Vietnam's coffee exports in November fell 49.1% year-on-year to 1,000,000 bags, while exports in the first two months of the new crop, October and November 2024, were also 36.61% lower than the same period last year, with exports reaching only 1,733,333 bags in those two months, according to a report by the General Statistics Office of Vietnam.
Coffee price today 12/9/2024
World coffee prices have rebounded sharply after a deep free fall. In the commodity market, Arabica coffee prices have increased by nearly 70% year-to-date, while Robusta coffee prices have increased by more than 60%.
Domestic coffee prices today, December 9, are trading in the range of 123,000 - 124,000 VND/kg. Data from the General Statistics Office of Vietnam has made the market worried.
Concerns about supply have pushed coffee prices up sharply last week, after falling sharply in the first two days of the week. Although the current increase has not yet filled the gap left by the decline, robusta coffee prices closed the weekend session, returning to the psychological high of over 5,116 USD/ton based on March prices. Arabica coffee prices on the New York market based on March prices also increased sharply, close to the old high set on November 29, closing at 330.25 cents/lb.
Coffee prices have also been supported since November 22 when the Foreign Agricultural Service (FAS) of the US Department of Agriculture lowered its forecast for Brazil’s 2024/25 coffee production to 66.4 million bags, instead of its previous forecast of 69.9 million bags. In June, FAS also said that Brazil’s coffee inventories were 1.2 million bags at the end of the 2024/25 season, down 26% from the same period last year. These are very important figures that help coffee prices continue to stay high.
Meanwhile, Brazil, the main producer of Arabica beans, was battling its worst drought in decades before rains finally arrived in October. However, soil moisture remained low, raising concerns that the crop would fall short of expectations, pushing up prices on the exchange. The weather in Brazil was no better, with the meteorological agency Somar reporting on December 2 that rainfall in Brazil’s largest arabica-growing region of Minas Gerais last week was just 17.8 mm, or 31% of the historical average.
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| Domestic coffee prices at the end of last week (December 7) continued to increase sharply by 3,500 - 4,000 VND/kg in some key purchasing localities. (Source: doanhnhan.biz) |
According to World & Vietnam , at the end of the trading session last weekend (December 6), the price of robusta coffee on the ICE Futures Europe London exchange continued to increase by 3 digits, the delivery term for January 2025 increased by 258 USD, trading at 5,153 USD/ton. The delivery term for March 2025 increased by 243 USD, trading at 5,116 USD/ton. Average trading volume.
Arabica coffee prices on the ICE Futures US New York exchange also increased sharply, with the March 2025 delivery term increasing by 16.75 cents, trading at 330.25 cents/lb. Meanwhile, the May 2025 delivery term increased by 16.30 cents, trading at 327.60 cents/lb. Trading volume was high.
Domestic coffee prices at the end of last week's trading session (December 7) continued to increase sharply by 3,500 - 4,000 VND/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
The General Statistics Office of Vietnam reported that Vietnam's coffee exports in November decreased by 49.1% compared to the same period last year to 1,000,000 bags, and the export volume in the first two months of the new crop, October and November 2024, was also 36.61% lower than the same period last year, when exports in these two months only reached 1,733,333 bags. The above figures clearly reflect the current situation of Vietnam's coffee crop in the context of rising prices and farmers understand better than anyone the situation of their crop.
Meanwhile, Euro News analyzed that there are many concerns about the harvest in Brazil and Vietnam, the world's largest coffee producers. Coffee prices have reached a 47-year high. This price is 70% higher than at the beginning of the year and is a price not seen since 1977.
Prices have been pushed higher by concerns about the impact of extreme weather and severe drought in top coffee producers Brazil and Vietnam. “A challenging season in Vietnam, the top producer of robusta beans, has now shifted to Brazil, where adverse weather has raised serious concerns about the 2025 Arabica crop,” said Ole Hansen, head of commodity strategy at Saxo Bank, in a note on the commodity markets.
Coffee is now one of the most traded commodities in the world and demand is growing, driven by rising consumption in China. However, only a handful of producing countries can meet this demand. The main producers include Brazil, Vietnam, Colombia, Indonesia and Ethiopia, all of which are tropical countries that are highly vulnerable to climate change.
Consumers may already be feeling the effects of rising market prices, as the world's largest coffee maker, Nestle SA, announced two weeks ago that it would continue to raise coffee prices.
Global coffee prices have soared to their highest in nearly 50 years as bad weather in Brazil and Vietnam has forced roasters like Nestle to raise prices and consumers to hunt for cheaper beans amid the current cost-of-living crisis, Reuters reported. The spike in prices will benefit farmers this season but hurt traders who face high hedging costs on exchanges and have to scramble to get their beans delivered.
Production problems linked to bad weather in Brazil and Vietnam have kept global supply behind demand for three years, while experts are predicting another year of even worse coffee production. Commenting on coffee prices this week, experts said the upward momentum is still there as supply concerns have not eased.
Source: https://baoquocte.vn/gia-ca-phe-hom-nay-9122024-gia-ca-phe-cao-nhat-trong-47-nam-so-lieu-xuat-khau-gay-lo-lang-chuyen-gia-du-bao-the-nao-ve-tuan-nay-296718.html
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