Coffee sales in Vietnam are slow compared to last year, as growers hold out for higher prices for the smaller crop, according to a survey of shippers and traders compiled by Bloomberg.
The survey suggests that sellers in Vietnam have moved some 570,000 metric tons of coffee, representing approximately 45 percent of the harvest, which the survey also says may be down 15 percent to 1.41 million bags this year.
“Farmers are holding back in anticipation that prices will rise after Tet, especially with a smaller harvest,” Mai Ky Van, deputy director at October Coffee-Cocoa One Member Ltd., told Bloomberg “They had a good crop last year so they have the financial resources to do so.”
Vietnam remains the world’s largest robusta producer.
The full story: Bloomberg