COFFEE & PEPPER Prices Steady on November 11, 2024

On November 11, 2024, the agricultural market in Vietnam continues to maintain high prices for two key commodities: coffee & pepper. Despite some fluctuations in the global market, the price of coffee remains stable compared to previous years, while the price of black pepper holds steady with little change from earlier days.

Coffee Prices on November 11, 2024: Fluctuations and the Impact of the U.S. Dollar

On November 11, 2024, domestic coffee prices remained stable, ranging from VND 106,500 to VND 107,200 per kilogram, with the highest price recorded in Dak Nong (VND 107,200 per kg). Compared to the previous week, coffee prices have increased by around VND 500 – 700 per kg, ending a five-week decline.

In the coffee-growing regions of the Central Highlands, prices also remained stable, with average buying prices ranging from VND 106,500 to VND 107,000 per kg in areas like Gia Lai, Dak Lak, and Kon Tum. Dak Nong recorded the highest price at VND 107,200 per kg.

In Lam Dong, coffee prices held steady at VND 106,500 per kg, with no significant fluctuations. The current coffee price situation is influenced by several factors, particularly the volatility of the U.S. dollar. When the U.S. dollar rises, coffee prices typically decrease, and vice versa. The local coffee market is also impacted by international factors such as export trends and the ongoing harvest season.

Global Coffee Market Trends

On the international market, coffee prices have shown some fluctuations. Specifically, on the London market, the price of Robusta coffee (for the January 2025 contract) slightly decreased to USD 4,376 per ton, down by USD 110 from the previous contract. Meanwhile, the price of Arabica coffee on the New York market decreased significantly on November 11, 2024, ranging from 249.30 to 253.10 cents per pound, down by about 2.5% from previous trading sessions.

The drop in Arabica coffee prices reflects global market changes, especially the impact of the U.S. presidential election results and the broader international economic situation. Experts predict that coffee prices will continue to be influenced by U.S. dollar fluctuations and geopolitical factors in the coming months.

Global Coffee Exports

According to the International Coffee Organization (ICO), global coffee exports in September 2024 rose by 25% compared to the same month last year, reaching 10.76 million bags. Notably, exports from major coffee-producing countries such as Brazil and Vietnam saw significant growth. Coffee exports from South America surged by 30.8%, totaling 66.13 million bags in the 2023/2024 season, up 30.7% from the previous year.

However, despite the strong growth in global exports, coffee prices are still impacted by domestic and international supply-demand factors. Robusta coffee from Vietnam continues to maintain high prices, particularly as supplies from major producing countries like Indonesia and Vietnam are unable to meet global demand.

Black Pepper Prices on November 11, 2024: Stable and High

Similarly to coffee, the price of black pepper in Vietnam on November 11, 2024, showed little change. The price of black pepper remained high, ranging from VND 139,500 to VND 141,200 per kilogram, with the highest price recorded in Dak Nong (VND 141,200 per kg). Prices in the Central Highlands and Southeast regions remained stable, with Dak Lak and Gia Lai maintaining prices between VND 140,000 and VND 141,000 per kg.

The stability in black pepper prices is a result of Vietnamese farmers increasingly focusing on holding back stock to sell when the prices are favorable. This approach has allowed farmers to become more independent in determining the right time to sell, reducing their reliance on traders and middlemen. Experts believe that farmers’ decision to hold back product from immediate sale after harvest is helping to maintain higher prices, thereby contributing to a stable local pepper market.

Global Black Pepper Market: Stability and High Prices

On the international market, Vietnam’s black pepper continues to maintain high prices. Specifically, black pepper of 500 g/l grade is trading at around USD 6,500 per ton, while white pepper is priced at USD 9,500 per ton. These prices reflect a shortage in supply, while demand from major markets such as the U.S. and Europe remains steady.

According to the International Pepper Community (IPC), the price of black pepper from Lampung, Indonesia, was recorded at USD 6,706 per ton in the most recent trading session, while white pepper from Muntok reached USD 9,180 per ton. Other producing countries like Brazil and Malaysia also have high pepper prices, with Brazil’s ASTA 570 black pepper at USD 6,300 per ton and Malaysia’s ASTA black pepper at USD 8,500 per ton, while white pepper from Malaysia stands at USD 11,000 per ton.

This indicates that global demand for pepper remains stable, especially from large consuming markets. Vietnamese farmers have adopted smarter production and selling strategies, contributing to the higher profitability and stability of the pepper industry.

New Trends in Agricultural Production: Self-Sufficiency and Price Control

In recent years, coffee and pepper farmers in Vietnam have begun changing their production and consumption patterns. Rather than selling all their products immediately after harvest, many farmers are choosing to hold back stock to sell at a later time when prices are higher. This strategy not only helps farmers increase profits but also reduces the risks associated with price fluctuations.

Additionally, many farmers are adopting new technologies in production and harvesting, such as smart irrigation systems and organic farming methods, which help improve product quality and minimize environmental impact. These changes are helping create a more stable coffee and pepper market, while also ensuring Vietnam’s continued position as one of the world’s leading coffee and pepper exporters.

Conclusion

The agricultural prices on November 11, 2024, show stability in the coffee and black pepper markets, despite international factors like the U.S. dollar fluctuations, the U.S. election results, and global supply-demand dynamics. However, with farmers becoming more proactive in holding back stock and selling at the right time, the domestic market for both coffee and black pepper is likely to remain stable and high in the coming months.

Both coffee and black pepper are priced higher compared to previous years, presenting a good opportunity for producers and exporters. However, to maintain stability and sustainable growth, adopting new technologies and proactively adjusting production strategies will be key in maintaining Vietnam’s leadership in the global agricultural market.

Mỹ Mỹ

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