34 THECUBAREVIEW 



SUGAR REVIEW 



Specially written for The Cuba Review, by Willelt & Gray, New York 



Our last review for the magazine was dated February 9th, 1915. 



At that date, Centrifugal Sugar 96° test was quoted at 4c. per pound, cost and freight 

 landed New York, and 5.02c. per lb. duty paid. 



The course of the market from 4c cost and freight (5.02c) has been as follows: February 

 10th, 3%c,. c & f (4.77c. duty paid); 11th, 3^c. c & f, (4.64c. duty paid); 15th, S^c. c & f, 

 (4.515c. duty paid) ; 18th, SHc. c & f, (4.77c. duty paid) ; 24th, 3 13-16c. c & f, (4.83c. duty paid) ; 

 25th, 3%c. c & f, (4.77c. duty paid); March 1st, 3^c. c & f (4.64c. duty paid); 3d, 3 9-16 c. 

 c & f , (4.58c. duty paid) ; 4th, 3%c. c & f, 4.77c. duty paid) ; 9th, 3 ll-16c. c & f (4.70c. duty paid) 

 and later 4.64c. duty paid. 



During the same time, future shipments for all March sold at SJ^e., 3%c., 33^c., 3%c., 

 3J^c., 3Mc-, 3^c., and 3^c. cost and freight, and for April shipment at 3^c. c & f (sold 

 March 4th). A special feature was the sale on March 3d of 200,000 bags Cubas at 3.35c., 

 3.40c., 3.50c. F.O.B. Cuba for April delivery. 



On March 4th, a refiner bought 15,000 tons Cutxis for April-May delivery at 33^c. F.O.B. 

 Cuba, but this was afterwards transferred to operators. 



The movement of the market early this month from 'S%c. c & f to 3J^c. c & f and a rapid 

 recovery to 3^4C. c & f caused special comment Ijecause of the F.O.B. purchases made on the 

 c & f decline. The operations had the appearance of the re-selling of March contract sugars 

 on the c & f basis and the replacing of sales further ahead on the F.O.B. basis for April deliveries. 

 The business, while reported to be for English account, leaves the sugar open for shipment to 

 Great Britain, France, or the United States, as may appear to the best advantage. 



Statistics, which we have carefully prepared, do not indicate that Great Britain is in any 

 need of more sugar from Cuba and the United States than was originally bought on Govern- 

 ment account, and which is still going forward (5,000 tons this week). 



The opening of the Dardanelles, if accomplished, will open the way for direct exports from 

 Russia to Great Britain and France of the Russian contingent of 200,000 tons to 235,000 tons 

 freed by the Government for outside exports in 1915. 



The Cuba crop is progressing as well as can be expected under continued unfavorable 

 weather conditions, and visible production to the end of February was 217,637 tons behind last 

 year at a corresponding date. If the same amount of sugar is produced after this date as was 

 produced last season during the same time, the entire crop will be 2,380,095 tons. The latest 

 weather report is that it is colder, which is favorable to the ripening of the cane and a large 

 production. 



During the period under review, the question of tonnage has been of paramount importance 

 freights having advanced at one time to 35c. per 100 lbs. and remained at 28c. to 31c. per 

 100 lbs. during most of the time. The increasing exports from Cuba to the United States for 

 the recent weeks indicate that the freight stringency is about over, although it is not likely that 

 reduced rates of more than a few cents will be made for some time. Latest engagement was at 

 28c. per 100 lbs. 



Advices state that the German Government has officially decreed a decrease of 25% in the 

 area to be devoted to beetroots grown for sugar, and that the acreage devoted to growing beets 

 to produce beet-seed is reduced 50%. The large reduction in beet-seed should have an import- 

 ant influence upon the United States beet sugar production in 1916. The 1915 season promises 

 to be the largest crop of domestic beet sugar ever produced. 



To-day's New York raw sugar market is easier in tone and tendency, resulting in sales 

 at 3 11-16 c. c & f (4.70c.) for Cubas and later with sales of Porto Ricos at 4.64c. per lb. 



Refined sugar during the time under review did not participate in the fluctuations in raws, 

 but has maintained steadiness at 5.75c. less 2% for fine granualted during the entire period. 



Raw sugar future trading on the New York Coffee Exchange has been a quite important 

 feature during the month, and has been subject at times to quite violent fluctuations unknown 

 in the regular markets. It passed through one such downward crisis of 60c per 100 lbs. satis- 

 factorily. The closing quotations to-day are: 



March, 3.69c. bid, 3.70c. asked: April 3.74c. bid, 3.75c. asked; May, 3.79c. bid, 3.80c. asked; 

 June, 3.84c. bid, 3.85c. asked; July, 3.89c. ))id, 3.90c. asked; August, 3.94c. bid, 3.95c. asked; 

 Sept., 3.99c. bid, 4.00c. asked; October 3.99c. bid, 4.00c. asked; November, 3.96c. bid, 3.97c. 

 asked and December, 3.83c. bid, 3.84c. asked. 



It is reported that trading in sugar futures on the Havana Stock Exchange, along similar 

 lines to the New York Exchange, will soon be started. 



New York, March 9th, 1915. WILLETT & GRAY. 



REVISTA AZUCARERA 



Escrita expresameiite para la Cuba Review por Willett & Gray, de Nueva York 



Nuestra ultima reseiia para esta publicaci6n estaba fechada el 9 de Febrero de 1915, en 

 cuyo periodo el azucar centrifugo polarizacion 95° se cotizaba a 4c. la libra costo y flete puesta 

 en muelle en Nueva York, y a 5.02c. la libra derechos pagados. 



