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Chiquita Brands International Inc. Message Board

  • LeonMusa LeonMusa Jun 30, 1999 9:26 AM Flag

    Buying at 8, selling at 10

    I support your strategy. With the publication of
    the Q2 results it will be possible to buy at 8, but I
    think this will be the bottom.
    Against the
    historical trend I forsee for Q3 higher selling prices. This
    quarter starts good with a strike in Ecuador. The
    Minister of Agriculture decided to take Bonita, El Don and
    Ecuadorian Gold for minimal 2 weeks out of the market. Then
    the Black Sigatoka disease should do the rest.
    If
    the US multis are so wise to limit the shipments from
    Colombia and Costa Rica the banana prices can find back
    some stability.

    It can not be that the US
    consumer is paying only $0.33 per pound, a price far below
    break even. That a Russian or a poor Polish housewife
    is paying that OK, but the US citizen, the richest
    in the world, should have some more morality. The
    strategy "every day low prices" has his limits. The
    Ecuadorian banana industry, which doubled production during
    the last 5 years, is carrying $800 million bad debts.
    This problem can be solved if Clinton instructs the
    IMF to sell some gold to cancel the debts of this
    poor country. Selling gold means also that the
    goldprice remains low, so that Chiquita can knock on the
    door of the City to obtain cheap gold related loans.
    And the circle is round.

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