Coffee price today August 29, 2024: Coffee exports could reach 6 billion USD
Coffee prices today, August 29, range from 120,600 - 121,600 VND/kg, continuing to increase sharply by 1,200 VND compared to yesterday. Coffee exports are forecasted to reach 6 billion USD.
Specifically, in Di Linh, Lam Ha, Bao Loc districts (Lam Dong), today's coffee price is purchased at 120,600 VND/kg.
In Cu M'gar district (Dak Lak), the coffee price today is at 121,400 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 121,300 VND/kg.
Similarly in Dak Nong province, today's coffee purchase price is at 121,600 VND/kg in Gia Nghia and 121,500 VND/kg in Dak R'lap.
In Gia Lai province, coffee price today is at 121,400 VND/kg (Chu Prong), in Pleiku and La Grai the price is 121,300 VND/kg.
Today's coffee price in Kon Tum province is purchased at 121,400 VND/kg.
The domestic coffee market increased sharply by 1,200 VND compared to the same time yesterday.
In the 2023-2024 crop year, due to drought and pests, coffee output in the Central Highlands will decrease by 20%. Despite the decrease in output, the increase in coffee prices has brought high profits to farmers and businesses.
In the first 7 months of 2024, Vietnam exported 964,000 tons of coffee, earning 3.54 billion USD, up 31% over the same period. It is expected that Vietnam's coffee export turnover this year could exceed 5 billion USD, even reaching 6 billion USD.
To cope with the supply shortage, businesses in the Central Highlands are increasing cooperation with farmers to improve coffee quality. The Central Highlands provinces are supporting farmers to expand the area of internationally certified coffee and build strong chains to increase export value.
At the end of the most recent trading session, the price of Robusta coffee in London for September 2024 delivery decreased by 20 USD/ton, at 4,826 USD/ton, and for November 2024 delivery decreased by 10 USD/ton, at 4,638 USD/ton.
Arabica coffee prices for September 2024 delivery decreased by 2.90 cents/lb to 252.35 cents/lb, and for December 2024 delivery decreased by 2.95 cents/lb to 250.20 cents/lb.
Severe drought in Brazil could cause coffee plants to bloom early, affecting next season's coffee production. Arabica coffee plants in Brazil typically begin flowering in September. Maxar Technologies predicts that coffee growing areas in Brazil will continue to experience drought over the next two weeks.
According to the latest report from the New York Coffee Market, fund management companies increased their net long position by 10.55%, reaching 57,468 lots as of August 20, 2024.
Index funds also increased their net long positions by 2.38%, with a total net long position of 49,168 lots. During the same period, non-commercial hedge funds increased their net long positions by 11.59%, reaching 43,474 lots.
As of August 20, the three main speculative groups in the coffee market have all increased their long positions.