agricultural-price

Latest Agricultural Product Prices as of August 1, 2024

Agricultural product prices on August 1, 2024: Coffee prices slightly increased, and pepper prices remained unchanged. Let’s update the global coffee and pepper market prices with VietGlobal Export in this article below!

Coffee Prices Experience a Slight Decline

As of August 1, 2024, coffee prices have slightly declined across two major trading platforms:

  • On the ICE Futures Europe exchange, Robusta coffee for September 2024 delivery decreased by 1.03%, settling at $4,222 per ton.
  • Similarly, on the ICE Futures US exchange, Arabica coffee for September 2024 delivery fell by 0.91%, down to 228.70 US cents per pound.

In contrast, domestic coffee prices in Vietnam have remained relatively stable compared to global prices. The downward trend in global coffee prices, particularly for Arabica, is attributed to the ongoing harvest progress of the new crop season in Brazil.

As of August 1, 2024, coffee prices have slightly declined

According to Safras & Mercado, as of July 26, Brazil had completed 81% of its coffee harvest for the 2024/2025 season, a pace faster than last year’s 74% and the five-year average of 77%. Specifically, Brazil has finished harvesting 75% of its Arabica coffee, compared to 65% at the same time last year and the five-year average of 69%. For Robusta coffee, 95% of the new crop has been harvested, surpassing last year’s 89% and the five-year average of 93%.

The increased stockpiles on the two main trading platforms have also contributed to the downward pressure on global coffee prices.

In Vietnam, according to the General Department of Vietnam Customs, coffee exports in July 2024 reached 70,000 tons, a decrease of nearly 36% compared to the same period in 2023. Over the first seven months of 2024, Vietnam’s coffee exports totalled 964,000 tons, down nearly 14% year-on-year. However, export turnover rose by 31% to $3.54 billion, thanks to high coffee prices maintained since the beginning of the year.

Pepper Prices Remain Stable

According to the latest update from the International Pepper Community (IPC), pepper prices have shown minor fluctuations. Indonesia’s black pepper prices increased slightly, Brazil’s prices saw a minor decrease, while Malaysia’s prices remained unchanged. Vietnamese pepper prices have stayed stable.

Pepper prices have shown minor fluctuations

At the close of the most recent trading session, IPC listed the following prices:

  • Lampung black pepper from Indonesia: $7,150 per ton, up by 0.17%
  • Muntok white pepper from Indonesia: $8,761 per ton, up by 0.16%
  • Brazilian ASTA 570 black pepper: $6,850 per ton, down by 1.45%
  • Malaysian ASTA black pepper: $7,500 per ton, unchanged
  • Malaysian ASTA white pepper: $8,800 per ton, unchanged
  • Vietnamese black pepper (500 g/l): $6,000 per ton, unchanged
  • Vietnamese black pepper (550 g/l): $6,600 per ton, unchanged
  • Vietnamese white pepper: $8,800 per ton, unchanged

The latest update from the International Pepper Community (IPC)

The recent rise in pepper prices is due to demand outpacing supply. In the long term, the demand for spices is expected to increase. However, Vietnamese pepper production faces challenges as many pepper plants are ageing, and current prices have not incentivized farmers to increase pepper cultivation, preferring more profitable crops like durian, passion fruit, and coffee.

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