Zimbabwe: 59,810KG of Tobacco Go Under the Hammer

Source from:  The Herald 02/24/2010

A total of 59 810kg of tobacco valued at US$187 890 went under the hammer during the first two sales of the 2010 tobacco marketing season held on Tuesday and Thursday last week. The average price of US$3,14 per kg was higher than last year's US$2,98 per kg. Of the total sales, 39 350kg were sold at the Zimbabwe Tobacco Industry Auction Centre at the Boka Tobacco Auction Floors grossing US$117 535, while Tobacco Sales Floor accounted for the remaining 20 460kg that went for US$70 355. These are the only tobacco sales floors that have been licensed to operate this season. Burley Marketing Zimbabwe did not register following its acquisition by Savanna Tobacco. TSL was, however, offering a better average price of US$3,44 per kg against Zitac's US$2,99 per kg. A total of 267 bales were laid at TSF while Zitac had 594, giving a cumulative of 861 bales over the two days at the two floors. The 861 bales were below the 4 829 bales that were sold during the same time last year. The 2010 tobacco selling season opened on Tuesday last week, two months earlier than usual, as the Tobacco Industry and Marketing Board yielded to requests by farmers and contractors. The early opening was expected to assist farmers to quickly liquidate their debts and finance winter cropping. At least 77 million kg are expected to go under the hammer this season, up from the 58,6 million kg for last year. Tobacco sales will continue to be held on Tuesdays and Thursdays until deliveries reach 3 800 bales per day. Enditem