US$143m windfall for tobacco farmers, as average price rises 13pc
Business Reporter
TOBACCO farmers have pocketed US$143 million from the sale of 41 million kilogramme of flue-cured tobacco at both the auction and contract floors, as trading entered Day 17 with the average price rising by 13 percent.
Statistics from Tobacco Industry and Marketing Board (TIMB) show that farmers have so far pocketed US$143 247 209 against last year’s US$96 364 470 marking a giant leap of 49 percent.
In volume terms there was a 27 percent increase from 32 284 394 to 41 015 947 kilogrammes.
Contract floors account for 94 percent of the tobacco volumes after taking delivery of 38 432 613 kilogrammes while their auction counterparts stand at six percent with 2 583 334 kilogrammes.
Farmers have earned US$9 251 270 and US$133 995 940 under the auction and contract system respectively.
The average auction price has surged 16 percent from US$3, 09 per kilogramme on Day 1 to the current US$3, 58 while contract floors recorded a 13 percent rise from US$3, 09 by Day 2 to US$3, 49 by Day 17.
This year’s average auction price is higher than that for contract sales at US$0, 09.
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