Coffee prices today, August 28, 2024: Slightly increased by 200 VND.
Coffee prices today, August 28th, range from 119,400 to 120,400 VND/kg, a slight increase of 200 VND compared to yesterday.
Specifically, in Di Linh, Lam Ha, and Bao Loc districts (Lam Dong province), the price of coffee today is being purchased at 119,200 VND/kg.
In Cu M'gar district (Dak Lak), the price of coffee today is 120,200 VND/kg. In Ea H'leo district (Dak Lak) and Buon Ho (Dak Lak), the price of coffee today is the same at 120,100 VND/kg.
Similarly, in Dak Nong province, today's coffee prices are being purchased at 120,400 VND/kg in Gia Nghia and 120,300 VND/kg in Dak R'lap.
In Gia Lai province, today's coffee price is 120,200 VND/kg (Chu Prong), while in Pleiku and La Grai it is 120,100 VND/kg.
Meanwhile, the price of coffee today in Kon Tum province is being purchased at 120,200 VND/kg.
The domestic coffee market saw a slight increase of 200 VND compared to the same time yesterday.
Vietnam is leading the world in Robusta coffee exports. From the beginning of 2024 to August 15, 2024, Vietnam exported nearly 1.02 million tons of coffee, earning $3.8 billion. Compared to 2023, export volume decreased by 12.1%, but value increased by 37.1%.
In the first 10 months of the 2023-2024 crop year, Vietnam exported more than 1.3 million tons of coffee, accounting for 90% of the crop year's production and a decrease of 12.4% compared to the previous crop year.
Due to scarcity, export coffee prices have surged, reaching a record high of $5,293 per ton in early August, 6.9% higher than in July. Export coffee prices are expected to continue rising due to the impact of drought on global coffee supply.
At the close of the most recent trading session, Robusta coffee prices in London for September 2024 delivery rose by $147/ton to $4,862/ton, and for November 2024 delivery rose by $157/ton to $4,670/ton.
Arabica coffee prices for September 2024 delivery increased by 6.20 cents/lb to 255.85 cents/lb, while prices for December 2024 delivery increased by 6.05 cents/lb to 253.20 cents/lb.
Coffee roasters are facing rising costs for both major coffee varieties. To maintain profitability, they are sourcing cheaper Arabica from Brazil and adding lower-priced varieties to their blends.
Judy Ganes, a coffee analyst, observes that when prices rise, roasters tend to use more lower-quality coffee from Brazil.
The Financial Times reports that global coffee prices have risen to record highs due to unfavorable weather conditions, increasing costs for consumers. Consumers may also notice a change in coffee flavor due to variations in coffee blends.
According to commodity analyst Charles Hart, from 2021 to 2023, roasters began using more cheaper robusta coffee due to high arabica prices and abundant robusta supply. Decreasing coffee inventories in Vietnam and Brazil contributed to the increase in coffee prices in 2024.
