THE CUBA REVIEW. 27 



SUGAR REVIEW. 



The Visible Sugar Crop May Reach 950,000 Tons — New Crop Indications Favorable 



— Consumption of Sugar in United States Increasing — Steady Firm 



Market Promised for July and August. 



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



Since June 12, the date of our last review, there has been very Httle change either in 

 price or in condition of the sugar markets of the world. 



At that time Centrifugals, 96 test, were quoted at 4.40c. per lb., duty paid, and at 

 3.03c. per lb. cost and freight for 96 test basis. At tihe present time. Centrifugals are 

 4.36c. per lb., duty paid, and 3c. per lb. cost and freight for 96 test basis. In the mean- 

 time, the price has been no higher than 4.40c. per lb., duty paid, and no lower than 4.25c. 

 per lb., d'uty paid. This indicates a steady, firm market for the entire month and similar 

 conditions promise to continue for the month to come. 



European beet sugars, whidh are subject to more frequent fluctuations, were quoted on 

 June 12 at Us. 4^d., equal to 4.40c. per lb., duty paid, for 96 test Centrifugals. From 

 that price they declined to lis. ^d., June 18, up to Us. l^d., down to 10s. lO^d. at the 

 end of June, rose to Us. 6d. on the 3d of July, and steadily declined to Us. 3d., the 

 closing quotation. 



The influences during the month to affect prices were only trifling. Drought was re- 

 ported as doing injury to the European beet crop, but according to our correspondent, Mr. 

 F. O. Licht, the conditions altogetlher have been favorable for the crop and no change in 

 prospects have been made. It is too early yet for approximate estimates of the European 

 beet crop of any value. 



The visible Cuba crop has now reached 932,000 tons with two centrals continuing to 

 grind and it is possible that the final crop out-turn may reach about 950,000 tons. Advices 

 as to the grooving crop of Cuba are favorable for moderate increase over the last crop. 



Reports from other sugar crop countries continue favorable for increased production 

 over last year. 



Our domestic sugar crops, also, as a whole, promise well witih' the exception of some 

 sections in the state of Colorado where the crop has suffered severely from drouth and 

 blight. 



The course of prices for the remainder of this campaign, up to September 15, first give 

 promise of being held steady by reason of the necessary amount of purchasing which 

 our refiners will be obliged to make in order to have on hand at that time a normal carry- 

 ing stock. For actual use, ihowever, unless the consumption of refined should increase 

 over last year during the next two months, the supplies of raiwis already purchased and 

 in stock here are sufficient for actual requirements and the only purchases needed to be 

 niiade are for the usual carrying stocks beyond requirements. Last year on October 1 

 such stock amounted to 234,000 tons, but this year purchases from now on of 150,000 

 tons would seem to be ample, and, inasmuch as the value of present beet crop sugar com- 

 pared with the next crop value is about Is. or %c. per lb. lower for tlhie future crop, a 

 coming together in price for the two crops will be in order after 60 days, and probably 

 be reached by more of a decline in present value than an advance in new crop values. 

 Cuba can still supply 100,000 tons of the necessary purchases of the next 60 days, if so 

 disposed, and Java furnish the remainder. At this late time in the campaign it does not 

 seem advisable to look forward to any improvement of consequence in prices and the 

 market in the U. S. wdll do well if it holds its own at about 3c. cost and freight for 96 

 test basis. 



Tlhe consumption of sugar in the United States, first half of this year, as compared 

 with the first half of last year, by our figures, shows an increase for the entire country 

 of 112,595 tons or 7.63% increase, which is highly favorable and not likely to be dupli- 

 cated by as large an increase during the last half of the year, although conditions of the 

 fruit crops and improvement in trade are suggestive of some increase over last year. 

 The actual consumption for the six months this year is 1,586,889 tons. 



At the present writing, the demand for refined sugar at the East is somewhat interfered 

 with by the fact that nearly all the beet sugar granulated factories in the United States 

 have sold out their last season's production to the jobbers, but the jobbers have not, as 

 a whole, passed tthese sugars forward into consumption. It will not be long in time, 

 however, before such distribution for consumption will be completed and an increased 

 demand for cane refined sugars show itself at the seaboard. Hence values of refined 

 will undoubtedly hold firm for the next 60 days under a regular, increasing demand. After 

 60 days, however, we will all be looking forward and making calculations as to the new 

 campaign, the indications for which are not yet very substantial or reliable, but in anti- 

 cipation we might say that, as a whole, values of raws should average no lower lihan 

 for the present campaign. 



