Banana selling prices in St. Petersburg varied from USD 23.45 to USD 24.65 per box CIF. Brand, quality, volumes, and packing factors influenced these prices.  Good demand contributed to the price boost. Lower volumes in the market also played a role.

Approximately 1.195 million boxes were shipped in week 25, and an estimated 1.827 million boxes are expected to be shipped in week 26.  Russia had 0.22% inflation for June 18-24 compared with 0.17% for June 11-17, 0.12% for June 4-10 and 0.17% for May 28-June 3, the State Statistics Service (Rosstat) said. Annual inflation quickened to 8.61% on June 24 from 8.46% on June 17, based on average daily data for June 2023 .

Prices in the Mediterranean for Ecuadorean bananas were USD 19.0-20.0 per box CIF, depending on brand, volume, region and packing. Bananas from Central America sold at around USD 2.0 per box less. Prices in the Mersin Free Zone, where volumes shipped, were lower than the previous week, were  around USD 17.50-18.0 per box for the re-exported bananas of Ecuadorean origin and USD 2.0 less per box  for the fruit of Central America or Colombia at the beginning of the week and increased to USD 20.0-22.0 per box late in the week. The price was for the best quality and according to the box's brand, volume, packing and weight. Regarding the exchange rate, the Turkish lira strengthened slightly to 32.87 per USD after the Central Bank of Turkey kept the key interest rate unchanged at 50% for the third consecutive meeting in June, which was in line with forecasts. Policymakers also reiterated they remain highly attentive to inflation risks and could tighten monetary policy again if a significant and persistent deterioration in inflation is foreseen. Inflation in Turkey remains stubbornly high and continues to accelerate, reaching 75.45% in May. The aggressive cycle of monetary tightening implemented a year ago, alongside more orthodox policy measures, is only now beginning to show signs of having a cooling economic effect, supported by recent fiscal tightening.

The Iranian domestic market prices were buoyant, as there were limited volumes of banana shipped, mainly due to the limited number of import licenses available. Ecuadorean fruit was sold at around 80.000-90.000 Toman per kg and up to 95.000 per kg.

Indian bananas sold at around 70.000-75.000 Toman per kg.

There were quality issues with bananas From India because of the intense rains affecting the Asian country. CIF prices in Bandar Abbas for the 13.50 kg box of Indian bananas were around 9.5-10$.

The exchange rate was 1 USD=61.000-61.5000 Toman.

During the week, the Ecuadorean Spot Market prices were around USD 7.0-7.50 per box, with peaks of USD 8.0 per box for the fruit only.

In the past days, Hurricane Alberto's passage in the Gulf of Mexico westward, with its heavy rains, was beneficial for banana farms in the State of Tabasco. In the previous months, the state had suffered from a severe drought and strong winds that affected around 40 % of the banana plantations.

However, days later, the hurricane moved further west and caused severe floods in the State of Chiapas, the banana plantations in Tapachula, and the border with Guatemala. The rains and floods affected around 11,500 hectares of banana and plantain farms. Consequently, banana prices in the Mexican domestic market increased considerably, and supply to the USA market, particularly from Tapachula, might also be affected.

Intense rains also affected the Guatemalan Atlantic coast, creating problems with infrastructure and roads. Several bridges were in bad shape, and operations were delayed. Large volumes of bananas were shipped from Puerto Quetzal on the Pacific coast.

Two of the largest banana producers in Guatemala were involved in repairing the affected bridges and roads.

The prevailing Time Charter rates in the Chartering Market were around US Cents 60-65 per cbft per month for large vessels and US Cents 70-80 per cbft, depending on factors such as the type of voyage (return or geographical) and the idle time of the vessel before being employed.  There were several fixtures for the fish trade.

Bunker Prices:

                                    VLSFO           MGO

Rotterdam                 $573.00          $768.00         

Gibraltar                    $609.00          $828.00                     

Panama Canal          $612.00          $830.00