Talked to my local buyer yesterday....$325.00 to $350.00 a pound.Sang isn't moving very well right now.The market is glutted.The first day this buyer could buy [second Sat. in sept.]he bought 80 pound's..another buyer less than 50 miles from this buyer bought 100+ pounds opening day..maybe by mid-month there might be some upward movement on the price..The price has dropped every week since season opened....I know thats not what your wanting to hear...I wasn't liking it either....
One more pounding rain and it will be over here.I went to a woods the other day [patch in the middle of nowhere]all the plants in there were just about gone.I left several because they were so far gone I knew no one would come in behind me and dig it.it will be bigger next year.
I spoke to my dealer yesterday, and the price is around $260 a pound here in east Tennessee. I was shocked, and asked why the sudden drop? He informed me that there was an oversupply from last year and early this year. Some of the larger dealers have hundereds of pounds that they cannot move. The Chinese have not yet sold all the ginseng from last year.
This may make more sense: Due to the high price of ginseng last year many people simply dug all the sang they could. Tennessee normally produces around 4000lbs of dried ginseng per year. Last year that number trippled to 12000lbs. North Carolina normally produces around 3000lbs per year, and last year that number more than trippled as well. The reason is simply supply and demand.
The good news is that long term the market will stablize, the bad news is that it may take around 3 years to do so. There has been alot of Sang dug everywhere over the last two years, so soon it will be harder for many people to come up with 2,3, or 6 pounds of dried wild ginseng. This will cause prices to go up as well in the future IMO. Unfortunately we may just have to take what we get this year.
General ,I heard [and you can hear any thing]that last year that China bought 57,000 lb.'s of wild american sang.this year they are willing to import 70,000 pound's. I think they are buying at these depressed prices and then are holding it.which over flows the market....I think the market is still strong but they figure why give $500.00 a pound when we can get it for $300.00