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Zimbabwe auctions to end next week

| June 20, 2014

Flue-cured tobacco deliveries in Zimbabwe are expected to have passed the 200 million kg mark by the time the 2014 sales season ends, according to a story in the Herald quoting the Marketing Board’s CEO, Andrew Matibiri.

The country’s auction floors are due to close on June 27, earlier than usual despite the big crop, though a clean-up sale will be held on July 15.

The early closure of the auctions is down to the high level of deliveries being received at contract floors, where, according to a report earlier this year, prices have been better than those on offer at auction and where some growers not under contract have been selling their tobacco.

Contract sales will continue until further notice.

The latest marketing board figures show that 194 million kg of flue cured had been sold for $619 million since the opening of the selling season in February.

At the same stage of last year’s selling season, 147 million kg of tobacco had been sold for $543 million.

The average price this year, at US$3.19 per kg, is down by more than 13 percent on that of the previous year, US$3.69.

By the end of the 2013 season, 166 million kg of tobacco had been sold.

Category: Breaking News

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