| Coffee price forecast August 13, 2024: Affected by many factors, coffee prices continue to decrease Coffee price forecast August 14, 2024: Are weather concerns in Brazil pushing coffee prices up sharply again? |
Coffee prices are forecast to increase again in the domestic market on August 16, 2024. According to the General Department of Customs, in July 2024, Vietnam exported 76,982 tons of coffee, earning 381.17 million USD, up 9.7% in volume and 18.2% in value compared to June. In the first 7 months, coffee exports reached 979,353 tons, worth 3.61 billion USD, down 12.4% in volume but up sharply 33.5% in value thanks to the current coffee price having increased nearly 2.5 times compared to the same period last year.
The Vietnam Coffee and Cocoa Association (VICOFA) said that Vietnam currently has only about 148,000 tons of coffee left to export in the remaining 2 months of the 2023-2024 crop year (from August 2024 to the end of September 2024). Meanwhile, the new crop will not start harvesting until October 2024.
The limited supply may push the coffee price in the world market to continue to increase in the coming time. In addition to the price factor, the market factor is also favorable.
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| Coffee price forecast August 16, 2024: Upward trend domestically and internationally |
In the domestic market, coffee prices were updated at 4:30 a.m. on August 15, 2024 as follows, according to www.giacaphe.com, domestic coffee prices dropped sharply by 2,200 VND/kg compared to yesterday, ranging from 116,600-117,300 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 117,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 117,300 VND/kg.
Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 117,100 VND, in Pleiku and La Grai the same price is 117,000 VND/kg; in Kon Tum province, coffee is purchased at 117,100 VND/kg; in Dak Nong province, coffee is purchased at the highest price of 117,300 VND/kg.
The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 116,600 VND/kg.
Coffee price today, August 15, in Dak Lak province was purchased at about 117,300 VND/kg; in Cu M'gar district, coffee was purchased at about 117,200 VND/kg, and in Ea H'leo district, Buon Ho town, it was purchased at the same price of 117,200 VND/kg.
Coffee price list today August 15, 2024
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Updated world coffee prices at 20:30 on August 15, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for September 2024 delivery on the London exchange was at 4,522 USD/ton, up 50 USD compared to the beginning of the trading session.
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| Coffee price today August 15, 2024: Robusta coffee price on London floor. (Photo: Screenshot giacaphe.com |
The November 2024 delivery term is 4,334 USD/ton, up 42 USD; the January 2025 delivery term is 4,160 USD/ton, up 29 USD and the March 2025 delivery term is 4,004 USD/ton, up 21 USD.
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| Coffee price today August 15, 2024: New York Arabica coffee price (Photo: Screenshot giacaphe.com |
In particular, the price of Arabica coffee on the New York floor today at 20:30 on August 15, 2024 increased in all terms, fluctuating at 231.15 - 238.50 cents/lb.
Specifically, the September 2024 delivery period is 238.50 cents/lb; up 1.50 cents/lb compared to the beginning of the session. The December 2024 delivery period is 236.35 cents/lb, up 1.70 cents/lb; the March 2025 delivery period is 233.55 cents/lb, up 1.40 cents/lb and the May 2025 delivery period is 231.15 cents/lb, up 1.15 cents/lb.
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| Coffee price today August 15, 2024: Brazilian Arabica coffee price. (Photo: Screenshot giacaphe.com) |
The price of Brazilian Arabica coffee today at 20:30 on August 15, 2024 increased and decreased in opposite directions. Specifically, the delivery period for September 2024 is 296.50 USD/ton, up 0.05%; the delivery period for December 2024 is 288.20 USD/ton, down 0.19%; the delivery period for March 2025 is 284.05 USD/ton, up 2.80% and the delivery period for May 2025 is 280.05 USD/ton, up 2.81%.
Robusta coffee traded on the ICE Futures Europe (London exchange) opens at 16:00 and closes at 00:30 (next day), Vietnam time.
Arabica coffee on the ICE Futures US floor (New York floor) opens at 16:15 and closes at 01:30 (next day), Vietnam time.
At the end of the first 10 months of the 2023/24 crop year (from October 2023 to July 2024), Vietnam's coffee exports reached more than 1.3 million tons; equivalent to 90% of the current crop year's output and down 12.4% compared to the same period last crop year.
According to a report by the Brazilian Coffee Exporters Association (Cecafé), in the first 7 months of 2024, Brazil exported 25.83 million bags (60kg bags) of coffee, up 51.88% over the same period last year; including 20.65 million bags of Arabica coffee (up 31.08%) and 5.18 million bags of Conilon robusta coffee (up 313.70%).
Hedgepoint Global Markets has recently revised its forecast for Brazil’s 2024/25 coffee production down 3.65% from its previous estimate of 65.7 million bags, due to unusually hot and dry weather affecting production. Of which, Brazil’s arabica output is estimated at 43.2 million bags compared to the previous 44.7 million bags, while robusta is down 900,000 bags to 20.1 million bags.
*Information for reference only. Prices may vary depending on time and location.
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