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Kentucky holds last burley tobacco auction
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Wed, Nov 17, 2004
Source UPI
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LEXINGTON, Ky. -- Kentucky tobacco farmers and buyers held the last traditional burley auction this week, the Lexington, Ky., Herald-Leader reported Tuesday.
The Depression-era practice, designed to ensure farmers were compensated for limiting production of the highly regarded burley tobacco, will pass into history because President Bush signed a measure implementing a buyout of farmers. Under the buyout, Kentucky growers and quota holders are expected to receive a total of about $2.5 billion over the next 10 years. Many absentee farm and quota owners are expected to take advantage of the buyout to leave the business. Others are likely to seize the opportunity to grow as much burley as they are willing to risk. Altogether, nearly 2.25 million pounds was sold Monday in Kentucky, with a gross value of nearly $4.5 million. "It's bittersweet," said Ben Crain, chairman of the Burley Marketing Association. Copyright 2004 by United Press International
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