TIMB said 57 000 growers have registered to sell their crop during the current marketing season from an initial 15 000 when the season begun.
It revealed 4 000 growers had registered for the 2012/13 season. TIMB said of the total, 24 million kg’s valued at $88,9 million had been sold through the auction system while the balance came through contract farmers.
The Timb said the crop was fetching an average price of $3,78 per kg ahead of prior seasons $2,93. The country has projected earnings of $300 million from the current selling season which ends in September The industry board said of 716 046 bales laid during the current season, 678 151 had been sold.
The Timb has already warned that it might be forced to revise its tobacco targets for the 2011/12 due to an erratic and dry start to the rainy season.
The regulatory body however remained optimistic with current sales being ahead of last year’s figures.
The country has forecasted a figure of 150 million kgs for the current season up from 131 million kg prior year. China according to sales figures remains the biggest buyer of the local tobacco crop.
TIMB says a decline in tobacco production by other leading producing nations was having a positive on prices offered at the auctions.
Farmers are expected to benefit from a flood-destroyed crop in Brazil were production is expected to decline by 150 million kgs.
Brazil is one of the world’s leading tobacco producing nations at 750 million kg’s annually. Local farmers are also expected to get a boost from a 50 million kg slowdown in United States tobacco production, where yields are usually between 200 and 300m kg per year.
Post published in: Agriculture