Coffee prices today, October 21, 2024: Sharp decline over the past week.

Domestic coffee prices today

Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 111,100 VND/kg.

In Cu M'gar district (Dak Lak), the price of coffee today is 111,500 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 111,400 VND/kg.

Similarly, in Dak Nong province, today's coffee prices are being purchased at 111,700 VND/kg in Gia Nghia and 111,600 VND/kg in Dak R'lap.

In Gia Lai province, today's coffee price is 111,600 VND/kg (Chu Prong), while in Pleiku and La Grai it is 111,500 VND/kg.

Meanwhile, the price of coffee today in Kon Tum province is being purchased at 111,600 VND/kg.

Coffee prices fell sharply last week due to the easing of supply shortages. According to the International Coffee Organization (ICO), the 2023-2024 crop year is projected to reach 178 million bags of coffee (60 kg per bag), a 5.8% increase compared to the previous year. Of this, Arabica production is expected to increase by 8.8% and Robusta by 2.1%, helping to stabilize global supply.

While other coffee-producing countries enjoyed favorable harvests, Vietnam was the only country to experience crop failure, with a decrease exceeding 10%. Forecasts for the next crop year indicate a continued decline in Vietnam's coffee production due to drought and shrinking planted areas as farmers switch to more economically viable crops.

Vietnam began harvesting coffee in October and the peak season will be in November and December, with some regions continuing harvesting until January of the following year. The increase in supply from Vietnam is also one of the reasons for the recent decline in coffee prices.

World coffee prices today

At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery rose by $17/ton to $4,702/ton, and for January 2025 delivery rose by $17/ton to $4,615/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 postpone the implementation of the EU Regulation on Deforestation Prevention and Control (EUDR) for another year. This regulation requires that agricultural products imported into the EU not be produced on land cleared of forests after 2020. Although the EUDR was expected to come into effect at the end of this year, the European Commission (EC) proposed the delay due to opposition from major trading partners such as Brazil and the United States.

On October 16th, the European Council (EUCO), representing EU member states, agreed with the EC's proposal to postpone the implementation of the EUDR. For this decision to take effect, the European Parliament will need to vote on it next month. Major political parties in Parliament, such as the European People's Party (EPP), the Social and Democratic Party (S&D), and the European Renewal Party (RE), with a combined total of 401 seats, have expressed support for the delay proposal.

Opposition to the EUDR largely stems from concerns that the regulation lacks clarity regarding details and implementation timelines. Trading partners from many countries, including the US, 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.