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Crystal leader expects 'price crisis' to continue

American Crystal Sugar
American Crystal Sugar

FARGO, N.D. (AP) - American Crystal Sugar Co. is entering its 40th year as a farmer-owned cooperative, but there was little cause for celebration at the group's annual meeting.

Company CEO Dave Berg says total grower payments are down more than $300 million dollars from last year, when shareholders enjoyed the second-highest average beet payment in history.

Berg says he doesn't see an end in sight to what he calls a ''price crisis'' created by excessive supplies of Mexican sugar in the U.S. market. He says it's a ''pretty important time'' for the sugar industry and the company.

The American Crystal leader says although growers don't like losing money, most of them are long-term investors who have weathered tough times before.