Coffee prices continue to decline under the pressure of next year’s crop prospects in Brazil…
Robusta London chart January 1, 2023 as of November 8, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to fall deeply. Futures for delivery in January decreased by 20 USD to 1,831 USD/ton and term for delivery in March decreased by 17 USD to 1,816 USD/ton, significant reductions. Trading volume is below average.
Similarly, the price of Arabica coffee on the ICE US floor – New York also continued to decline. December spot futures fell another 4.10 cents to 166.45 cents/lb and March futures fell another 1.90 cents to 164.15 cents/lb, very significant reductions. Trading volume is very above average .
The price of green coffee beans today in the Central Highlands provinces decreased by 300-400 dong, down to the range of 40,400-40,900 dong/kg.
The price of coffee on the two exchanges continued to decline with the liquidation of positions, turning to net selling of funds and speculation, causing prices to fall deeply when it was reported that Arabica coffee growing areas in the southern state of Minas Gerais were continuously hit by hailstorms. , the damage has not been specifically surveyed but will reduce the potential output of the next crop is inevitable.
The European Parliament has passed a series of restrictive measures on the import of agricultural products related to deforested areas, including coffee. Meanwhile, the new Brazilian President, Luiz Inacio Lula da Silva will definitely return to the Amazon Foundation to limit deforestation, not expand agricultural areas at any cost like his predecessor. This forces agricultural producers in the world in general to pay attention to “sustainable production“.
According to Cecafé, the amount of coffee exported from Brazil to the European and North American markets accounts for nearly 75%, so the agricultural production “Environmental friendliness” is very interested in the Brazilian coffee industry today.
The General Statistics Office of Vietnam estimated that coffee exports in October reached about 80,000 tons, down 13.56% compared to the previous month, bringing coffee exports in the first 10 months of 2022 to be estimated at 1,421,000 tons (about 23 million tons). .68 million bags, 60 kg bags), an increase of 10.56% over the same period last year.
English (giacaphe.com)
