World coffee news on December 24: Coffee output forecast for 2024/25 crop year continues to decrease by about 5%

Published Dec 24, 2024

Tridge summary

Coffee prices on the world market rose ahead of the Christmas holiday, with Robusta futures for March 2025 increasing by 0.1% to 5,008 USD/ton, and Arabica futures for the same period rising by 0.7% to 327.25 US cents/lb. The Vietnam Coffee and Cocoa Association (VICOFA) predicted that Vietnam's coffee production could reach about 1.6 million tons, while domestic consumption is expected to reach 270,000 - 300,000 tons, potentially impacting export supply. VICOFA Chairman, Mr. Nguyen Nam Hai, anticipated that coffee prices would adjust but not significantly drop, citing high freight rates, geopolitical tensions, and reduced output due to climate change as supporting factors. Vietnam's coffee exports in November 2024 saw a significant decrease, and the market is closely watching the outlook for next year's coffee crop in Brazil, with concerns over a potential decline in output due to a drought.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the world market, coffee prices on both exchanges increased before the Christmas holiday. Robusta futures for March 2025 on the London exchange increased by 6 USD, equivalent to 0.1%, to 5,008 USD/ton. Arabica futures for the same period on the New York exchange increased by 2.25 cents/lb, equivalent to 0.7%, closing at 327.25 US cents/lb. Highlights: - The Vietnam Coffee and Cocoa Association (VICOFA) said that Vietnam's coffee output this crop year is expected to reach about 1.6 million tons. Vietnam's domestic coffee consumption is forecast to reach 270,000 - 300,000 tons. The increase in domestic demand combined with low production output could significantly affect the supply of raw materials for export. - Mr. Nguyen Nam Hai, Chairman of the Vietnam Coffee and Cocoa Association (VICOFA), said that the order situation of export enterprises is also facing difficulties. The Chairman of VICOFA believes that coffee prices may adjust in the coming time but will not fall too ...

Source: Vinanet