Coffee growers in Vietnam, the world’s largest producer of the robusta variety, harvested about 20 percent of the crop for the 2011-12 season started last month, according to Archer Consulting.
Farmers in the Southeast Asian nation are drying beans and increasing sales after rains delayed the start of harvesting, Volcafe, the coffee unit of commodities trader ED&F Man Holdings Ltd., said in a weekly report e-mailed Nov. 11.
“It seems that the first beans that will hit the market will be delivered to traders that have been waiting to receive the product for some months,” Rodrigo Costa, a coffee specialist, wrote in a report for Sao Paulo-based Archer e- mailed yesterday. Costa is also a director at Tangara Importadora e Exportadora SA, an import and export company in the food industry.
Vietnamese exporters delayed or canceled as much as 60,000 metric tons of coffee shipments in June and July, Jan Luehmann, head of trading at Sucafina SA, a Geneva-based coffee trader with offices in Vietnam, said in July.
Coffee exports from the Southeast Asian nation rose 17 percent in October from a month earlier to 31,849 tons, according to a report posted on Vietnam’s General Customs website today. The nation’s crop will be a record 22 million bags, up from 20 million bags in 2010-11, Volcafe estimated in its latest quarterly report.
Robusta for January delivery rose 1.1 percent to $1,871 a ton by 9:14 a.m. on NYSE Liffe in London. Prices are down 11 percent this year.
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