Zimbabwe: Tobacco Worth U.S.$331 Million Sold

Source from:  The Herald 07/08/2011

A total of 121 million kilogrammes of flue-cured tobacco worth US$331 million have been sold since the tobacco auction floors opened in February this year. Last year, 98 million kilogrammes wor-th US$290 million had been sold during the same period, marking a 27,82 percent change. This year's average price is US$2,74 , while last year's was US$2,96. Statistics from TIMB indicate that 1 565 400 bales have been laid at the four floors with 1 458 003 bales going under the hammer while 107 397 bales have been rejected. On the other hand, 1 297 363 bales were laid during the same period last year with 1 186 415 bales going under the hammer while 110 948 bales were rejected. The three auction floors, Tobacco Sales Floor, Boka Tobacco Floors and Millennium Tobacco Floors have so far sold 55 million kilogrammes with a value of US$132m at an average price of US$2,42 per kilogramme. They have all laid a total of 830 745 bales, sold 751 140 bales and rejected 79 605 bales. TSF has sold 31 million kilogrammes of tobacco worth US$77 m. It has laid 477 376 bales and sold 432 440 bales at an average price of US$2,50 per kilogramme. TSF has rejected 44 936 bales. On the other hand BTF has auctioned 14 million kilogrammes of the golden leaf worth US$32m. The average price was US$2,26 per kilogramme. BTF has laid a total of 220 642 bales with 195 815 bales going under the hammer while 24 827 bales were rejected. Late comers MTF have so far auctioned 9 million kilogrammes of tobacco with a value of US$22m. The average price was US$2,41 per kilogramme. MTF has laid 132 727 bales and sold 122 885 bales while a further 9 842 bales were rejected in the process. On the contract side a total of 66 million kilogrammes of tobacco worth US$199m has been sold. The average price was US$3 per kilogramme. The sole contract buyer, Tian Ze has so far laid 734 655 bales and sold 706 863 bales while 27 792 bales have been rejected. This year's tobacco marketing season has been marked by a lot of congestion especially at TSF and BTF where farmers have come very close to rioting. At one point, the Tobacco Industry and Marketing Board had to temporarily suspend all deliveries in a bid to decongest the floors and allow all the tobacco that had been delivered prior to the adoption of this decision to be cleared. This year, more than 170 million kilogrammes of tobacco are expected to go under the hammer. Enditem