THECUBAREVIEW. 29 



SUGAR REVIEW. 



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



Our last sugar review for this magazine was dated Jan. 6, 1910. 



Centrifugals were then at 4.02c. per lb. 96 test and are now 4.11c. per lb., after 

 having reached 4.17c. per lb. 



The cost and freight basis for shipment was then 2j^c. per lb. for Januar}' and, 

 after going to 2.81c. on sales for February, declined to-day to 2^c. per lb. 



Europea^i beet sugar was then 12s 9d for January and is now 12s llJ4d for 

 February, a gain of 2^d per cwt. (4c. per 100 lbs.) 



The parity of beets and Centrifugals was then 4.71c. per 100 lbs. and is now 

 4.75c. per 100 lbs., a difference of 4c. per 100 lbs. 



Last year, Jan. 6th, Centrifugals in New York were 3.70c. per 100 lbs. and on 

 Feb. 7th were 3.61c per 100 lbs., a loss of 9c. per 100 lbs. 



Last year, Jan. 6th, beet sugar was 10s l^d and on Feb. 8th was 10s ^d, a 

 decline of ^d. 



These comparisons show at a glance the trend of the markets. During the past 

 30 days Centrifugals moved from 4.02c. per lb. to 4.11c. on Jan. lOtli, and to 4.17c. 

 Jan. 13th, to 4.11c., the 18th, to 4.08c., the 19th, to 4.17c. Feb. 1st, to 4.11c. Feb. 8th. 



During the past 30 days, beet sugar in Europe made the following fluctuations: 

 From 12s 9d to 13s 3d, to 12s 9d, to 12s lO^d, to 12s 9d, to 12s lO^d, to 12s 9^d, 

 to 13s, to 12s 10>4d, to 13s, to 12s ll^d, now Java cane sugar in Europe went from 

 13s 3d per cwt., floating landing terms, to 13s 6d, to 13s 9d, to 13s lO^d, to 13s 9d, 

 to 13s 6d, to 13s 7^d, now. These quotations show at a glance the greater sensitive- 

 ness to new conditions from day to day of the European markets. 



Cuba shipments to the United Kingdom are practicable and have already been 

 contracted for to the extent of 100,000 bags at least. It is this fact of practicable 

 Cuba shipments to Europe that is at this writing holding the European beet sugar 

 speculation in check. Speculators over there become tijnid on this uncertainty as 

 to amounts that may be available for European shipments before Cuban planters 

 have disposed of enough crop to permit Cuba prices to advance and remain high 

 enough to shut out such possible shipments. On this condition rests the immediate 

 future of the Cuba and United States markets. 



Our refiners during the last 30 days have taken some 500.000 tons of the crop 

 and are in no need of paying further advance from the standpoint of necessity, and 

 will do so only if opinion points to policy in that direction by the_ evident upward 

 trend of prices during this sugar campaign, which every little while is brought home 

 to them by renewed activity in Europe from the same cause. 



The European supply situation as seen from this distance, in brief, is as follows, 

 from some compilation of figures we have made, but will not repeat in full: 

 European stock, Sept. 1, 1909, 1,102,693 tons; European crops, 6,155,000 tons. Esti- 

 mated imports from outside of Europe same as previous year, 408,197 tons. Total 

 estimated supplies campaign year Sept. 1, 1909, to Aug. 31, 1910, 7,665,890 tons, as 

 against 8,245,595 tons previous year. Consumption of Europe estimated same as last 

 year 6 643,010 tons. Exports outside of Europe, same as previous year, 499,892 tons, 

 leaves estimated stock Sept. 1, 1910, 522,988 tons, against 1,102.693 tons the previous 

 year, or a deficiency of 579,705 tons. 



If we consider the month of September, Avhen practically no supplies of new 

 crop beets are available, and the consumption goes on to the extent of 481,739 tons, 

 the same as in September, 1909, there will remain for stock Oct. 1, 1910, 41,249 tons, 

 against 620,954 tons Oct. 1, 1909. We can account for possible additional supplies 

 from outside of European crops and usual imports of, say, 200.000 tons outside of 

 Cuba, which would give a stock Oct. 1, 1910, of 24L249 tons. These figures allow 

 for no increase in European consumption over previous year. 



These figures or others giving similar conclusions are no doubt the basis on 

 which the European speculators are working for future advance in value of sugars 

 everywhere, and are a reason why they are now in the market for outside supplies 

 from Cuba. 



