MILAN – Coffee futures prices edged up yesterday on shrinking inventories and a stronger real, which received an additional boost from the approval of the fiscal framework in Congress. ICE Arabica’s main contract for December delivery gained 40 points to end the day marginally up at 154.30 cents per lb.
Robusta coffee futures prices for of the main contract for November delivery rose slightly (+$4) to settle at $2,406. The front month closed lower due to rollover into November contracts, with Friday being the first notice day for September Robusta futures.
The coffee harvest in Brazil is coming to an end, benefited by dry weather, reports Safras in its latest update. The weekly monitoring indicates that until August 22, the country had reaped 95% of the 23/24 crop, which corresponds to an advance of 4% over the previous week.
The Arabica harvest is 93% complete. The good quality of beans and cup reinforces the positive aspects of the crop, says the Brazilian consultancy. The Conillon harvest is finished.
The fundamental attention must now shift to the rain in September and October and the development of Brazil’s 2024 crop blossoming.
Climate models keep indicating that rainfall should arrive earlier in Brazil this year and with good accumulated volume, especially in the months of October and November, which should result in good blossoming again, concludes Safras.
Vietnam’s coffee industry must take action immediately to prevent forest loss and avoid another “yellow card” warning from the EU as with the fisheries sector over illegal, unreported and unregulated (IUU) fishing, said Director of the National Agricultural Extension Centre (NAEC) Le Quoc Thanh, reports VNA.
He made the remarks while addressing a seminar held in Da Lat city, the Central Highlands province of Lam Dong, on August 24 to discuss the role of community-based agricultural extension in deforestation-free coffee production.
At the event, nearly 200 experts and coffee farmers looked into the compliance with the European Union’s Deforestation Regulation (EUDR), which was adopted by the European Parliament in April 2023, entered into force in June 2023, and will be applied to major companies from December 2024.
