Coffee Farmers in Vietnam Accelerate Sales Amid Severe Drought
- Growers need to irrigate amid worst drought in 30 years
- Futures reached 11-week high in March, spurring sales
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Coffee growers in Vietnam, the biggest producer of robusta beans, sold beans at the fastest pace in two years to help pay for irrigation amid the worst drought in 30 years.
Growers sold 930,000 metric tons, or 58 percent of the current crop, at the end of March, according to a Bloomberg News survey of seven traders. That’s the fastest pace for the time of year since 62 percent in 2014 and compares with 49 percent a year earlier. This season’s output probably totaled 1.6 million tons, same as last year’s, according to the survey.