Minn-Dak Farmers Cooperative reports revenue drop
- Associated Press
- December 4, 2012 - 3:31 PM
FARGO, N.D. - Minn-Dak Farmers Cooperative says its payments to shareholders at the end of the fiscal year were down 14 percent from the previous year's gross revenue.
The Forum reports (http://bit.ly/UdmPJM) that the cooperative kicked off its annual meeting in Fargo Tuesday.
President and CEO Dave Roche says the decrease is due to difficult growing conditions and low per-acre yields.
Minn-Dak handed out about $155 million in payments to shareholders and growers at the end of its 2011-2012 fiscal year on Aug. 31.
The 2012 crop is much larger than in 2011 with 27 tons per acre and sugar content higher than average at 19 percent. But sugar prices are down nearly 40 percent from less than a year ago.
A bumper crop of sugar beets in Mexico boosted supply.
Information from: The Forum, http://www.in-forum.com
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