Flue-Cured Tobacco Sales Up

Source from:  The Herald 07/15/2009

EARNINGS from flue-cured tobacco sales have topped US$110 million as deliveries to the country's three auction floors continue to firm. According to latest statistics released by the Tobacco Industry and Marketing Board, US$113,1 million has been realised from tobacco sales since the beginning of the season in May. The earnings realised so far compare favourably with US$92,5 million that was earned during the same period last year. The US$113,1 million was realised from the sale of 38,1 million kg at an average price of US$2,96 per kg. The amount of tobacco sold so far was an improvement on the 29,1 million-kg that was sold at the same time last season at an average price of US$3,17 per kg. The total number of bales laid to date amounted to 490 624 and of these 452 541 went under the hammer. During the corresponding period 367 548 were laid and of these 348 981 were sold. Most of the tobacco sold so far has been under contract where prices being offered at US$2,98 per kg have a slight edge over those that are being offered for individual sales at US$2,92 per kg. A total of US$73,1 million was realised from the sale of 24,5 million kg under contract sales while US$39,9 million was realised from the sale of 13,6 million kg under individual sales. In terms of individual sales, Tobacco Sales Floor grossed US$16,6 million from the sale of 5,5 million kg at an average price of US$2,97 per kg while Burley Marketing Zimbabwe had US$11,6 million from the sale of 3,8 million kg at an average price of US$3. Zitac, which is offering the least prices at US$2,77 per kg, sold 4,1 million kg of tobacco worth US$11,6 million. A total of 42 million kg is expected to be delivered before the end of the season. Enditem