| Coffee price forecast October 21, 2024: Market fluctuates, positive sign for coffee growers Coffee price forecast October 22, 2024: Will the slight upward trend continue? |
Coffee prices today, October 22, 2024, in the world market decreased, while in the domestic market, they increased slightly. Many experts predict that coffee prices may decrease on October 23 due to the high USD, pressure on supply from Vietnam and favorable rainy weather in coffee growing areas of Brazil.
Minas Gerais state, Brazil’s largest producer of arabica coffee, received 115% of its historical average rainfall over the past week, according to Brazil’s Somar Meteorologia, with more heavy rains forecast from Oct. 26 onwards, which should improve soil moisture and growing conditions.
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| Coffee price forecast for October 23, 2024: Continue to decline under pressure from supply from Vietnam |
Coffee prices were also pressured by the Brazilian real, which fell to a two-and-a-half month low against the dollar. The weaker real prompted Brazilian coffee producers to increase sales, adding further downward pressure on global coffee prices.
The dollar rose for a third straight week as a series of positive economic data from the US led investors to reduce expectations for the size and pace of interest rate cuts from the Fed. The DXY index surged to 104, its highest level in more than two weeks, pushing coffee prices further down.
Recorded in the trading session on October 22, 2024, domestic coffee prices today increased by 100 VND/kg, ranging from 111,200 - 111,800. Currently, the average purchase price in the Central Highlands provinces is 111,300 VND/kg, the highest purchase price in Dak Nong province is 111,8100 VND/kg.
Specifically, the coffee purchase price in Gia Lai province (Chu Prong) is 111,600 VND, stable compared to yesterday, in Pleiku and La Grai the price is 111,500 VND/kg. In Kon Tum province, the price is 111,600 VND, unchanged compared to yesterday; In Dak Nong province, coffee is purchased at 111,800 VND/kg, up 100 VND/kg compared to yesterday.
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 111,200 VND/kg, an increase of 100 VND/kg compared to yesterday.
Coffee prices today (October 22) in Dak Lak province; in Cu M'gar district, coffee is purchased at about 111,600 VND/kg, an increase of 100 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at 111,500 VND/kg.
Updated world coffee prices at 20:00 on October 22, 2024, Vietnam time on the London exchange, the price of Robusta coffee futures contract for delivery in November 2024 on the London exchange was at 4,493 USD/ton, down 84 USD compared to the beginning of the trading session.
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| London Robusta coffee price (Photo: Screenshot giacaphe.com |
The January 2025 delivery term is 4,414 USD/ton, down 84 USD; the March 2025 delivery term is 4,330 USD/ton, down 75 USD and the May 2025 delivery term is 4,254 USD/ton, down 70 USD.
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| New York Arabica coffee price (Photo: Screenshot giacaphe.com) |
In particular, the price of Arabica coffee on the New York floor today at 20:00 on October 22, 2024 decreased in all terms, fluctuating at 244.20 - 249.70 cents/lb.
Specifically, the December 2024 delivery period is 249.70 cents/lb; down 2 cents/lb compared to the beginning of the session. The March 2025 delivery period is 248.55 cents/lb, down 1.90 cents/lb; the May 2025 delivery period is 247.05 cents/lb, down 1.50 cents/lb and the July 2025 delivery period is 244.20 cents/lb, down 1.15 cents/lb.
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| Brazilian Arabica coffee prices (Photo: Screenshot giacaphe.com) |
The price of Brazilian Arabica coffee today at 9:00 p.m. on October 22, 2024 decreased. Specifically, the delivery period for December 2024 is 298.80 USD/ton, down 0.75%; the delivery period for March 2025 is 299.70 USD/ton, down 0.65%; the delivery period for May 2025 is 304.60 USD/ton, down 2.34% and the delivery period for July 2025 is 300.25 USD/ton, down 2.34%.
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.
Vietnam, the world’s largest producer of robusta coffee, is facing a crop decline of more than 10% while other countries are having good harvests. Vietnam’s coffee output is forecast to continue to decline next season due to drought and shrinking planting areas as farmers switch to other economic crops. This affects coffee supply, contributing to the recent decline in global coffee prices.
*Information is for reference only, prices may vary depending on region and locality.
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