American Crystal Sugar Company Shareholders See Increased  Payments In 2022; Another Forecasted Jump In Fiscal Year 2023

Published online: Dec 02, 2022 News
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(ED--We’ll have a more indepth report from the 2022 Joint Annual Meeting of American Crystal Sugar Company and Red River Valley Sugarbeet Growers Association in the January issue of Sugar Producer Magazine as well as online.)

American Crystal Sugar Company shareholders gathered in Fargo yesterday to review and celebrate its crop and financial results from the 2021 crop year (2022 fiscal year). They covered events and forces that have shaped the cooperative in 2022, and they looked ahead to expectations for 2023.

The 2021 sugarbeet crop harvest produced 11.8 million tons – a  significant improvement over 2020 –with per acre yield increasing to an average of 28.7 tons per acre from 24.8 tons per acre. Sugar content for the 2021 crop decreased from 18.4 percent in 2020 to 18.0 percent in 2021. The final shareholder payment for the 2021 crop/fiscal year 2022 was $64.98 per ton. A combination of a large increase in tons harvested and payments per ton resulted in an increase in total shareholder payments to $767 million for the 2021 crop. 

Estimated payments for the 2022 crop/2023 fiscal year are higher, at $71.00 per ton. The 2022 sugarbeet crop harvest produced a record 12.1 million tons. The increase was the result of a reduction in yield to 26.5 tons per acre, but more than offset by an increase in harvested acres to 457,000, up from 411,000 in the 2021 crop. Sugar content improved to 18.5 percent. With a  new record set for tons harvested and another increase in payments per ton, forecasted total shareholder payments increase to $859 million for fiscal year 2023. 

American Crystal Sugar Company Summary Financial Information 

Crop Year                                2020       2021       2022 

Fiscal Year                               2021       2022       2023 

Acres Harvested (thousands) 405          457         411 

Tons Per Acre                         24.8          28.7       26.5 

Sugar Content                        18.4%       18.0 %   18.5% 

Tons Harvested (millions)        10.1         11.8        12.1 

Beet Payment Per Ton (1)       $60.58     $64.98    $71.00  

Total Shareholder Payments (1) $609M  767M      $859M 

(1) Crop 2022/Fiscal 2023 represent current projections.

American Crystal is the largest beet sugar  producer in the United States. American Crystal operates sugar factories at East Grand Forks, Crookston, and  Moorhead, Minnesota, Drayton and Hillsboro, North Dakota, and Sidney, Montanta. Its corporate headquarters and  technical services center are located in Moorhead.