Coffee price today October 20, 2024: Slight increase of 300 VND/kg
Today's domestic coffee price, October 20, is at 111,100 - 111,700 VND/kg. Today's coffee price increased slightly by 300 VND/kg compared to yesterday.
Domestic coffee prices today
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 111,100 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 111,500 VND/kg. In Ea H'leo district (Dak Lak), Buon Ho district (Dak Lak), the coffee price today is purchased at the same level of 111,400 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 111,700 VND/kg in Gia Nghia and 111,600 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 111,600 VND/kg (Chu Prong), in Pleiku and La Grai the price is 111,500 VND/kg.
Today's coffee price in Kon Tum province is purchased at 111,600 VND/kg.
Many coffee growers said that coffee prices usually drop to a low level at the beginning of the harvest season, then gradually increase in the middle and end of the season. However, since the beginning of the year, coffee prices have remained above VND100,000/kg, a record high in many years. If prices remain at this level, coffee growers will have a successful crop.
According to the Department of Agriculture and Rural Development (DARD), in the 2024-2025 crop year, coffee growers in Dak Nong will face severe drought. Many areas such as Dak Mil, Cu Jut, and Krong No lack irrigation water, significantly reducing productivity. However, in areas with more favorable conditions, sufficient irrigation water, and careful investment, coffee productivity and quality are higher than in previous years.
To ensure a successful coffee harvest this year, the relevant departments and local authorities are actively encouraging farmers to care for and protect their gardens. The Department of Agriculture is also encouraging people to apply effective technical measures in care and harvesting. Meanwhile, weather forecasts indicate that continuous rain will come to the Central Highlands this weekend, right when Vietnam, the world's largest producer of Robusta coffee, begins its new harvest from October 2024 to September 2025. The rain stopping at harvest time will help this process go more smoothly.
World coffee prices today
At the end of the most recent trading session, the price of Robusta coffee in London for November 2024 delivery increased by 17 USD/ton, at 4,702 USD/ton, and for January 2025 delivery increased by 17 USD/ton, at 4,615 USD/ton.
Arabica coffee prices for December 2024 delivery increased by 2.15 cents/lb to 257.30 cents/lb, and for March 2025 delivery increased by 2.15 cents/lb to 256.00 cents/lb.
Robusta prices have been falling steadily for the past three weeks and are likely to continue to fall. However, some fundamentals are helping to limit the decline. According to meteorologists at Climatempo, rainfall in Brazil next week will be limited, especially at a critical time when coffee plants in Minas Gerais need water to flower. The initial forecast of “widespread showers” has been revised to “scattered showers,” adding to market concerns.
Severe drought conditions in Brazil could continue to keep coffee prices high. Rainfall in Brazil has been consistently below average since April. The market is pinning its hopes on summer rains, as this is when coffee trees enter their peak flowering season.
In addition, the weak exchange rate between the Brazilian Real and the US Dollar may also affect the sentiment of local coffee producers in the short term. Overall, the price movement of coffee next week will depend heavily on weather forecasts in Brazil.
