This year's increased pace of harvesting in a top grower of coffee beans is influencing the nation to temper sales as a method of pursuing higher prices of the soft commodity, according to Bloomberg.
Farmers in Vietnam have collected roughly 75 percent of the robusta crop, which equals 1.1 million metric tons, yet they have sold about 360,000 tons, according to estimates of shippers and traders polled by the news service. By the end of June 2013, robusta prices are forecast to surge 14 percent to $2,150 per ton, according to another survey.
"We don't see any more panic selling like in the past," chief representative Alexander Gruber with commodities group Tong Teik in Vietnam told the news source earlier this month during an industry conference. "Today farmers sit there and at least every day they have 10 traders or middlemen knocking on their door asking for coffee."
At 9:02 a.m. on Wednesday, coffee futures fell 0.84 percent, a 0.0125 cent loss to $1.4825 per pound.
The Business Recorder reports Arabica coffee futures hovered near their lowest value in roughly 30 months.
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