Vietnam's coffee harvest near 30 percent finished 2011-2012 : Vietnam has picked up to 30 percent of its 2011/2012 coffee crop but trading was slow with domestic prices holding on par with London futures, while exporters sought selling prices above foreign buyers' bids, traders said on Tuesday.
Buying demand remains slow as buyers wait for prices to soften when the harvest peaks from early next month, traders said.
Vietnam is the world's largest producer of robusta, used mainly for making soluble coffee.
"Buyers are not yet willing to buy now," a Vietnamese exporter said.
"New beans have not arrived much yet because sunny days started only seven to eight days ago."
Prices in the central highland province of Daklak stood at 38.2-38.4 million dong per tonne ($1,818-$1,828), against 37.8-38.5 million dong a week ago.
Daklak is Vietnam's largest coffee growing province, producing a third of the country's total coffee.
Two traders working for foreign firms said farmers may have harvested 20-30 percent of the 2011/2012 crop, while the exporter told Reuters that just 5 percent has been picked.
"Around 25-30 percent of the crop has been picked, but that is about cherries being picked, while the beans that went through processing and now ready for loading are around 10-15 percent of the crop," one trader said.
Fresh supplies would rise after December 10 along with the harvest peak, said the exporter based in Ho Chi Minh City.
Exporters sought to sell robusta grade 2, 5 percent black and broken at discounts of $20-$25 a tonne to London's March contract, which closed at $1,905 a tonne on Monday.
The offers meant $1,880-$1,885 a tonne on free-on-board (FOB) basis.
Buyers were reluctant to take the fresh beans now, anticipating prices to soften in two weeks, but indicative bids were at a level on par with London's January contract, which finished down $9 at $1,871 a tonne.
"Prices do not match yet so trading is slow," the second trader said.
Trading firms have arrived to seek beans to ship to Indonesia as of last month, but low stocks put a cap on sales even though buyers wanted to pay premiums for Vietnamese beans, traders in Vietnam said.
They did not have any loading volume estimates.
Traders have forecast November coffee shipment to rise to 50,000-75,000 tonnes, from 30,000 tonnes estimated in October loading.
Given the thin stock now, up to half the loading volume this month would be beans from the previous crop, traders said.
Vietnam's coffee crop year lasts from October to September, starting with the harvest that often ends in late January.
Traders said the quality of new beans has been good, playing down reports that farmers have rushed to pick cherries so as to avoid theft, which could lead to lower bean quality.
Output of the 2011/2012 crop would rise 13.5 percent from the previous season to 21 million bags, based on a Reuters poll.
Buying demand remains slow as buyers wait for prices to soften when the harvest peaks from early next month, traders said.
Vietnam is the world's largest producer of robusta, used mainly for making soluble coffee.
"Buyers are not yet willing to buy now," a Vietnamese exporter said.
"New beans have not arrived much yet because sunny days started only seven to eight days ago."
Prices in the central highland province of Daklak stood at 38.2-38.4 million dong per tonne ($1,818-$1,828), against 37.8-38.5 million dong a week ago.
Daklak is Vietnam's largest coffee growing province, producing a third of the country's total coffee.
Two traders working for foreign firms said farmers may have harvested 20-30 percent of the 2011/2012 crop, while the exporter told Reuters that just 5 percent has been picked.
"Around 25-30 percent of the crop has been picked, but that is about cherries being picked, while the beans that went through processing and now ready for loading are around 10-15 percent of the crop," one trader said.
Fresh supplies would rise after December 10 along with the harvest peak, said the exporter based in Ho Chi Minh City.
Exporters sought to sell robusta grade 2, 5 percent black and broken at discounts of $20-$25 a tonne to London's March contract, which closed at $1,905 a tonne on Monday.
The offers meant $1,880-$1,885 a tonne on free-on-board (FOB) basis.
Buyers were reluctant to take the fresh beans now, anticipating prices to soften in two weeks, but indicative bids were at a level on par with London's January contract, which finished down $9 at $1,871 a tonne.
"Prices do not match yet so trading is slow," the second trader said.
Trading firms have arrived to seek beans to ship to Indonesia as of last month, but low stocks put a cap on sales even though buyers wanted to pay premiums for Vietnamese beans, traders in Vietnam said.
They did not have any loading volume estimates.
Traders have forecast November coffee shipment to rise to 50,000-75,000 tonnes, from 30,000 tonnes estimated in October loading.
Given the thin stock now, up to half the loading volume this month would be beans from the previous crop, traders said.
Vietnam's coffee crop year lasts from October to September, starting with the harvest that often ends in late January.
Traders said the quality of new beans has been good, playing down reports that farmers have rushed to pick cherries so as to avoid theft, which could lead to lower bean quality.
Output of the 2011/2012 crop would rise 13.5 percent from the previous season to 21 million bags, based on a Reuters poll.
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