The Wilmar grower marketing team has been busy talking to growers about the great prices on offer for the upcoming season and beyond.
It is good to see growers continue to average up their forward prices as the market posted new season to date highs over the last month.
The 2023 crop traded to a high of $665 and 2024 to $585. The outlook remains tight for the global sugar supply and demand equation.
With the northern hemisphere crops cutting out a bit quicker than anticipated, there is even more necessity for the upcoming Brazilian crop to get on the water as soon as possible.
Add in a volatile AUD, thanks to the recent financial uncertainty, and there may be the opportunity to see those prices again.
The high prices are also benefiting the tail end of 2022 pricing. For growers who have allocated tonnes to the Production Risk Pool, the forecasted price as at the end of February was just over $690/t Actual.
Similarly, growers who are using the GMPRS pricing mechanism have been able to lock in prices above $700/t Actual for any tonnes not yet priced.
One of the initiatives this year has been the introduction of grower shed meetings to give growers an update on factors that are affecting the price of sugar, as well as a reminder of other marketing products and services.
In the Mackay and Whitsunday regions, our local marketing consultants Angus McKerrow and Shirley Norris have been organising small groups of growers and presenting the latest Wilmar research on trade flows and market outlooks in an informal and interactive way.
It has also been an opportunity to remind growers that our Pre-Season Payment option remains open until May, for growers who need to boost their cashflow prior to harvest commencing.
From all reports, growers appreciate the sugar market information and enjoy the catch-up with some of their neighbours.
Wilmar’s Proserpine Grower Marketing Consultant Shirley Norris addresses growers at a recent shed meeting
Wilmar’s Plane Creek Grower Marketing Consultant Angus McKerrow explains premiums to growers at a recent shed meeting
The introduction of shed meetings has created an opportunity for growers to get the latest sugar market information and socialise with neighbours
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