Season 2024, 2025, 2026, 2027
Compulsory No
Committed Once you receive a fill confirmation for each order
ICE 11 pool Yes
Pool manager You nominate the pricing bands
Minimum commitment Nil
Maximum commitment – 70% of your 2024 Season Total GEI Estimate
– 70% of your 2025 Season Total GEI Estimate
– 50% of your 2026 Season Total GEI Estimate
– 40% of your 2027 Season Total GEI Estimate



GIPO forward pricing aims to achieve a price outcome for seasons ahead of the current season, which reflects your individual pricing decisions.

You set pricing targets in AUD 10 bands, and QCS will price your nominated tonnage once the market reaches your pricing band target(s). QCS will price tonnage on a ‘best endeavours’ basis, as the market allows, however this depends on market conditions and movements which are beyond QCS’ control.

Minimum aggregate (Pool) tonnage

Not applicable.

Pricing Declaration Date

At your discretion during the Pricing Period for the relevant season (set out below).

Pricing Period

2024 Season: 1 March 2021 to 30 April 2024.
2025 Season: 1 May 2022 to 30 April 2025.
2026 Season: 22 July 2022 to 30 April 2026.
2027 Season: 1 May 2023 to 30 April 2027.

Discretionary Ratio

1:2:2:1 (JUL:OCT:MAR:MAY)


GIPO forward pricing is optional. You do not have to allocate any tonnage to GIPO forward pricing.

To participate in GIPO forward pricing, you must have a Grower Pricing Agreement with QCS or a Long Term Banded Pricing Agreement with Mackay Sugar and QCS.

GEI Sugar in GIPO forward pricing becomes Committed Sugar once:

  • the market reaches your requested pricing band;
  • QCS executes the AUD sugar swap; and
  • you receive a confirmation of the ‘fill’ by QCS.

Only the amount of GEI Sugar priced becomes Committed Sugar at that time. Unpriced tonnage remains uncommitted unless and until priced.

If QCS receives price requests from more than one grower at a particular price band, and QCS is not able to execute fills for all of the aggregate tonnes, QCS will fulfil price requests pro rata for all participants.

GEI Sugar that is not priced during the Pricing Period for the relevant season becomes In-Season GEI Sugar tonnage, which you can then allocate to one or more of the In-Season Pricing Options.

Pool type

This is an ICE 11 Pool. The gross price element for this Pool is derived directly from the ICE 11 futures market, and converted from a USD to an AUD return.

Minimum tonnage

There is no minimum tonnage per participant.

Maximum tonnage

Your total pricing using GIPO forward pricing (together with any other Forward Pricing Option) cannot exceed:

  • 70% of your Total GEI Estimate for the 2024 Season
  • 70% of your Total GEI Estimate for the 2025 Season
  • 50% of your Total GEI Estimate for the 2026 Season
  • 40% of your Total GEI Estimate for the 2027 Season.

If you have already priced GEI Sugar for a future season using either GIPO forward pricing or ‘MSL to Decide’ forward pricing, this priced GEI Sugar forms part of the maximum allocation for the relevant season.

Pricing decisions

You are responsible for pricing decisions of your GEI Sugar tonnage in this Pool. QCS is responsible for exercising your pricing decisions. Any new price request, or any variation or cancellation to a price request must be received before 2.30 pm on any Business Day to take effect for potential pricing overnight.

Fees, costs and deductions

There are no costs directly associated with operating this Pool included in the calculation of the gross pool price.

Tools used

QCS will exercise discretion in determining the timing of pricing decisions. The only type of risk management contracts used in determining the gross price of this Pool will be AUD sugar swaps.

If QCS receives price requests from more than one grower at a particular price band, and QCS is not able to execute fills for all of the aggregate tonnes, QCS will fulfil price requests in the chronological order in which the requests were received.

Pool performance

The operation of this Pool is reviewed on a weekly basis, to ensure orders are being filled as per pricing requests.

Individual production risk

Tonnage allocated to this Pool is considered Committed Sugar once priced. Committed Sugar must be supplied by you regardless of production variations.

Production and delivery risk rest with you, the grower.

If you fail to deliver Committed Sugar, the financial consequences of unwinding pricing positions or cancelling sales will be passed directly on to you in accordance with your Forward Pricing Agreement. These financial consequences could be positive or negative depending upon the market conditions at the time of unwinding the pricing positions. This ensures other participants in this Pool are not impacted by any individual’s failure to deliver Committed Sugar.


The definitions in the pricing pool terms have specific meanings, and you should ensure you understand these meanings prior to making GEI marketing decisions. You can read a description of the definitions used in the pricing pool terms here.