In the first half of November, Vietnam's coffee exports reached only 20,933 tons, down 44.8% year-on-year, earning 121.8 million USD, up 1.8% in value over the same period. Accumulated from the beginning of the year to November 15, Vietnam exported 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 over the same period.
Coffee price today 11/21/2024
World coffee prices fluctuated in different directions. The strong USD has restrained the growth of robusta, but arabica still increased well.
Domestic coffee prices today are trading in the range of 114,400 - 115,100 VND/kg. The price of green coffee beans fluctuates around 110,000 VND/kg, which is double the same period in 2023. The current price helps people earn good profits. However, the Center for Industry and Trade Information, Ministry of Industry and Trade (VITIC) confirmed that the supply from the new harvest in Vietnam has not been brought into the market much.
The market was affected by new forecasts for Brazil’s coffee output and exchange rate volatility. The dollar rose to a 13-month high as investors assessed the latest labor market data and comments from Federal Reserve officials on the path of interest rates.
Robusta coffee prices fell again as the Brazilian real fell to a two-week low against the dollar, prompting profit-taking and liquidation of long positions in the coffee futures market. The weaker real encouraged Brazilian coffee producers to sell more, according to Barchart.
Arabica coffee prices continued to rise on news that the US Department of Agriculture (USDA) had revised down Brazil’s production, which was lower than the market had previously believed. The USDA forecast Brazil’s coffee production in the 2024-25 crop year at 66.4 million tonnes, down from the previous official forecast of 69.9 million tonnes. They also forecast Brazil’s coffee inventories to fall to just 1.2 million bags by the end of the 2024-25 crop year, down 26% from the same period last year.
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| Domestic coffee prices on November 21 increased by 1,700 - 1,800 VND/kg in some key purchasing localities. (Source: YouTube) |
According to World & Vietnam , at the end of the trading session on November 21, the price of robusta coffee on the ICE Futures Europe London exchange decreased, the delivery term for January 2025 decreased by 10 USD, trading at 4,787 USD/ton. The delivery term for March 2025 decreased by 11 USD, trading at 4,732 USD/ton. Trading volume was low.
Arabica coffee prices on the ICE Futures US New York exchange continued to increase, with the December 2024 delivery term up 3.20 cents, trading at 295.70 cents/lb. Meanwhile, the March 2025 delivery term increased 2.9 cents, trading at 293.15 cents/lb. Trading volume was high on average.
Domestic coffee prices on November 21 increased by 1,700 - 1,800 VND/kg in some key purchasing localities. Unit: VND/kg
(Source: giacaphe.com) |
Regarding the suspension of the EU Deforestation Regulation (EUDR), last week's vote by the European Parliament is still adding to the uncertainty of investors in the coffee market.
The proposed amendments need to be approved by all three EU bodies and will be considered by the European Commission and the European Council this week.
Only after the new text has been adopted and published in the Official Journal of the EU will it come into force.
There are currently seven groups of commodities covered by this regulation, including: palm oil, livestock, coffee, rubber, timber, cocoa and soybeans. Of these, Vietnam has three, including: coffee, timber and rubber. These commodities, when exported to the EU, must comply with the EUDR.
At the workshop on 15 November on this issue, the EU Delegation pledged to continue supporting stakeholders in Vietnam by providing the necessary tools and information to understand the EUDR, a key element in the global effort to reduce deforestation and forest degradation. The EU will use this time to increase its support to third countries and other partners; and continue to implement existing dialogue and cooperation projects, focusing on legality, traceability, and the inclusion of smallholders, among other important elements.
A representative of the Ministry of Agriculture and Rural Development said that despite the delay in the application of the EUDR, Vietnam has not delayed its preparation and adaptation to the requirements of this regulation. This demonstrates Vietnam's strong commitment to building sustainable, deforestation-free supply chains that meet international standards. This initiative will help Vietnam be ready to meet the requirements of the EUDR, thereby strengthening its position as a responsible, transparent and sustainable agricultural supplier in the international market.
Source: https://baoquocte.vn/gia-ca-phe-hom-nay-22112024-gia-ca-phe-robusta-quay-dau-xuat-khau-nua-dau-thang-11-giam-toi-448-khong-tri-hoan-thich-ung-eudr-294641.html
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