Auction opens early

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Industry Spotlight Q2 10

Auction opens early

Zimbabwe

Zimbabwe’s tobacco farmers brought their crop to auction up to two months earlier than usual this year, and have been seeing earnings at a "healthy" average sale price of US$4/kg as against US$3 earned in 2009, according to media quotes attributed to Tobacco Industry and Marketing Board chief executive Andrew Matibiri. Around 80,000 kilograms of leaf was auctioned on two auction floors.

"Around 77 million kilograms of tobacco is expected to be sold this year with 45%, or close to 40 million kg, selling through the auction system and the rest being disposed of under contracts," Matibiri said, adding that the auction’s opening date was brought forward to help tobacco farmers repay loans ahead of time and prepare for the next season.

"Farmers are expected to unlock the value of their tobacco instead of keeping it for two months in their barns," said Matibiri. "Now they can sell it as they cure it."

According to media reports, around 22,000 growers have registered to sell their tobacco this season compared with 28,000 in 2009.

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