82 T H K C U B A u i: \- 1 i: w 



SUGAR REVIEW 



specially urittcii for THE CUBA REVIEIV by Uillett & Gray, New York. 



Wo wnto you hist oil July L's, ]!)i*0, at wliicli date our market was irregular with 

 l»fst i)rice obtainable at New York 15i/4c c. & f. for Cubas equal to 16.30c duty paid. 

 The downward trend lias ((nitinued and further material declines have been made 

 until at tbi?- writinir the (|U(itati<»n. based on last sales, is lie c. & f. e<^iual to 12.04c 

 duty paid. It is, however, iiiiiiossible to do l)usiness at anything like this figure. 

 Kefiners and oi>erators liere mane an ineffectual attempt to check tlie declining market 

 without success and the situation is much depressinl. At this writing all refiners 

 liold off witli the exception of Arbuckle Bros., liut this refiner specifies such a low 

 buying limit, say Sc c. & f. efjual to V».o:>c duty paid, that sellers, while willing to make 

 a concession of Ic a pound from tht^ 11c c. iV: f. liasis. cannot see tlieir way clear to 

 give way an additional 2c a ixamd. Some holders will likely iilace their sugars in 

 warehouses in the h<»pe of obtaining lietter prices, but there is a considerable quantity 

 close by of Cubas, Porto Ricos, etc.. and it is lilcely tliat some of these holders will 

 be compelled to sell either for financial or other reasons. 



France has been showing some interest in the Cul)an market and at the close of 

 last week a cargo was reported sold at aliout 10..")0c f. o. b. Cuba. 



Recently a sale was also reitorted of ;',.",OtMi inns of new crop Cuba sugars for 

 shipment January/Fel)ruary/.Mai-cli to the Far East on private terms but at a price 

 wiiich we understand is slightly better than lie c. & f. to New York and this sale has 

 iiad the effect of ;idding material strength to the market. 



The entire situation is affected l)y the position of refined sugai'. Many Iniyers 

 find tliemselves overloaded with refined and white sugars, the latter in some cases 

 being entirely unsuited for their trade and many grocers and jobbers are endeavoring 

 to resell sugars or to cancel their unshipped contracts with the refiners. Quotations 

 have been materially re<luced in some instances, the National at New York quoting 

 17.10c, Arl)uckle 17.10c. Federal of New York and McCahan of Philadelphia 17c. The 

 American Sugar Refining Co. liave aiuiounced their withdrawal from the maiket in 

 New York, Boston. Philadelphia and New Orleans, but they are continuing to complete 

 the delivery of undelivered contracts. The stand taken by the American Sugar Refin- 

 ing Co. was a suri»rise to a good many of the trade as it was thought that if all the 

 refiners ad.iiistefl their refined sugar basis to the 17c level that this might have 

 fstaliilized the refined market and inducefl some buying by the trade. Such a demand, 

 If only on tlie hand-to-mouth basis, might have checked the decline in raw sugars 

 and nnght liave even caused a slight advance in the raw product as some refiners 

 liere have only mininnnn stocks of raw sugars. Refined sugars have been selling 

 from day to day in second hands at varying prices from 14 1/2 c to IGV^c. There has 

 «lso been a moderate business done in resales of white sugars, Javas, etc., with Holland 

 the chief source of demand at prices ranging around 1.3c f. o. b. New York. 



According to advices from Cuba, the weather has been more favorable recently 

 on account of the heavier rains which, alternated with plenty of sunshine, have caused 

 the cane to grow well and increase in tonnage. Four centrals continue to grind the 

 ■old crop with visible production to date of .3,496,84.3 tons against .3,6.32,126 tons last 

 year to .same date with four centrals operating. We are inclined to look for a final 

 ■ourturn in Cuba for 1919-20 of close to 3,7.50,000 tons. 



The European advices as regards the new crop contimie very satisfactory and we 

 ■estimate the production at .3,870,(X)O tons. Details are as under: 



EUROPEAN BEET CROP 



The following tal)le shows our estimates for the 1920-21 beet crop in Europe, 

 compared, with latest figures for 1919-20: 



