THE CUBA REVIEW. 



27 



SUGAR REVIEW. 



Specially written for The CUBA REVIEW by Willett & Gray, of New York. 



Our last review of the sugar market was written May 12. At that time, Centrif- 

 ugals 96 test were quoted at 4.36c. per lb. duty paid, and at 3c. per lb. cost and 

 freight. At this writing, June 12, the quotations are 4.40c. per lb. duty paid, and 

 3.03c. cost and freight for 96 test basis. 



During the interim, the price has been no lower than 4.24c. per lb. and no 

 higher than 4.40c. per lb. duty paid. It has shown to have been a very steady 

 tirm market. 



European beet sugar markets have been equally steady, fluctuating only slight- 

 ly from week to week under the direct iniluence of the news from this side and 

 from Cuba, quotations for beet sugar May 12 being lis. IV^A., advancing to lis. 

 Sj-^d. on the 16th, declining to lis. on the 25th, rising to lis. Sj^d. the 29th, drop- 

 ping to lis. 254d. on June 3, rising to lis. 5^d. June 10, and closing at lis. 4^d., 

 equal to 4.40c. per lb. duty paid for Centrifugals. 



As regards crops, the figures of June 1 show a visible crop of Cuba 900,255 

 tons, to which will be added the later receipts, bringing the total about 925,000 

 tons, as estimated in last review. 



Thus far the United States has received 281,364 tons less from Cuba than last 

 season to same time, and as but 177,411 tons stock remains in the island for the 

 United States to draw from for six months, it is evident that a largely increased 

 supply over last year must be drawn from Europe and Java, the only available 

 sources of supply. Consequently from week to week our refiners have bought and 

 continue to buy from abroad whenever the opuortunity offers. Java sugars in 

 warehouse in Liverpool have contributed two cargoes thus far to our require- 

 ments, in addition to beet sugar purchases. Also 175,000 tons Javas have been 

 taken for direct shipment. All these purchases have been made so judiciously 

 as not to have advanced the quotations of sugar, but it is doubtful if the further 

 amounts required by our refiners to October can be so successfully secured. It 

 may be possible that our next review will show more advance in values than 

 the present. 



The fruit season is at hand and the demand for the refined product begins 

 to increase, giving indications of a general advance in quotations of both raws 

 and refined from the standpoint of supply and demand on the hand-to-mouth basis. 



Looking forward into next season, all signs point to a higher range of prices. 

 The prevailing rains in Cuba, while helping the growing canes, cannot add the 

 product of new plantings after this time to the crop outturn. A fair estimate 

 of the next crop from known conditions at this time would seem to be an in- 

 crease of, say, 100,000 tons over the present. 



As regards the European beet crop, there are no features indicating much of 

 any variation from the last crop. Brazil will have a larger crop and contribute 

 to the United States supplies which she did not do this season. Taken altogether 

 there will be no need of Cuba marketing her early receipts at such a difference 

 below the parity of Europe as was experienced on the present crop. 



At the close we quote Centrifugals 96 test 4.40c. per lb. duty paid and 3 l/32c. 

 cost and freight for shipment, and beet sugar lis. 4i/^d. f. o. b. Hamburg, equal 

 to 4.40c. per lb. landed here duty paid. 



During the past week, the refining capacity of the United States has been 

 increased by the opening for business 

 of the new Warner Sugar Refinery at 

 Edgewater, New Jersey, with capacity 

 of 2.500 barrels per day, but at present 

 producing but 1,000 barrels. Their first 

 fine granulated was of full standard 

 quality and met with ready demand from 

 the trade at 5c. per 100 lbs. concession, 

 the price now raised to the same level 

 as other refiners. All refiners are now 

 quoting 5.25c. per lb. net cash for granu- 

 lated. 



New York, June 12, 1908. 



Sprouting seed cane, showing fallacy of cutting 

 too long for planting. 



