15 minutes.
Half an hour before the end of the second rise, preheat the oven to 475°F (245°C) and adjust the rack to the lower third of the oven. Place a covered 4 1/2- to 5 1/2-quart heavy pot in the center of the rack to warm it.
Using pot holders, carefully remove the preheated pot from the oven and uncover it. Unfold the towel and quickly but gently invert the dough into the pot, seam side up. (Use caution—the pot will be very, very hot). Cover the pot and bake for 30 minutes.
Remove the lid and continue baking until the olive bread is a deep chestnut color but not burnt, 15 to 30 minutes more. Use a heatproof spatula or pot holders to gently lift the bread from the pot and place it on a wire rack to cool completely before slicing.