Agrana and Beet Growers Reach Agreement on Prices

Specifically, the beet growers will receive back payments for beet from the 2010 harvest as well as higher prices for beet from the 2011 harvest.

Oct 3 2011 --- Following several rounds of negotiation, an agreement has been reached between the Austrian sugar producer Agrana and the industry association ‘Die Rübenbauern’ at the beginning of the new beet harvesting season on the allocation of the increased sales revenues for sugar which Agrana is profiting from due to higher prices on the global market. Specifically, the beet growers will receive back payments for beet from the 2010 harvest as well as higher prices for beet from the 2011 harvest.

Due to the good marketing options for non-quota sugar in the past sugar marketing year, the beet growers will receive a back payment for all non-quota sugar beet from the 2010 harvest based on the price difference to quota beet sugar.

Improved conditions for both quota and non-quota sugar beet have also been agreed between Agrana and the beet growers for the 2011 harvest. The price for quota sugar beet from the 2011 harvest will rise from EUR 26.29 to EUR 35.00 per tonne, while that for non-quota sugar beet will increase from EUR 22.00 per tonne to EUR 30.70 per tonne. In addition, beet growers who exceed their contractual volumes will also be paid a loyalty bonus.