According to the Vietnam Commodity Exchange (MXV), closing the trading day on November 7, Arabica prices dropped 1.7% after reaching the highest level in nearly 5 months, Robusta prices lost 2.64% compared to reference. mat. Profit-taking selling has overshadowed concerns about coffee supply in the market in recent days.

After rising, coffee prices decreased slightly in yesterday's trading session

The Dollar Index strengthened, making speculators not dare to increase buying power in the market. Along with that, pressure from technical adjustments caused prices to decline.

However, standard Arabica inventory on the ICE-US Department lost another 9,640 bags yesterday, bringing the amount of coffee stored to 337,915 bags and a record low in more than 24 years. This causes Arabica prices to recover.

Meanwhile, Robusta prices decreased more sharply than Arabica prices because the Robusta inventory on the ICE-EU Department did not lose momentum like standard Arabica on the ICE-US Department. As of the end of the November 6 session, the amount of Robusta in stock was 40,710 tons, down slightly by 130 tons compared to the previous session and higher than the record low of 33,000 tons in September.

This morning, on the domestic market, the price of green coffee beans in the Central Highlands and Southern provinces also dropped sharply by 1,200 VND/kg. Accordingly, the domestic coffee purchasing price decreased to 56,700-57,400 VND/kg.

At this time, farmers in the Central Highlands provinces are starting to harvest coffee in the 2023 - 2024 crop year. Coffee prices fluctuate nearly 60,000 VND/kg, although lower by up to 10,000 VND/kg, but still nearly 1.5 VND higher. times compared to the same time in 2022. Coffee prices this year have increased, making farmers excited, trying to stick to the garden and have a source of reinvestment.

Regarding exports, according to preliminary statistics from the General Statistics Office, Vietnam's coffee exports in October 2023 increased again, reaching 60,000 tons, an increase of 17.7% compared to September 2023.

Notably, while markets record a downward trend or only a slight increase, one Asian country that is strongly increasing imports of Vietnamese coffee is Indonesia. In the first 9 months of the year, this country imported 31,281 tons of Vietnamese coffee worth more than 100 million USD, a sharp increase of 153% in volume and 114% in value compared to the same period in 2022. Average export price army reached 3,203 USD/ton, down 18.3% over the same period in 2022.

The coffee raw material area has high productivity thanks to the support of pest-resistant varieties and cultivation using regenerative agriculture methods.

To improve coffee export efficiency, the Vietnam Coffee and Cocoa Association proposes directions and solutions to develop Vietnam's coffee industry in the coming years. Accordingly, 100% of varieties are replanted with high quality varieties and specialty coffee varieties; Encourage farms and production households to form cooperative groups and cooperatives to link with businesses in investing in developing raw material areas, purchasing input materials, and signing contracts to purchase coffee products. ; Strengthen the application of scientific and technical advances in farming and soil improvement to maintain soil physical and chemical properties, use water for irrigation appropriately, and reduce the use of chemical fertilizers; Promote the application of science and technology in coffee processing, increasing the proportion of wet processed coffee from the current 10% to 30%; The ratio of instant coffee and roasted ground coffee reaches 25% of output.