Coffee Farmers in Vietnam Curbing Sales From Record Harvest
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Coffee farmers in Vietnam, the biggest producer of robusta beans used by Nestle SA in instant drinks, are limiting sales from a record harvest before the Tet Lunar New Year festival as they expect higher prices.
Growers will sell 33 percent of their beans before the holiday starts on Jan. 28 compared with an average 43 percent in the past five years, according to the median of 12 trader and analyst estimates compiled by Bloomberg. Farmers have sold 25 percent of this year’s 1.7 million-metric ton crop as of now from 33 percent a year ago, the survey showed. Growers usually accelerate sales to raise cash before the Tet holiday.