(Bloomberg) — Coffee exports from Vietnam, the world’s top robusta grower, are set to keep falling as inventories dwindle and slumping prices lead farmers to hoard supplies.
Local growers and middlemen probably held onto 5% of the crop, or 85,000 tons, as of mid-September, according to the median estimate of eight traders surveyed by Bloomberg. Shipments are likely to continue falling through next month, said Le Tien Hung, chief executive officer at Vietnam’s No. 2 exporter Simexco Daklak.
Farmers have been holding onto stocks to avoid selling at a time when prices are trading near a nine-year low.