THE BENNETTS MONTHLY OCTOBER '24

Marketing - HAB
4 October, 2024

All things Bennetts and Coffee...

Welcome to the October Edition of our Coffee Newsletter!  

The start of this month marks the “Coffee New Year”, and we are kicking off with a sense of renewal!
We’re brewing up exciting news as we prepare for our upcoming trip to Colombia, whilst gearing up to get involved in some industry events. It’s a jammed packed month ahead of travel, networking, and strategic focus, so we can’t wait to share everything we have in store for you!

MARKET REPORT 

If any of these terms in the market report are confusing, we urge you to use Investopedia to make sense of them. We have found it to be a brilliant tool when learning about all things trading, futures and currency.

Another month gone, and that’s three quarters of the year already done and dusted… time flies when you’re ducking for cover! September went pretty much as anticipated, with prices for both robusta and arabica reaching (yet again) new highs as the coffee industry waited in vain for the advent of the rainy season in Brazil.  
 
Prices continued to ratchet up with every passing day of blue skies and extremely hot weather across all coffee production areas, as the Arabica December contract maxed out at 275c/lb, while the Robusta November contract set a new all-time high USD 5575/T.   
 

September Arabica NY C Graph 2024


  
Robusta London Market Graph September 2024


In a “normal” year, dry weather in September for Brazil is not of great concern, but this year as the dry period started a good month earlier than usual, the soils were particularly parched and in need of good rains. There were some patchy rains here and there towards the end of last month, and more is expected starting over the next week, which took some of the pressure out of the market. 
 
Hopefully there won't be too much lasting damage to what up until recently was expected to be a quite a bumper crop. Of course, following the initial rains, we need follow up rains to set the fruit on the plant, then more rains to help it grow... so we’re not out of the woods quite yet, and should still expect some volatility in the coming months should things not be picture-perfect from hereon in.  
 
The other factor that has helped prices subside just recently is the potential for the European Commission to delay the full implementation of the upcoming EUDR (European Union Deforestation Regulation), in response to calls from global stakeholders - read about it here 

This means that at least for the next year or so, more coffee could be available to enter the European market, hence relieving pressure from the supply chain to meet the European market’s demand.  

Regardless of the rains in Brazil, prices overall will continue to be strongly supported for the foreseeable future by a very tight global robusta supply, as Vietnam will not have a stellar crop this season by any stretch of the imagination. 

HEADING TO COLOMBIA

This month, the Bennetts Team is preparing for another exciting origin trip—this time to the beautiful and diverse coffee regions of Colombia! Following our memorable visit in 2022, we are thrilled to reconnect with this vibrant coffee-growing country and the incredible communities that make it so special.

Our journey to Colombia is about more than just sourcing exceptional coffee. It’s an opportunity to strengthen the relationships we’ve built with our long-standing supplier partners, many of whom we've worked with for years. We’ll be the learning directly from the producers about the latest advancements in sustainable farming, including innovative processing techniques that help improve both quality and yield, while also adapting to the ongoing environmental challenges affecting the region.

This year we’ll also be attending the Farm Summit - Producer Roaster Forum in Santander. The Forum provides an academic focus for both producers and roasters with regards to regenerative farming, climate change and crop yield improvement. At the local level this forum will unite coffee professionals with a view to revolutionise and protect the industry with practical measures that go beyond political agendas.

We’re looking forward to sharing our findings from this trip — so stay tuned for updates, stories, and glimpses in the coming month.


Colombia Origin Trip 2022


GOLDEN BEAN 2024

We are excited to announce that Bennetts is an official sponsor of the Golden Bean Australasia 2024, the world’s largest coffee roaster competition, taking place from October 15th to 19th at Saint David Dairy, located at 6-18 St David St, Fitzroy, Victoria. This event has been a cornerstone of the coffee industry for over two decades, offering a platform for roasters, suppliers, and industry professionals to come together, compete, and connect.

This year, we are looking forward to being a part of the Green Bean Zone, where on Saturday, October 19th, coffee roasters and attendees will have the opportunity to try a curated selection of our offerings from a range of origins with a special focus on our Swiss Water offerings!

We look forward to meeting with roasters and industry professionals during the event and sharing our passion for coffee. For those who have a ticket to the Golden Bean please join us on Saturday for an exciting opportunity to experience the remarkable coffees we have to offer and the chance to win some prizes.

If you would like to purchase a ticket, you can head to the Golden Bean website here

CGLE FLIGHT OF FLAVOURS 2024 CUPPING EVENT

This month we are delighted to announce that we will be hosting a Café Granja La Esperanza (CGLE) ‘Flight of Flavours’ cupping event at the Bennetts HQ in Melbourne. This is your opportunity to cup these amazing microlots before they go to auction later this month. We look forward to welcoming you for an enjoyable evening and to catch up with friends old and new.

This is a (free) ticketed event; however, spaces are limited!
If you don’t want to miss out, secure your ticket here

Event Details
Date: Tuesday 15th of October
Location: Bennetts HQ – 2/2 Walton Street Kew
Time: 4-6pm
Other Details: Light refreshments provided by us. Cupping will take place shortly after 4pm, so please be sure to arrive on time.

How to Bid:

  • Auction begins Tuesday 22nd October 11pm AEST
  • Head to cafegranjalaesperanza.com
  • Click the ‘Auction 2024’ Tab to view the sample details
  • Either Login / or Register your account 
  • Accept the bidding agreement
  • Wait for your account approval
  • After the auction closes CGLE will be in contact to arrange direct payment, contracts and freight
  • For further details see the “how to bid” tab of the auction website


COFFEE NEW YEAR

As we welcomed the Coffee New Year on October 1st, we take a moment to reflect on the past year's challenges and successes within the world of coffee. The 2023/24 season was filled with memorable moments—from exciting trips to origin, to forging deeper connections with our customers, producers, and partners worldwide.

As we reflect, it's important to acknowledge the climate challenges that shaped the 2023/24 season. Producers worldwide faced unpredictable conditions, with higher-than-normal temperatures impacting Brazil, leading to concerns over coffee flower development. In India, heavy rains disrupted harvests, affecting both quality and yield. Vietnam experienced prolonged droughts, straining irrigation systems and reducing production volumes. Despite these adversities, the resilience of farmers and the broader coffee community shone through.

Looking ahead, the 2024/25 crop year holds great promise. We're eager to explore new origins, experiment with emerging processing methods, and continue supporting the incredible cooperatives and farmers that make our work possible. Whether it's attending global coffee events, participating in cupping sessions, or simply having meaningful conversations with suppliers, we remain committed to growing our knowledge and strengthening our relationships across the supply chain.

As always, our focus on quality, sustainability, and community drives us forward. We're excited to continue building on these values in the months ahead and to see how this new chapter in the coffee calendar unfolds.


Coffee seedlings at YCFCU Seedling Nursery - Ethiopia - 2023


STRATEGY DAY CLOSURE

Please be advised that our office will be closed on Friday the 11th of October all Bennetts Staff will be offsite for a company Strategy Day.

There will be no despatches on this day. Please ensure orders are placed by 12:30pm on Thursday 10th October, for despatch on Monday the 14th of October.

If you have any queries, please contact your Bennetts Account Manager, or our office on (03) 9853 0328.

 
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