The price of coffee beans rose sharply due to global coffee supply problems and the falling dollar.
Recently, according to Nasdaq, coffee prices have risen sharply, with Robusta up 2.18% and Arabica up 3.17%, mainly due to global supply problems and a decline in the dollar.
On the Brazilian side, recently, Brazil is still affected by dry weather, with below-average rainfall in coffee-growing areas. Somar Meteorologia reported on Monday that the rainfall in the Brazilian state of Minas Gerais in the past week was only 29.4mm, 50 per cent of the historical average.
In addition, Brazil's port of Santo has more problems, according to the technology start-up of the logistics department ElloX Digital and the Brazilian Council of Coffee exporters (Cecaf é). The rate of change in stopovers and delays of coffee vessels in the port of Santos was 75% in February 2024. This situation will directly affect the company's delivery plan, and bring additional costs to exporters, further pushing up prices.
Separately, in February, the Fed's congressional hearing raised hopes for a cut in the dollar's base rate this year. The decline of the dollar will lead to the depreciation of the dollar, while the appreciation of the currencies of other countries will make imports more expensive, their exports will decrease, and the Brazilian currency, the real, will rise against the dollar, making the price of coffee higher.
In the case of Robusta, the tight supply of coffee in Robusta in Vietnam has led to a rise in the price of Robusta, which also affects the country's coffee exports. Although total coffee exports from January to February rose 16.2 percent year-on-year to 398000 metric tons, Vietnamese coffee exports fell 32.8 percent in February compared with January and 20.1 percent year-on-year to 160000 metric tons, according to the National Bureau of Statistics of Vietnam. In addition, the purchase price of Vietnamese coffee in the domestic market is constantly rising. recently, the Vietnam Coffee and Cocoa Association reported that the price of raw coffee in the central highland is about 91 million to 93 million dong / ton, higher than the previous record high of 90 million dong / ton.
The price of coffee in Brazil is US $2876 per ton, while the price of coffee in Vietnam is US $3450 per ton, and the price of Robusta in Vietnam is US $575 per ton higher than that of Brazil. Major traders have stepped up their efforts to buy coffee beans to protect inventories. Vietnamese purchasers and exporters said that because coffee beans are so scarce that they are difficult to buy, export delivery has been busy in the past few months, but since the beginning of the year, some contracts have been signed before, leaving traders busy buying coffee beans to fulfill their contracts and reduce losses.
At present, the good news is that according to a report released by the Foreign Agricultural Service (FAS) of the United States Department of Agriculture, world coffee production in 2023 will grow by 4.2% year-on-year to 171.4 million bags, of which Arabica coffee production will increase by 10.7%, but Robusta will fall by 3.3%.
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Don't throw it! Coffee grounds can still be used when thrown into the pot.
▲ Click to follow | Daily boutique Coffee Culture Magazine Coffee Workshop nowadays many people buy coffee machines, which not only satisfy the experience of making their own coffee, but also drink coffee that is more suitable for their own taste, but produce a lot of coffee grounds after each production. Some friends will refer to the popular coffee grounds on the Internet for reuse.
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Can the coffee shop afford only one employee now?
▲ Click to follow | Daily boutique Coffee Culture Magazine Coffee Workshop issues orders, catches the subway, and goes upstairs to work with a cup of coffee from the coffee shop in the office building. This should be an operation for many workers before they go to work. Therefore, for coffee shops set up in office areas and office buildings, the working hours of workers are also early in the shop.
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