Fresh Del Monte Produce to deal with oversupply of bananas

According to Fresh Del Monte Produce CEO Mohammad Abu-Ghazaleh, the reason for the glut in the banana market and the lower prices is that during this season, there have not been the adverse weather conditions that have affected previous years’ harvests.  He also emphasises the need to appreciate that the first half of the year saw very good prices, with markets behaving optimally across the world.  The problem occurs in the second half of the year, during which supplies increase and demand falls. This, he says, needs to be addressed and plans are afoot to reduce supplies accordingly during this period.