Tobacco Farmers Face $56 Million in Lost Profits Due to 2007 Crop Reductions

Source from:  TILLSONBURG, Ont. (CP) 07/06/2007

Ontario tobacco farmers are facing an almost 50 per cent loss in growable crops this year after today's release of the 2007 crop agreement. The crop deal, between the Ontario Flue-Cured Tobacco Growers' Marketing Board and the Tobacco Advisory Committee, calls for a 2007 crop size of 32 million pounds. That's a 43 per cent drop from the 2006 crop size. Growers board chairman Fred Neukamm says with the reduction, growers are looking at $56 million less profitability than the gross value of last year's crop. Tobacco farmers have said they want to stop growing their crop, and both federal and provincial governments have made it clear they want the farmers to help fuel the province's green revolution. However, the board is still awaiting word on a proposed $1-billion exit plan. Enditem