Karnataka’s Flue Cured Virginia (FCV) tobacco prices touched Rs 140 a kg, a record high, on the first day of auctions. The price was about 12 per cent higher than last year. The lowest bid price was also higher than last year by 84.61 per cent at Rs 120/kg. “This is an all-time high in the history of tobacco auctions in Karnataka.
The main reason is strong global demand for tobacco grown in light soil,” G. Kamala Vardhana Rao, Chairman, Tobacco Board, told Business Line. “In Andhra Pradesh, a similar trend is prevailing - strong demand and prices firming up - for crop grown in light soil,” he added. Another reason for prices to go up sharply in Karnataka is due to crop area shrinkage.
This crop year, area under tobacco is down 11.32 per cent at 94,000 hectares compared with last year due to erratic monsoon rains. According to K.N. Vishakantaiah, Regional Manager, Tobacco Board, Karnataka, “First day’s arrival in all the 11 auction platforms was 288 bales and the entire lot (34,358 kg) was sold with an average price of Rs 139.49/kg.” In all, about 10-12 companies actively participated in Karnataka auctions.
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