The N.C. Farm Bureau says higher prices for contracted tobacco are needed if farmers are to remain profitable and that tobacco companies should review 2008 contract prices. The Flue-Cured Tobacco Cooperative Stabilization Corporation recently announced that it is boosting its contract price by 20-cents, from an average of $1.60 per pound to $1.80 per pound for 2008 and NCFB asserts a similar price boost in contract prices is needed from all tobacco companies.
"We want to compliment the Coop and its board of directors for their wisdom and vision in moving forward with an increase from $1.60 a pound to a $1.80 a pound average for 2008 contract deliveries," said NCFB president Larry Wooten.
Wooten points that tobacco farmers' production costs have "skyrocketed," with the price of LP gas used in curing and nitrogen used in fertilizer nearly doubling over the couple of years. In addition, farmers are worried about a possible lack of farm labor which could also lead to economic difficulties in 2008.
Read more about N.C. Farm Bureau Federation initiatives at www.ncfb.com