Coffee price today October 21, 2024: Last week decreased sharply
Today's domestic coffee price, October 21, is at 111,100 - 111,700 VND/kg. Coffee prices fell sharply last week when a series of information showed that coffee supply was no longer tense.
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.
Coffee prices fell sharply last week as supply is no longer as scarce as before. According to a report by the International Coffee Organization (ICO), the 2023-2024 crop year is expected to reach 178 million bags of coffee (each bag weighs 60 kg), up 5.8% compared to the previous crop year. Of which, Arabica coffee output increased by 8.8% and Robusta increased by 2.1%, helping to stabilize global supply.
While other coffee-producing countries have had good harvests, Vietnam is the only country to have a crop failure with a decrease of over 10%. Vietnam’s coffee output is forecast to continue to decrease next year due to drought and shrinking planting areas as farmers switch to more profitable crops.
Vietnam began harvesting coffee in October and will peak in November and December, with some regions continuing to harvest until January next year. The additional supply from Vietnam is also one of the reasons for the recent decline in coffee prices.
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.
The European Union (EU) has agreed to delay by one year the implementation of the EU Deforestation Prevention Regulation (EUDR), which requires agricultural products imported into the EU not to be produced on deforested land after 2020. Although the EUDR was due to come into force later this year, the European Commission (EC) has proposed a delay due to opposition from major trading partners such as Brazil and the United States.
On October 16, the European Council (EUCO), representing EU member states, agreed to the EC’s proposal to delay the implementation of the EUDR. For this decision to come into effect, the European Parliament will need to vote on it next month. The main political parties in the parliament, such as the European People’s Party (EPP), the Socialists and Democrats (S&D), and the European Renew (RE), with a total of 401 seats, have expressed support for the delay proposal.
Opposition to the EUDR largely stems from concerns that the regulation lacks clarity on details and implementation. Trading partners from many countries, including the United States, Brazil, and countries in Asia, Africa, and Latin America, argue that the EUDR will increase production and export costs, especially for small-scale producers. A delay would allow countries and businesses to better prepare to comply with these new obligations.
