Business Day
A day which is not a Saturday, Sunday or public holiday in Brisbane, Queensland.
Committed Sugar
An amount of cane required to supply the GEI Sugar that you have committed to supply by pricing that GEI Sugar (entering into a sales contract).
If you do not meet your commitment to supply Committed Sugar, any financial consequences (whether positive or negative) will be passed directly to you. These consequences are worked out on the basis of a replacement cost or benefit.
Limitations on forward pricing and management of ‘production risk’ GEI Sugar in season reduce the risk of GEI Sugar being overpriced.
CSPA
Cane supply and processing agreement between Mackay Sugar and the grower.
Discretionary Ratio
The ratio by which GEI Sugar is allocated under the relevant Pools against the July, October, March and May ICE 11 or ICE 16 contract (as applicable to that Pool).
Forward Pricing Agreement
An agreement between the grower, Mackay Sugar and QCS under which the grower can forward price their GEI Sugar through allocations to a Forward Pricing Option. Older agreements may be called ‘Long Term Banded Pricing Agreements’, while newer agreements are called ‘Grower Pricing Agreements’.
Forward Pricing Options
The following forward pricing options offered by QCS:
1. ‘QCS to Decide’ (or ‘QCS2D’) forward pricing; and
2. GIPO forward pricing,
as further described in the individual Pool Terms.
GEI Marketer
A marketer who can be nominated by the grower to market the grower’s GEI Sugar.
GEI Marketing Nomination Form
The form by which a grower can nominate who markets their GEI Sugar. A copy of the GEI Marketing Nomination Form can be downloaded from the QCS website, or can otherwise be requested from Mackay Sugar or QCS.
GEI Nomination Date
The date by which a grower must notify Mackay Sugar of its nominated GEI Marketer(s) for a season, using the GEI Marketing Nomination Form.
The GEI Nomination Date for the 2024 season is 31 October 2023.
GEI Sugar
The grower’s share of the sugar produced from the cane that the grower supplies to the mill for crushing in respect of which the grower bears the sale price exposure.
GPA
Grower Pricing Agreement between QCS and the grower.
In-Season GEI Sugar
The GEI Sugar that you have available to nominate to a GEI Marketer and/or to allocate to in-season pricing Pools. Any GEI Sugar for a specific season that you have previously committed elsewhere (by forward pricing) does not form part of your In-Season GEI Sugar.
In-Season Pricing Options
The following in-season pricing options offered by QCS:
1. Shared Pool;
2. Short Term Pool; and
3. Grower Managed Pricing
as further described in the individual Pool Terms.
IPS Tonnes
Actual Tonnes are converted to IPS Tonnes using the IPS conversion factor. This IPS conversion factor differs from season to season depending on specifications of sugar supplied.
Mackay Sugar
Mackay Sugar Limited (ABN 12 057 463 671).
Pool
Pool means any pool, offered by QCS from time to time under the pricing pool terms, being the aggregation of revenue and costs that are attributed to a quantity of GEI Sugar.
The following pricing pools are offered by QCS:
1. Shared Pool;
2. Short Term Pool;
3. Grower Managed Pricing;
4. GIPO forward pricing;
5. ‘QCS to Decide’ forward pricing;
as further described in the individual Pool Terms.
Pricing Period
The period in which GEI Sugar allocated to a Pool can be priced, as further described in this guide.
Pool Terms
The description of an individual Pool, which outlines the terms and conditions for that Pool.
QCS
Queensland Commodity Services Pty Ltd (ABN 35 163 077 601), a related body corporate of Mackay Sugar and which provides raw sugar marketing and pricing services to Mackay growers.
Total GEI Estimate
The total quantity of GEI Sugar (estimated by Mackay Sugar) that you will produce for the relevant season. It is an average of your previous three seasons’ production.
US Quota or USQ
The selling of sugar to customers in the United States of America under Australia’s sugar import quota to the United States of America.
