Fargo, ND - In 1973, Red River Valley sugarbeet growers took a big risk by purchasing a troubled Colorado-based sugar company and remaking it in Moorhead, MN, as one of the nation’s first grower-owned sugarbeet cooperatives.
Yesterday, 50 years later, American Crystal Sugar Company shareholders gathered in Fargo to celebrate a thriving company under grower leadership that plays a major role in the estimated more than $6 billion in regional economic impact from sugarbeets.
Shareholders reviewed crop and financial results from the 2022 crop year (2023 fiscal year ended August 31), discussed market conditions that have shaped the cooperative in calendar year 2023, and looked ahead to 2024.
The 2022 sugarbeet crop produced a below average 26.5 tons per acre, but with an increase in acres authorized due to a three-week delay in planting, growers harvested a record total of 12.1 million tons of sugarbeets. Sugar content was above average at 18.5 percent. The increased sugar content and improved markets for sugar, pulp and molasses increased the net payment per ton to $70.63.
Crop production in 2023 was unprecedented, with a total of 12.7 million tons of sugarbeets harvested this fall. This does not include unharvested acres due to the immense tonnage outpacing current factory processing capacity. With a new record for tons harvested, excellent sugar content of 18.6 percent, and favorable market conditions, the forecasted net payment per ton increases to $84.67.
American Crystal Sugar Company Summary Financial Information
Crop Year 2021 2022 2023
Fiscal Year 2022 2023 2024
Acres Harvested (thousands) 411 457 398
Tons Per Acre 28.7 26.5 31.9
Sugar Content 18.0% 18.5% 18.6%
Tons Harvested (millions) 11.8 12.1 12.7
Beet Payment Per Ton (1) $64.98 $70.63 $84.67
(1) Crop 2023/Fiscal 2024 represent current projections.