(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.