| MOORHEAD -- American Crystal Sugar Co. has increased its
payment projection for 2000-crop beets by $2 per ton. The new
projection results in a gross payment of $34.50 per ton.
This adds 6 percent to an earlier projection, or an extra
$19.3 million into the pockets of shareholders, valleywide,
based on 9.65 million tons of production. "We had very
good storage conditions, some of the best in years,"
Crystal CEO James Horvath said Thursday, explaining an
increase that was announced to growers Wednesday.
The payment projection started out last November at $31.50
per ton. It climbed to $32.50 in March and now to $34.50.
Still, it's down from the $37.50 per ton payment for 1999-crop
beets. The difference is due to a lower selling price for
sugar, Horvath said.
Under the payment regimen, growers are paid 65 percent of
the initial projected payment in November of the growing
season. In March, they're paid 90 percent of a revised
projection. The following November, they're paid the final
amount. |