THECUBAREVIEW 33 



SUGAR REVIEW 



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



Our last review for this magazine was dated April 8th, 1915. 



At that date, centrifugal sugar 96'^ test was quoted at 3 19/32c cost and freight and 4.61c. 

 per lb. duty paid, but late in the day afloats sold at 3 9 16c. cost and freight (i.oSc.) duty paid. 

 The present market quotation is 3^8 c. per lb. cost and freight and 4.6-4c. per lb. duty paid. 

 In the meantime there liave been many small fluctuations but all within a limit of 25c. per lb. 

 between highest and lowest as follows: April 9th, 4.64c.; 14th, 4.7Uc.; 15th, 4.89c.; 23d, 4.64c.; 

 28th, 4.77c.; 29th, 4.83c.; May 1st, 4.77c.; 4th, 4.70c. and closing today at 4.64c. per lb. with 

 ■duty paid. 



The principal items of interest affecting quotations were as follows: April 9th a new built 

 central was reported, as beginning grinding, making 175 at work against 174 the previous week, 

 and 168 last year. On April 10th, operators on the sugar exchange worked in symiiathy with 

 refiners to restore confidence and improve prices. 



Opei-ators worked combination purchases and resales somewhat as follows: April ship- 

 ments of Cubas bought at 334c. cost and freight (4.77c) put into warehouse on arrival until 

 July, -nould figin-e, allowing 10 to 12 cts. i)er 100 lbs. for carrying charges, about 3.85c. to 

 3.87c. iier lb. delivered against July contract sales at 3.95c. per lb. as quoted on the Exchange, 

 would leave an apparent profit of 8 to 10 cts. per 100 lbs. This method of supporting the mar- 

 ket on each decline below 3^'4C. cost and freight (4.77c.) has been resorted to with succe.ss and 

 brought in refiners to purchase new sup.plies each time of declines. On the other hand, when- 

 ever prices advance above S^c. cost and freight (4.77c.) the desire to sell large amounts of 

 :sugar by Cuba and Porto Rico planters has filleii up the buyers without exhausting the supplies 

 and the "left-overs" still pressed for sale produce a downward reaction again. 3^4C. cost and 

 freight seems the normal satisfactory price to crop producers this season. 



In spite of heavy rains frequently reported, sufficient to stop several estates from grinding 

 for days together, the large number continuing to work and the increase in production carried 

 thereby, has prevented perhaps thus far the anticipated advance in values looked for at about 

 this time by reason of a foreign demand. The foreign demand came to a fair extent both for 

 Cuba Raws and American Refined, the former for about 50,000 tons Centrifugal at 3} 2c. F.O.B. 

 Cuba, and the latter for 40,000 tons Refined at 4.50c. per lb. net cash F.O.B. United States. 

 All things seemed to be working well for all sugar interests up to-day. Better weather recently 

 and abundance of cane, enables Centrals to keep working to a fuller extent than last season 

 when Centrals rapidlv closed as follows: Full number 174, Alav 5, 144; May 12, 123; May 19th, 

 ■93: May 26th, 54; June 2d. 33; June 9th, 28; June 16th, 19; June 23d, 16; June 30th, 11; and 

 Julv 7th, 9. In 1913 the closing was slower, March 18th there was 174 wo'-king, April 22, 172, 

 May 6th, 166; May 13th, 155; May 20th, 125; .May 27th, 104; June 3d, 67; and July 8th, 15. 

 Today a new featm-e of sensational interest pervades all markets and disturbs all conditions 

 either directly or indirectly and sugar is not entirely exempt from its influence. 



The sinking of the British steamer Lusitania, with great loss of life which includes many 

 prominent Americans, casts its shadow over all and opens up possibilities for the futm'e beyond 

 present conception. A possible effect to the sugar trade may be an interruption in shipments 

 abroad of the refined sugars recently sold for exporb. Such deiaj' may or may not prove im- 

 poi'tant in the end, but it would be a disturbing factor. Indications at this writing seem to 

 point to a less secure basis for the trade in raws at a continued 3?4c. cost and freight normal 

 value. Sales of 85,000 bags Cubas are ah-eady reported at 3^ per lb. cost and freight (4.64c.) 

 Statistically speaking, our figures for supplies and demand for the United States Atlantic 

 Ports and New Orleans from Alay 1st to October 1st, 1915, sum up as follows without specifying 

 details; stock, balance of crops of Porto Rico, Hawaii, Philippines and Cuba, promise supplies 

 totalling 1,835,000 tons against 2,103,136 tons last year, while total estimated requirements of 

 the United States for consumption May 1st to October 1st, we estimate at 1,470,000 tons 

 against 1,496,397 tons last year — leaving surplus October 1, 1915, of 325,000 tons against 570,- 

 259 tons last year. 



If the Cuban crop proved larger than Messrs. Guma-Mejer's estimate, then the supplies 

 October 1st will be increased thereby. 



Contracts for refined sugar for home consumption were booked to the extent of 1,500,000 

 bbls., at 5.90c. less 2*^^ f lifter which all refiners placed their hst prices at 6c. less 2% but have 

 found it somewhat difficult to induce buying at above 5.90c. Many buyers have contracts 

 «ufticient for 60 days and the new orders coming in, are for small amounts. 



Although it seems rather more difficult to maintain the higher level qu(;tations for either 

 raws or refined, and with planters free sellers, there is likely to be a loss to some extent, at least, 

 ■of the optimistic tone which has sustained the market this season thus far. 



New York, April 10th, 1915. WILLETT AXD GRAY. 



