Vietnam's October coffee shipment stable, prices drop
HANOI (October 06, 2010) : Vietnam's coffee export loading this month is expected to change little from last October, while lower global prices put trading on hold in the country on Tuesday, traders said. Exporters stopped making quotations after London robusta futures prices fell on Monday, with the January contract tumbling $89 to conclude at $1,661 per tonne.
Before the London market closed, exporters offered discounts to January at $115-$120 a tonne, softening from $120-$130 last week, while bids stood at $140-$145 a tonne. Robusta grade 2, 5 percent black and broken dropped to $1,515-$1,545 a tonne, free-on-board basis, for loading from December, from $1,635-$1,645 last Tuesday.
"There were no transactions for outright shipment," a trader in Ho Chi Minh City said. Vietnamese exporters said they expected to trade in fresh beans in December, the month they have proposed to the agriculture ministry and the government for the start of a stockpiling plan. Officials at the Vietnam Coffee and Cocoa Association said there was no government word yet on the plan, which aims to set aside between 300,000 tonnes and 500,000 tonnes of beans for six months to stabilise domestic prices.
OCTOBER LOADING Coffee export loading this month is expected to be between 45,000 tonnes and 55,000 tonnes, or 750,000-917,000 bags, against 55,000 tonnes shipped in the same month last year, traders said. The shipment in October, the first month of the 2010/2011 coffee crop year, is important for assessing the size of Vietnam's stock carried over from its previous season as harvesting will not start until late this month.
Coffee exports last month were also estimated at 917,000 60-kg bags, a rise of 14.6 percent from the same month in 2009, the General Statistics Office has said. The carryover stock, now held by farmers and exporters, could have halved to 1 million bags from 2.0 million to 2.3 million bags last October, a Vietnamese exporter in the central highland province of Daklak said.
But traders at foreign companies in Ho Chi Minh City said estimates of 1 million bags in stock were too high. One said there could be as few as 500,000 bags now available for export. In general, Vietnam does not export fresh beans in October before the harvest kicks in. Farmers and exporters often use the beans brought from the previous crop for loading this month and blend it with the new beans in the first half of November.
Low stocks in Vietnam are part of a global picture in which the world starts its new 2010/2011 crop year this month with 11.7 million bags, a drop of 44 percent from 20.9 million bags last year, the International Coffee Organisation said.
Before the London market closed, exporters offered discounts to January at $115-$120 a tonne, softening from $120-$130 last week, while bids stood at $140-$145 a tonne. Robusta grade 2, 5 percent black and broken dropped to $1,515-$1,545 a tonne, free-on-board basis, for loading from December, from $1,635-$1,645 last Tuesday.
"There were no transactions for outright shipment," a trader in Ho Chi Minh City said. Vietnamese exporters said they expected to trade in fresh beans in December, the month they have proposed to the agriculture ministry and the government for the start of a stockpiling plan. Officials at the Vietnam Coffee and Cocoa Association said there was no government word yet on the plan, which aims to set aside between 300,000 tonnes and 500,000 tonnes of beans for six months to stabilise domestic prices.
OCTOBER LOADING Coffee export loading this month is expected to be between 45,000 tonnes and 55,000 tonnes, or 750,000-917,000 bags, against 55,000 tonnes shipped in the same month last year, traders said. The shipment in October, the first month of the 2010/2011 coffee crop year, is important for assessing the size of Vietnam's stock carried over from its previous season as harvesting will not start until late this month.
Coffee exports last month were also estimated at 917,000 60-kg bags, a rise of 14.6 percent from the same month in 2009, the General Statistics Office has said. The carryover stock, now held by farmers and exporters, could have halved to 1 million bags from 2.0 million to 2.3 million bags last October, a Vietnamese exporter in the central highland province of Daklak said.
But traders at foreign companies in Ho Chi Minh City said estimates of 1 million bags in stock were too high. One said there could be as few as 500,000 bags now available for export. In general, Vietnam does not export fresh beans in October before the harvest kicks in. Farmers and exporters often use the beans brought from the previous crop for loading this month and blend it with the new beans in the first half of November.
Low stocks in Vietnam are part of a global picture in which the world starts its new 2010/2011 crop year this month with 11.7 million bags, a drop of 44 percent from 20.9 million bags last year, the International Coffee Organisation said.
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