Tinaye Agere
Online Reporter
FARMERS have raked in US$445 million in over 40 days of the marketing season which started in March.
According to the Tobacco Industry and Marketing Board (TIMB), 117 million kg of tobacco valued at US$445 million had been sold at an average price of US$3,56 by May 13, 2024.
This shows an 11 percent decrease from the US$500 million earned by Day 39 in the same period last year.
Auction floors have taken delivery of 7 million kg, while contractors have contributed 117 million kg.
The highest price achieved to date is US$6,99 per kg, while the lowest is US$0,10.
About 1,64 million bales have been sold since the beginning of the marketing season.
The 2024 tobacco marketing season started on March 13.
This marketing season’s tobacco volume is expected to be lower than last year’s 296 million kilogrammes as a result of the EI Nino that affected the final output.
Online Reporter