The market continues to face downward pressure ahead of the peak harvest season.

Domestic coffee prices, updated at 4:30 AM on October 22, 2024, according to www.giacaphe.com, increased slightly by 100 VND/kg, ranging from 111,200 to 111,800 VND/kg. The average purchase price in the Central Highlands provinces is currently 111,400 VND/kg, with the highest price in Dak Nong province at 111,800 VND/kg.

Specifically, the purchase price of coffee in Gia Lai province (Chu Prong) remained stable at 111,600 VND/kg compared to yesterday, while in Pleiku and La Grai it was 111,500 VND/kg; in Kon Tum province, the price was 111,600 VND/kg, unchanged from yesterday; and in Dak Nong province, coffee was purchased at the highest price of 111,800 VND/kg, an increase of 100 VND/kg compared to yesterday.

In Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, the price of green coffee beans (fresh coffee beans) is being purchased at 111,200 VND/kg, an increase of 100 VND/kg compared to yesterday.

Today's coffee prices (October 22nd) in Dak Lak province are as follows: In Cu M'gar district, coffee is being purchased at approximately 111,600 VND/kg, an increase of 100 VND/kg; while in Ea H'leo district and Buon Ho town, it is being purchased at the same rate of 111,500 VND/kg.

Coffee prices today, October 22, 2024: The market continues to face downward pressure ahead of the peak harvest season.

World coffee prices at 4:30 AM on October 22, 2024, were updated on the Vietnam Commodity Exchange (MXV) trading platform (the only channel in Vietnam that continuously updates prices linked to exchanges worldwide).

Today's online coffee prices from the three main futures exchanges, ICE Futures Europe, ICE Futures US, and B3 Brazil, are continuously updated by Y5Cafe throughout the trading hours and are also updated on www.giacaphe.com as follows:

Coffee prices today, October 22, 2024: Robusta coffee prices on the London exchange. (Image: Screenshot from giacaphe.com)

At the close of trading on October 22, 2024, at 4:30 PM, Robusta coffee prices on the London exchange fell to between $4,324 and $4,577 per ton. Specifically, the November 2024 delivery contract was $4,577 per ton (down $125 per ton); the January 2025 delivery contract was $4,503 per ton (down $112 per ton); the March 2025 delivery contract was $4,405 per ton (down $107 per ton); and the May 2025 delivery contract was $4,324 per ton (down $106 per ton).

Arabica coffee prices on the New York exchange on October 22, 2024. (Image: Screenshot from giacaphe.com)

Conversely, Arabica coffee prices on the New York exchange on the morning of October 22, 2024, decreased, ranging from 245.35 to 251.70 cents/lb. Specifically, the December 2024 delivery contract was 251.70 cents/lb (down 2.18%); the March 2025 delivery contract was 250.45 cents/lb (down 2.17%); the May 2025 delivery contract was 248.55 cents/lb (down 2.16%); and the July 2025 delivery contract was 245.35 cents/lb (down 2.17%).

Brazilian Arabica coffee prices on October 22, 2024. (Image: Screenshot from giacaphe.com)

Brazilian Arabica coffee prices on the morning of October 22, 2024 showed mixed movements. Specifically, the December 2024 delivery contract was $303.75/ton (up 0.90%); the March 2025 contract was $304.10/ton (up 0.81%); the May 2025 contract was $304.60/ton (down 2.34%); and the July 2025 contract was $300.25/ton (down 2.34%).

Robusta coffee traded on the ICE Futures Europe exchange (London exchange) opens at 4:00 PM and closes at 12:30 AM (the next day), Vietnam time.

Arabica coffee on the ICE Futures US (New York exchange) opens at 4:15 PM and closes at 1:30 AM (the next day), Vietnam time.

For Arabica coffee traded on the B3 Brazil exchange, trading hours will be from 7:00 PM to 2:35 AM (the following day), Vietnam time.

Coffee prices have fallen sharply in recent days due to the reduced supply. According to a report by the International Coffee Organization (ICO), the 2023/24 crop year is expected to reach 178 million bags of coffee (60kg each), a 5.8% increase compared to the previous crop year. Of this, Arabica production is projected to increase by 8.8% and Robusta by 2.1%, helping to stabilize global supply.

Currently, although coffee prices have cooled down, domestic coffee prices are still up to 80% higher than the same period last year. At the same time, many forecasts suggest that prices will remain high in the 2024/25 crop year due to reduced production.

October marks the beginning of the harvest season for Vietnam, the world's largest producer of robusta coffee, which runs from October 2024 to September 2025. Farmers are hoping for rain to stop around this time to facilitate the harvest; however, several weather reports from Vietnam indicate continuous rain in the Central Highlands this weekend and into next week.

Fundamental factors are also helping to curb the decline in coffee prices, with news indicating limited rainfall is forecast for Brazil next week. This is a crucial time as coffee plants need water to flower in the major coffee-producing state of Minas Gerais.

In the short term, the market is unlikely to return to the historical levels of September, but due to continued high coffee demand and low supply, experts expect prices are unlikely to fall below $4,500 per ton.

In recent weeks, the price of bulk green coffee beans in Vietnam has fallen from 120,000 VND/kg to around 110,000 VND/kg, just before the year-end harvest season in the Central Highlands. The price of 120,000 VND/kg had been stable for several months prior, but has now been declining continuously for the past three weeks.

Mr. Nguyen Nam Hai, chairman of the Vietnam Coffee and Cocoa Association (VICOFA), said this phenomenon usually occurs before the peak coffee harvest season. Another important factor contributing to the drop in coffee prices is the European Union's decision to temporarily suspend regulations against deforestation in agricultural production, including coffee, for another 12 months, reducing supply pressure.

Nevertheless, Vietnam's coffee production this year is expected to decrease slightly by about 10% due to the impact of heatwaves and drought in some growing regions in the Central Highlands, resulting in lower yields compared to previous years.