THECUBAREVIEW 35 



THE SUGAR REVIEW 



Specially icrilten for the Cuba Review by Willelt & Gray, New York. 



Our last review for this magazine was dated November 6, 1916. 



At that date, Cuba Centrifugal sugar C()° test basis, was quoted 5%c. c <k f, and is now 

 4%c. c & f, showing decline during the month of ^4('. per lb. for the cost and freight basis. 



On November Sth, SV^c.c &f was reached. At this point the market remained steady until 

 November 14th,. when 3^c. decline was made to 5^c. c & f followed on the 23d by a decline to 

 5.00c. c & f (having given ten days of nominal market). The tone of the market having changed 

 to weakness, J^c. further decline came on the 24th, to 4%c. c & f and to 4%c. c & f on the 28th 

 of November, since when the market remained steady until December 6th, when it improved 

 Kec. to 4%c. c & i and closes quiet at this writing. 



The interest now changes from the spot market to the future. 



The beginning of the 1917 Cuba crop was announced on December 4th, by two centrals, 

 the "Tinguaro" and the "Ciego de Avila," tollowed by a third on the 6th. It was also announced 

 on the 6th that the grinding of the Porto Rico crop had begun. 



Thus far, estimates of the Cuba crop have not been given out by the Cuban experts, but 

 an increase of 400,000 to 500,000 tons is generally looked for if weather conditions prove- 

 favorable throughout the season. In this connection, it may be interesting to yoiir readers to 

 note the average monthly prices cost and freight New York, obtained for the 1916 crop which 

 can be used as a partial guide to the course of the market for the 1917 crop. In January, 1916, 

 the lowest average of 1916 was made at 3.633c. c & f. We may note, however, that in October, 

 1915, the average had been 3.104c. per lb. The February, 1916, average was 3.92c c &f.; March, 

 4.597c.; April, 5.0S2c.; May, 5.42c.; June, 5.313c.; July, 5.293c.; August, 4.626c.; September, 

 4.497c.; October, 5.269c.; November, 5.271c. A comparison of these prices with the closing bids 

 on the New York Sugar Exchange at this date (December 7th) may have significance to planters 

 and operators if able to apply them; January, 4.26c.; February, 4.01c.; March, 3.97c.; April, 

 3.9ec.; May, 4.00c.; June, 4.03c.; July, 4.07c.; August, 4.09c.; September, 4.12c.; October, 

 4.15c.; November, 4.18c. 



It is noticeable, that simultaneously with the beginning of grinding in Cuba, the real busi- 

 ness of the new campaign began, after a few scattering sales, by the British Commission making 

 purchases of 100-150,000 tons Cuba sugar tor January-April deliveries at 3.50c. to 3.60c. per 

 lb. f .o.b., Cuba, and at the same time the American Sugar Refining Co. took an equal amomit at 

 the basis of 4i/^c. c & f , New York, for similar shipments. 



Thus the new campaign is fully inaugurated at the basis of 3.50c. to 3.60c. f.o.b. Cuba and 

 43/8C- c & f New York tor early deliveries. The refiners' purchases have been made to secure a 

 certain amount of supplies, not easily obtained otherwise, for their anticipated trade at home 

 and abroad early in the new year, yet it by no means follows that the price rise for the cam- 

 paign will begin at those quotations, but rather in view of the crop starting without weather 

 delays, and the production rapidly accumulating after the present month, there may prove to 

 be a lower point from which the real campaign may start, say from 3%c. and 33^2C. c & f . 



Refined sugar has ruled at relatively higher prices than raws, but the local demand is ex- 

 tremely limited and several refiners are closing their houses for balance of December, rather 

 than buy raws at current quotations. 



Cane Fine Granulated is quoted today at 7.20c. less 2%. 



WILLETT & GRAY. 



New York, December 7, 1916. 



SUGAR SHIPMENTS MAURITIUS_SUGAR 



It is reported in the press that Great Britian It is reported that the entire sugar crop of 



has purchased 3,675,000 sacks of Cuban Mauritius, about 180,000 tons, has been 



sugar and that the Government of Portugal purchased on behalf of the French Govern- 



has purchased 6,000 tons of Cuban sugar. ment. 



