MSF Sugar Growers Advance Payment Increased for December

MEDIA RELEASE

13 December 2017

MSF SUGAR GROWERS ADVANCE PAYMENT INCREASED FOR DECEMBER

In recognition of what has been a challenging sugar price year for Queensland sugarcane growers, MSF Sugar has announced an increase in the December advance rate paid to grower suppliers from 75% to 80%.

The additional 5% advance will be paid to MSF Sugar growers who market their sugar through MSF Marketing, with the payment scheduled for Friday 15 December as part of finalising the 2017 season payment pools.

MSF Sugar’s General Manager Marketing Paul Heagney said the decision to extend the advance was made to ensure that growers who supply MSF Sugar mills, and have elected MSF Marketing as their marketer, have confidence going into 2018 after what has been a difficult end to the season thanks to a volatile sugar market.

“Over the past few weeks we’ve consulted with a number of our grower suppliers and listened to their feedback on how we can help bring confidence back to the industry” said Mr Heagney.

“During 2017, in addition to the volatile market Maryborough’s 150 year-old sugarcane industry was crippled by some of the worst drought conditions in 100 years while in Far North Queensland, we had some untimely mill breakdowns and wet weather that led to a later than forecast finish to the crush.

“Despite the late finish, the December weather and heat are helping the cane to get away to a good start for next season so now is the time for growers to invest for 2018. The advance rate increase from 75% to 80% aims to help with that” he said.

MSF Sugar formally advised growers of the advance payment increase on Friday 8 December. The actual dollar value of advances paid to growers will fluctuate as the 5% increase is tied to individual grower decisions regarding 2017 sugar pricing pools.

ENDS

For more information please contact:
Wendy Hughes
MSF Sugar Communications Manager
Mob: 0417 043 954