Canegrowers remain optimistic ahead of the upcoming season despite worker shortages and input costs.
The Ukrainian conflict has market experts predicting a slightly larger than normal price range this year, but expect similar highs to last year.
It's good news for farmers like Burdekin grower Owen Menkens who recently expanded his cane holdings to 350 hectares after purchasing a farm across the road.
"We're not necessarily chasing expansion, but that land came up, so that opportunity was right there," he said.
Rabobank recently noted sugarcane as the most optimistic February commodity category due to positive global price trends, aiding Queensland to post the highest rural confidence levels for the past quarter alongside Tasmania.
Mr Menkens said confidence in the sugar industry remained strong.
"The sugar prices have improved this year and we can price well going forward," he said.
"The next couple of years are looking good, but counteracting that is the fuel and fertiliser prices have gone through the roof as well."
He noted that fertiliser costs had almost doubled since last year.
"Everyone has heard about the fuel prices too," he said.
"It has a big effect on our input costs, but hopefully it's not a long term issue."
Mr Menkens intends to harvest about 36,000 tonnes this year.
Queensland Sugar Limited senior manager of treasury and risk, Matthew Page, said prices would remain elevated.
"After a very good 2021 season where prices peaked at just over A$600 per tonne, prices for 2022 look set to remain at these elevated levels in the high A$500 per tonne region," he said.
"For the coming months strong energy prices should provide reasonable support for sugar prices as larger volumes of sugarcane are diverted to ethanol production in the upcoming Brazil harvest leaving a question mark over how much supply will be available from the world's largest exporter.
"Looking further ahead this dynamic will continue to play a significant role in the global sugar market as more and more countries search for sustainable, self-sufficient energy sources en-route to their net zero carbon emissions targets by 2050."
Local growers are also opting to go back into the industry due to advantageous prices.
"A lot of guys have gone back into cane because the price has been good, there is a bit more area under cane," Mr Menkens said.
"It's a pretty consistent crop. Crushing is always exciting, but hopefully we get a good crop and it runs pretty well."
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