Coffee Prices Plummet Amidst Unfavorable Weather Conditions

The domestic coffee market has witnessed a significant decline in prices, with a drop of 2,000-2,200 VND/kg, ranging from 119,500 – 120,000 VND/kg. The average purchase price in the Central Highlands provinces stands at 119,800 VND/kg, with the highest purchase price recorded in Dak Nong, Dak Lak, Kon Tum, and Gia Lai at 120,000 VND/kg.

Specifically, the coffee purchase price in Gia Lai province (Chu Prong) has decreased to 120,000 VND, down 2,000 VND/kg compared to the previous day. In Pleiku, the price stands at 119,900 VND/kg. Kon Tum province has also seen a decline, with coffee being purchased at 120,000 VND/kg, down 2,100 VND/kg compared to the previous day. Dak Nong province has witnessed a similar decrease, with coffee being purchased at 120,000 VND/kg, down 2,100 VND/kg.

In Lam Dong province, the price of green coffee beans in districts such as Bao Loc, Di Linh, and Lam Ha has decreased to 119,500 VND/kg, down 2,200 VND/kg compared to the previous day. Dak Lak province has also seen a decline, with coffee being purchased at 120,000 VND/kg in Cu M’gar district, down 2,100 VND/kg, and 119,900 VND/kg in Ea H’leo district and Buon Ho town.

The recent Storm No. 4 has brought moderate to heavy rain and thunderstorms to the Central Highlands, with some areas experiencing very heavy rain. This weather pattern is expected to affect coffee growing areas right before the new harvest season, which is forecast to begin in October 2024.

Farmers in some areas have noticed an unusually early ripening of coffee, which may be affected by the severe weather and continuous rain and storms. This could potentially delay the coffee harvest, leading to a decrease in supply.

The weather forecast remains unfavorable, with prolonged rain and storms expected to hinder the coffee harvest. Notably, coffee prices have skyrocketed this year, reaching an unprecedented peak right before the harvest season.

The Import-Export Department (Ministry of Industry and Trade) forecasts that Vietnam’s coffee exports will continue to decrease in the remaining period of the third quarter due to low supply.

Author: Thanh Hai