The Queensland sugar price index is a neutral benchmark calculated by CANEGROWERS.
It represents an average of the prices available in the market, expressed in A$ per tonne Actual, over a defined pricing period, weighted according to a 1221 ratio. It reflects what the market offered over that window – it is not the price achieved by any particular marketer, pool or grower.
How the Queensland sugar price index is calculated?
In-season index
Average of daily AUD-per-tonne prices from 1 May in the year of harvest to 30 April the following year.
Forward index
Average of daily AUD-per-tonne prices from 1 July two years before harvest to 30 April in the year following harvest.
How the index is built
Each day’s ICE No. 11 raw sugar futures values are converted to AUD per tonne using corresponding currency futures pricing. Applicable contracts are weighted according to a 1221 ratio - one July, two October, two March and one May contract, divided by six. Once a contract has expired, it remains represented by its final closing price. Daily values are then averaged across the relevant period.
The index does not include exchange fees, margin calls, execution fees, contract-roll costs, or other individual marketer or grower costs.