Coffee prices today, October 22, 2024: Slightly increased by 100 VND/kg
Today, October 22nd, the price of coffee in Vietnam is between 111,200 and 111,800 VND/kg. The price has increased slightly by 100 VND/kg compared to yesterday.
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 111,200 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 111,600 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 111,500 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 111,800 VND/kg in Gia Nghia and 111,700 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.
Vietnam, the world's largest producer of robusta coffee, is facing a crop decline of over 10% while other countries are experiencing favorable harvests. Forecasts for the next crop year indicate a continued decrease in Vietnam's coffee production due to drought and shrinking planted areas as farmers switch to other cash crops. This is impacting coffee supply and contributing to the recent decline in global coffee prices.
In Dak Nong, one of Vietnam's major coffee-growing regions, people are facing a severe drought, particularly in areas like Dak Mil, Cu Jut, and Krong No, leading to a sharp drop in coffee yields. However, in areas with sufficient irrigation and proper care, yields and quality are higher than in previous years. Weather forecasts indicate continued rain over the weekend, further complicating the harvest.
Local authorities and the agricultural sector are making efforts to encourage farmers to adopt technical measures to ensure a good harvest in terms of both yield and quality. Dak Nong currently has 140,000 hectares of coffee with an annual production of 240,000 tons, contributing 35% to the province's GRDP and accounting for 80% of its export value, creating jobs for more than 105,000 workers.
World coffee prices today
At the close of the most recent trading session, Robusta coffee prices in London for November 2024 delivery fell by $142/ton to $4,560/ton, and for January 2025 delivery fell by $135/ton to $4,480/ton.
Arabica coffee prices for December 2024 delivery fell by 6.75 cents/lb to 250.55 cents/lb, and for March 2025 delivery fell by 6.55 cents/lb to 249.45 cents/lb.
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.
