GREEN BANANA PRICES IN EUROPE FOR W42 DECREASED COMPARED TO W41, DUE TO A MARKET OVERSUPPLY

Pico Agriviet

The FOT spot prices for green bananas decreased in W42 compared to W41 due to oversupply in Rotterdam. In W42, FOT prices for Premium Fyffles bananas and Premium Bonita bananas from Costa Rica, Colombia, and Ecuador stood at USD 14.42/18kg and USD 13.93/18kg box, respectively. Class 1 bananas from Costa Rica and Colombia were priced at USD 11.44-13.43/18kg box.

Apparently, there is a low supply of bananas of Guatemalan, Mexican, and Colombian origin. The market is forecasted to stay the same or undergo a slight uptick by the end of W42. Given the recent price decline, importers decided to reduce the loading volume, which can cause market prices to go up substantially in 2-3 weeks. Oversupply is partially caused by the decrease in sales in the supermarkets. One Polish retailer reported a 30% YoY decrease in banana sales in September 2022, indicating general inflation as a reason.

Thus, retailers want to back off from their signed time-locked fix volume and price programmes until the end of Q4 2022 to drive buying prices down. Retailers are also convincing suppliers that a national billboard campaign will be launched to boost banana sales and promise to get back to normal conditions once the produce starts to leave shelves as fast as beforehand.

Source: https://www.tridge.com/insights/green-banana-prices-in-europe-for-w42-decreased-compared-to-w41-due-to-a-market-oversuppl

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