In a proactive move to curb food price inflation, the South Korean government has announced an extension of the tariff exemption for ten imported fruits until the end of September. This strategic decision is part of the government's ongoing efforts to maintain market stability. The fruits that will continue to benefit from zero import duty include bananas, pineapples, mangoes, grapefruit, kiwifruit, avocados, mangosteens, cherries, durian, and mandarins. Initially set to expire at the end of June, Korea's Deputy Prime Minister and Finance Minister, Choi Sang-mok, extended the tariff exemption.

In St. Petersburg, banana selling prices fluctuated between USD 20.71 and 21.85 per box CIF, depending on the brand, volume, quality, and packaging. Due to weak demand, the prices were lower than the previous week. In week 24, approximately 1.395 million boxes were discharged, and 1.540 million are expected for week 25. The exchange rate was volatile. The official rate was 1 USD = 88.21 RUB. However, the exchange rate at local banks for purchasing U.S. currency was 1 USD = 91-93 RUB. The U.S. has imposed new sanctions against Russia, immediately ending dollar and euro trading on Russia's leading financial platform, the Moscow Exchange (MOEX.MM). The exchange and the central bank issued statements within an hour of Washington's announcement of these sanctions on June 12, a public holiday in Russia. These sanctions aim to disrupt the flow of money and goods that sustain Russia's war in Ukraine. The central bank stated, "The U.S.'s imposition of restrictive measures against the Moscow Exchange Group has resulted in the suspension of exchange trading and settlements of deliverable instruments in U.S. dollars and euros." This development means that banks, corporations, and investors will no longer be able to trade either currency through a central exchange, which typically offers liquidity, clearing, and oversight benefits. The impact of these developments on the banana trade remains to be seen. In the Mediterranean, Ecuadorean bananas were sold at CIF prices of USD 16.0-17.0 per box while Central American fruit was priced around USD 2.0 less per box.

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The Cochabamba Chamber of Agriculture and Livestock has warned that the ongoing blockade on the route between Santa Cruz and Cochabamba is causing daily losses of up to 10 million dollars. Since June 7, various social sectors have been obstructing this road, demanding the construction of a road section in the Yapacaní municipality. This situation, which producers describe as a "daily ordeal," reflects the frustration of sectors dissatisfied with the response to their demands, leading to road blockades as a pressure tactic.

Fresh Del Monte inaugurated a new forest nursery in Sarapiquí, Costa Rica, on June 13 to cultivate native species and promote reforestation in the North and Caribbean regions. The place will be called Vivero La Danta and dedicate 2,500 square meters of land to plant the seeds collected in the company's forest areas. The goal is for these trees to be subsequently donated to the owners and neighbours of the area, to donate at least 10,000 trees per year.

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One Banana eagerly awaits participating in the highly anticipated Organic Produce Summit (OPS) next month. This year has been a significant milestone for our vertically integrated family business as we launched Planeta. This new sustainability strategy will drive substantial change and redefine sustainable food systems. At OPS, One Banana is excited to expand its network and proudly showcase its sustainably grown fresh bananas, including premium and organic varieties.

The first shipment of Ecuadorian bananas, benefiting from the trade agreement signed with China, which took effect on May 1, has already arrived in the Asian country. Richard Salazar, the executive director of the Association of Marketing and Export of Bananas of Ecuador (Acorbanec), confirmed this. The bananas that left Ecuador by sea arrived in China between June 5 and 8. He explained that the transit time for this cargo from Ecuador to China is approximately 35 to 38 days, depending on the destination ports.

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The Panama Canal facilitates approximately 5% of global trade ($270 billion worth of cargo annually). It aims to make its comprehensive reservation system for ships desiring to traverse it "more permanent." It is also considering the construction of a new reservoir to enhance its capacity. Despite the challenges posed by the drought triggered by the El Niño phenomenon, the Panama Canal has shown remarkable resilience.

The 2024 Atlantic hurricane season starts on June 1, and forecasters predict an exceptionally active season. If the National Hurricane Center's early May 23 forecast is correct, the North Atlantic could see 17 to 25 named storms, eight to 13 hurricanes, and four to seven major hurricanes by the end of November. That's the highest number of named storms in any NOAA preseason forecast.

From Monday to Wednesday, banana prices in St. Petersburg ranged from USD 21.10 to 20.55 per box CIF. However, starting Thursday, prices began a downward trend, dropping to USD 20.00-18.85 CIF. Banana sales were impacted by high temperatures and the availability of large volumes of summer fruit at competitive prices, which is typical for this time of year. Approximately 990,000 boxes were discharged in week 23, and around 1.41 million boxes are expected for week 24. The exchange rate was 1 USD = 88.76 RUB. In the Mediterranean, Ecuadorian bananas were sold at approximately USD 17.50-19.00 per box CIF. The price varied depending on the brand, volume, region, and packing. In contrast, Central American fruit was sold at around USD 2.00 less per box. In the Mersin Free Zone, prices ranged from around USD 17.50 per box to USD 19.50-20.00 for re-exported bananas of Ecuadorian origin. The price depended on the brand, volume, weight, and packing. Central American fruit was priced around USD 14.00-17.50 per box.

The Association of Banana Producers Organizations of the Canary Islands (Asprocan) has launched the Guide to Biological Control and Biodiversity in the Cultivation of Canary Island Bananas, "Platano de Canarias", which compiles the findings of the 'Canary Island Bananas and the Challenges 2030' project. The project carried out in collaboration with the Canary Institute of Agricultural Research (ICIA), aims to promote the biological control and biodiversity of crops on the islands.

The Colombian Government, through the Fund for the Financing of the Agricultural Sector (Finagro), has made available $66,000 million to subsidize insurance policies that help mitigate the adverse impacts on productive activities. Currently, through Finagro, up to 95% of the cost of an agricultural insurance policy is subsidized, providing farmers with support in case of crop losses. Recent data shows the effectiveness of the insurance policies. In just two months, Finagro has committed 55% of the $146,500 million assigned by the Ministry of Agriculture this year to subsidize the purchase of policies through the Agricultural Insurance Incentive (ISA).

Maersk is bolstering its presence in Colombia with the inauguration of a container logistics centre spanning 44,000 m2 in Tocancipa, reinforcing its commitment to expanding its logistics footprint in Colombia. The logistics centre is part of the company's planned expansions in the country, aimed at providing enhanced warehousing and logistics solutions to customers seeking agility and flexibility in their supply chains.