Published: 13 May 2014

Virginia tobacco sales have topped the $400 million mark with at least $420,6 million having been sold so far under both the auction and contract systems, representing an 8 percent increase from the $388,8 million sold during the same period last year.

The $420,6 million was achieved after the sale of 131,5 million kg which is 25,64 percent higher than the 104,7 million kg sold during the same period last year.

The average price for the season has, however, remained depressed at $3,20 per kg which is 13,92 percent lower than the $3,71 per kg during the same prior period.

The bulk of the tobacco has been sold through the contract system which has been offering better average prices than those obtaining at the auction floor, a factor that has been attributed to a deliberate ploy by buyers to undermine the auction system
- The Herald

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