FROM: The Great Western Sugar Company Box 5308 - Denver, 80217
CONTACT:Jim Lyon, Manager
Agricultura~ Information Phone: 893-4699
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FOR RELEASE THURSDAY, MARCH 21; 1974
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Predicted record high returns for sugarbeets were confirmed today with the second payment for the 1973 crop set at the largest amount in Great Western history.
It will average $3.85 per ton.
The payment wi 11 be mailed Apri 1 19 to more than 4,000 grOMers who produce beets for The Great Western Sugar Company in Colorado, Kansas, Nebraska, Wyoming and Montana.
The second payment will bring total average returns for the 1973 beet crop to $23. 18 per ton -- up $4.91 per ton over 1972 payments at the same time of the year, and $3.06 per ton more than the total payments for the 1972 crop. The figures include Sugar Act compliance payments financed by a federal tax on the sugar industry.
The record-Apri 1 payment was announced in Denver by James A. Krentler, chairman of the board of GW Sugar. He pointed out that the second payment for the 1973 crop will be more than double the $1.65 per ton average paid in April a year ago for 1972 beets. He added:
11This second payment not only confirms our predictions of the strength of
the sugar market, but also demonstrates how the grower shares in the net proceeds from sugar sales on a rising market. The grower's unique participating contract with the company provides higher returns for his crop as sugar prices rise during
the marketing year ending Sept. 30. 11
Add One .
Sugarbeet Payments
And because of the current upward trend of the sugar market, Krentler
said that growers could receive four beet crop payments this year, instead of
the usual three. The last time extra payments were made was in 1961, 1962 and
1963.
The first payment on the 1973 crop was made by Great Western last November.
It averaged $17. 15 per ton, plus Sugar Act payment of
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$2.18 per ton. Final settlement for 1973 beets will be made in October with the amount depending onsugar prices through Sept. 30.
With the second payment of $17,3 million, grower returns for the 1973 crop
to date will total $104.1 mil lion in the five-state area.
Growers in the Great Western territory were urged by the company chairman
to take every advantage of their participating contract by planting full beet
acreage and raising a quality crop with high sugar content. Krentler said acreage
contracting is expected to be completed in the five-state area within the next
month, with many growers already working their fields for an early start on the
crop.
Krentler added that present crop conditions appear quite favorable at this
time with good irrigation supply prospects. He said the truck and tractor fuel
supply appears adequate and that nitrogen fertilizer, though in limited supply,
appears to be available in all areas. He reminded growers that the fertilizer
shortage can be offset in many cases by applying only such amounts as indicated by
deep soil-sampling of fields showing residual nitrogen levels available to the
sugarbeet.
