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Tobacco rejection rate down to 46 %

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Authorities at Kanengo Auction Floors have said there is a decline in the rejection rate of Tobacco to 46 percent as of May 23, 2016.

Corporate Affairs Manager for Auction Holdings Limited Group, Mark Ndipita, says there is a huge improvement as compared to the first week when the rejection rate was at 70 percent.

“There is an improvement from the 70 percent when we opened Lilongwe market last month and a slight improvement from week five when the floors recorded a rejection rate of about 50 percent,” Ndipita said.

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The Auction Floors is also reported to have registered a change in the average prices on both auction and contract basis.

According to Ndipita, in the same week, burley was trading at an average of price of 90 cents per kilogramme on auction while under contract the average price is $1.27 cents per kilogramme.

“Comparing with week five of sales burley under auction sale had an average price of $0.80 cents per kilogramme while burley tobacco under contract was $1. 21 cents per kilogramme,” he added.

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Some tobacco farmers at Kanengo auction floors expressed satisfaction with the new tobacco prices.

One farmer Simeon Cent from Mchinji, who sold his tobacco under Alliance One contract, said tobacco is now fetching higher prices for those who have high quality tobacco.

Tobacco farmers especially those trading under contractual agreement say the number one export deal is now trading at a maximum of $4. 30.

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