Coffee harvest hits 70 percent of production

The harvest of coffee reportedly has reached 70 percent of total production while the price of coffee bean in Southeast and Highland provinces slightly rose to roughly VND40 million per ton after dropping continually for nearly a week.
 
In some places, rains caused by storm in the past few days have stimulated flowering for the next crop much earlier. Many farmers reported a drop in production this crop, thus, the fear of bad harvest for the crop of the 2015-2016 grows bigger. This year, banks are expected to provide looser policies for loans to prevent farmers from selling their stocks heavily at the beginning of the crop so as to prevent losing pressure on coffee price.
 
According to coffee exporters in Southeast region, Vietnamese farmers have not earned any profits with this price level. However, from now to the end of the crop of 2014-2015, the price is expected to rebound to above VND40 million per ton, when the supply from the largest coffee producer, Brazil, is supposed to fall sharply due to drought.

By Duc Trung – Translated by Thuy Doan

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