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Precious Manomano Herald Reporter
Farmers have so far delivered 163 million kg of tobacco to the floors, a 26 percent decrease from the 223 million kg delivered last season during the same period.
To date farmers have pocketed over US$570 million, compared to US$669 million which was earned by farmers during the same period last year.Statistics from the Tobacco Industry and Marketing Board (TIMB) indicates that over 9 million kg worth US$33.7 million was delivered to the auction floors while 153. 4 million worth US$537 million was delivered at the contract floors.
This year, the highest price is US$6.99, compared to US$6.10 from last year.
Production of tobacco is this year expected to be around 265 million kg, below the projected 300 million kg.
This is due to the El-Nino phenomenon experienced this year.
Online Reporter