FSC sets cane payment forecast
Fiji Sugar Corporation (FSC) has announced a record forecast price of $71.77 per tonne of cane for the 2024 season, up from $70.23 last year. This means the government’s contribution will be $13.23 per tonne, with FSC paying $43.06 as the first cane payment, as mandated by the Sugar Industry Tribunal Master Award. Despite the guaranteed minimum cane price of $85 per tonne, farmers enjoyed $91.38 per tonne in 2022.
The Fiji Sugar Corporation (FSC) has announced a record $71.77 per tonne of cane payment as the forecast price for the 2024 season, compared with $70.23 last year.
This means the Government will only need to fork out $13.23 from its coffers to pay sugarcane farmers the $85 per tonne of guaranteed price.
FSC said the $71.77 forecast price had been made in accordance with the requirements of the Sugar Industry Tribunal Master Award.
As per the Master Award, FSC is required to make a first cane payment of 2024 that should be 60 per cent of the forecast price.
“The first payment for the 2024 season cane deliveries will therefore be $43.06 per tonne of cane,” said FSC in a media notice.
The guaranteed minimum cane price of $85 per tonne came into effect in 2018, but farmers received a record $91.38 per tonne for the 2022 season.
Source Link : https://www.fijitimes.com.fj/fsc-sets-cane-payment-forecast/
