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COFFEE PRICE BREAKS PEAK – COFFEE GROWERS GET BIG PROFITS

|Jan 18th, 2024

Many growers said that this year's crop is 2-4 times more profitable than growing rice thanks to selling coffee at record high prices. Coffee harvest is in progress, but prices continue to increase sharply and set new peaks. Coffee price reached 70,000 VND per kg in July 2023. From the beginning of January until now, the price of this type of nut in Lam Dong, Dak Lak, Dak Nong, Gia Lai, and Kon Tum provinces has increased to 70,800-71,000 VND per kg. This level has helped farmers earn the highest profits in history.

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Ms. Hai in Kon Tum just sold 6 tons of green coffee for 71 million VND per ton, up nearly 80% over the same period last year. "I planned to wait until the end of the Lunar New Year to sell it, but when I saw that I was being paid an unbelievable amount, I decided to sell it," she said. If last year she had to find a match, this year the establishments come to her house to buy and continuously offer high prices. Thanks to that, the family earned 426 million VND, the highest income in many years, 2-4 times more than growing rice.

Similarly, Ms. Lan in Gia Lai also said that this year was a bumper crop because she just sold it at a price of 70.8 million VND per ton. "I don't think that during the harvest season, coffee prices will be higher than at the end of the season, contrary to the general trend over the past many years," Ms. Lan commented.

Mr. Le Thanh Trung in Gia Lai also said that this year there was a time when the price of fresh coffee in Gia Lai was purchased at 15,000 VND per kg, and for households drying it to grind beans, even though the output decreased, they still made a big profit.

Not only farmers in Kon Tum and Gia Lai but also in Dak Lak and Lam Dong, the Department of Agriculture of the provinces also said that this year's coffee crop is with an average selling price of 65,000 VND per kg of kernels, each hectare of local farmers earns 180-300 million VND (depending on the age of the tree), minus costs, the profit is 120-200 million an increase of 60-80 million VND compared to 2022.

On the world market, Robusta coffee prices on ICE Europe - London increased for 5 consecutive sessions to a new peak. The March delivery term increased by 18 USD, to 2,950 USD per ton and the May delivery term increased by 15 USD, to 2,845 USD per ton. On the morning of January 12, the market adjusted but the decrease was not significant.

With Arabica coffee prices, March delivery futures increased by 2.90 cents, to 184.05 cents per pound and May delivery futures increased by 2.05 cents, to 181 cents per pound.

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Mr. Luong Van Tu - Former Chairman of the Vietnam Coffee and Cocoa Association - said that this is the fifth time since 1971 that coffee prices have continuously reached new peaks. Vietnam has an advantage in Robusta coffee. The price of this type has increased for several consecutive sessions due to concerns about supply from Asia and the blockage of the Europe-Asia shipping route through the Suez Canal. In addition, this year's coffee harvest is expected to decrease.

In Vietnam, this year's coffee harvest, many gardeners said, decreased by 20-40% compared to the same period last year. However, thanks to high purchasing prices, this year's crop is highly profitable.

According to the Vietnam Coffee and Cocoa Association, in the 2023-2024 crop year, our country's coffee output is expected to decrease to 1.6-1.7 million tons, lower than 1.78 million tons in the previous crop year.

 

It is forecasted that Vietnam's coffee industry will continue to benefit this year thanks to Robusta coffee prices remaining at a high level, and may even reach a higher peak due to concerns about supply shortages. The price of Vietnamese green coffee this year may be the highest in the world.

According to 
https://vnexpress.vn/

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