THE CUBA REVIEW 35 



THE SUGAR REVIEW 



Specially written for the Cuba Revieui by Willett & Gray, New York. 



Our last review for this magazine was dated Oct. 7, 1916. 



At that date, Cuba Centrifugal sugar 96° test basis was quoted at .5.00c. per lb. cost and 

 freight (6.02c. duty paid) and is now SJisc. c. & t. i,6.46c.) showing advance of 0.44c. per lb. 

 following an advance of 0.875c. per lb. given in our last report for the month of September. 



It would seem from this large rise in the sugar market during the space of two months 

 that some unusual reasons must existf or it. As a matter of fact, there were developments from 

 time to time which caused a continued strong and advancing market up to the present. 



From 5.00c. c. & f. on Oct. 7th, the market advanced }4.c. per lb., October 10th, on busi- 

 ness of 23,000 bags to refiners. The Louisiana Planters accepted the offer of the American 

 Sugar Refining Co., to buy 50,000 tons of their new crop at a price to be 20 points below a ten- 

 day average of the New York market quotation the day of arrival at New Orleans. The de- 

 liveries are spread over the months of November-January. 



A further advance of ^c. came Oct. 13th, and 3^c. more Oct. 16th, to 53^c. c. & f. 

 (6.27c) due to the extreme firmness of holders and m-gent demand from buyers. Full duty 

 sugar participated in the advance to extent of 50,000 bags at 5.00c. c. i. f. British preferential 

 sugar, British owned, shipped on British ships without war risk insurance, sold at 4%c. c. &f . 



At this time arrivals at Atlantic Ports were below requirements for meltings and stocks 

 largely reduced, indicating further rise in values, which was realized October 20th by sales at 

 J^c. per lb. advance to Sj^c c.&f. (6.52c.) New crop Cubas were reported sold to refiners at 

 43^c. c. &f. (5.39c.) for January-Februarj' shipments. A very large business was done on this 

 date includmg Philippine Islands sugar at 4.60c. basis 88° due November, and full duty Demer- 

 aras November 96° basis at 5J^c. c.&f. This activity giving full supplies to refiners for the 

 time being, checked the advance, but produced no reaction and was followed on October 2eth 

 by a few sales here and to outports at 5%c. c.&f. (6.65c.j The Louisiana crop sugar advanced 

 to 6.30c. per lb. on large purchases by the American. At this point the rise was checked and 

 a moderate reaction set in rediicing quotations to 5Kc. c. & f . (6.52c.) on Oct. 30th, and to 5 }ac. 

 c. & f. (6.46c.) on November 1st, which quotation continues to this writing, buyers showing smaD 

 interest in the market by reason of having a much reduced demand for their product either for 

 home or foreign consumption. 



A feature of the moment is the increased amount of sugar coming from new sources of 

 supply. Our special cable from Manila reports exports of Philippine sugar during October of 

 14,000 tons to the United States Atlantic Ports and 1,000 tons to San Francisco, increasing the 

 total this year to 129,000 tons to the U. S. against 84,000 tons in 1915. 



The immediate future of the New York market now depends largely upon whether the 

 new crop of Cuba is dela,yed bj^ reason of weather conditions. The domestic beet crops have 

 been thus delayed and somewhat reduced in estimates, adding a firm point to prices. Still 

 the season is at hand when new and increasing supplies are usually obtainable and hence, v/ith 

 prices at a high level, the buying will no doubt pass to the hand to mouth basis for awhile. 

 Naturally the consumption of sugar is somewhat restricted by the high price of refined, which,, 

 however, continues to maintain only a conservative value above the cost of raws to refiners. 



The remaining stocks of old crop sugar will come on the market as fast as required by 

 refiners, but thus far there is no effort to press them for sale in advance of needs. 



WILLETT & GRAY. 



New York, November 6, 1916. 



REVISTA AZUCARERA 



Escrita especialmente para la Cuba Review par Willett & Gray, de Nueva York. 



Nuestra ultima resefia para esta publicacion estaba fechada el 7 de octubre de 1916. 



En esa fecha, el azucar centrifugo de Cuba polarizacion 96° se cotizaba a 5.00c. la libra 



