Coffee prices are at an unprecedented high during the main crop season, making farmers become 'tycoons'

Farmers harvesting coffee – Photo: N.TRI

According to information from many agents and gardeners, the common price of coffee on November 26 was 26,000-27,500 VND/kg of fresh coffee and 118,000-120,000 VND/kg of beans depending on the type. The above prices increased by 2,500-3,500 VND/kg of fresh coffee and 8,000-10,000 VND/kg of beans compared to more than half a month ago and increased about 2.5 times compared to the same period in 2023.

Specifically in Lam Dong, Dak Lak, Gia Lai, many agents buy fresh coffee at around 26,000 - 27,500 VND/kg; the highest price for green coffee is 120,000 VND/kg. In Binh Phuoc and Dong Nai, the price is 1,500-3,500 VND/kg lower than the above price, depending on the type.

Coffee prices have gradually increased as the main crop season begins, causing many farmers to struggle with the problem of selling fresh coffee or drying and grinding the beans for storage.

However, according to Mr. Nguyen Van Hoang ( Dak Lak ), no matter which option is chosen, it will help many farmers gain large profits thanks to the current price considered the highest in the history of the industry (calculated during the crop season - from November to January).

“If planted and cared for well, one hectare can yield about 3-3.5 tons of coffee beans and 10-14 tons of fresh coffee. With an average production cost of about 25,000 VND/kg, many coffee growers are earning unprecedentedly high incomes,” Mr. Hoang affirmed.

Speaking to Tuoi Tre Online recently, Mr. Nguyen Nam Hai - Chairman of the Vietnam Coffee and Cocoa Association, said that the continuous increase in coffee prices on world exchanges recently contributed to the increase in domestic coffee prices.

“Vietnam enters its main crop around early December, when output increases sharply, and prices may change. However, because other countries have not yet entered their harvest season, the price of coffee this crop year is likely to remain at a good level compared to previous years,” Mr. Hai said.

According to records in the trading session this morning, November 26, the price of robusta coffee (Vietnam's main coffee) on the London floor increased beyond the record mark of 5,000 USD/ton.

Specifically, the contract for delivery in January 2025 increased by 125 USD/ton (equivalent to 2.51%) from 4,985 USD/ton to 5,110 USD/ton; the contract for delivery in March 2025 increased by 113 USD/ton (equivalent to 2.30%), from 4,923 USD/ton to 5,036 USD/ton...

Accumulated from the beginning of the year to November 15, Vietnam exported over 1.17 million tons of coffee, with a turnover of 4.7 billion USD, down 13.5% in volume but up 38.1% in value compared to the same period last year. With transaction prices increasing, many experts predict that the coffee export turnover for the whole year of 2024 will set a record at 5.5-5.6 billion USD.

Source: https://tuoitre.vn/gia-ca-phe-cao-chua-tung-thay-khi-vao-chinh-vu-nong-dan-thanh-dai-gia-2024112610524167.htm