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-FOR RELEASE WEDNESDAY, JUNE 26,
1974
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The first extra payment for sugarbeets in
11
years was announced today-by The Great Western Sugar Company to add to the record high returns already paid for the
1973
beet crop.The extra payment will average $3.00 per ton.
It will be mailed on July 2 to more than 4,000 growers who produced beets last year for Great Western in Colorado, Kansas, Nebraska, \1yoming and Montana.
The unusual summer beet payment was announced in Denver by James A. Krentler, chairman of the board of GW Sugar. He said it was made at this time to increase grower payments as net proceeds from sugar sales are increasing. Under their unique participating contract, beet growers share in net sales throughout the marketing year ending Sept. 30.
Ordinarily, growers receive three payments for their crop--in the
· fall, in the spring, and a final settlement in October based on the
results of tho entire marketing~
With the extra payment on , Krentler said grower returns for the
1973
crop will average$26.18
per ton to date, or $6.06 per ton more than th~ ~vcr=gc fer =11 peyments fer the 1972 crop, the previous h!gh. The figures include Sugar Act compliance payments financed by a federal tax on the sugar industry.Page 2
Company-wide, the extra payment will add up
the total disbursement for .the 1973 crop to date
rs/
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to $XX million, making
in.<
$XXX million.
In announcing the record-breaking payments,§e sugar company board
chairman said returns for beets, while at a record-high level, were
needed by growers In view of returns from alternative crops and the
increases in the cost of production. Krentler pointed out that the
record returns could not be considered windfall profits for beet growers
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because they must absorb much higher costs for fuel, labor, tractors, _ ~
fert i 1 izer, machinery and. other materials /zeat::/t:? .,,U#'i,t:, ?/4"~ 4
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prices were largely the result of
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14. - w ~ ~ ~Krentler saLd higher sugar
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world-wide low ~ s a~d strong demand.
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