32 



THE CUBA REVIEW. 



SUGAR REVIEW. 



Specially written for The Cuba Review by Willett & Gray of New York. 



Our last sugar review for this magazine was dated March 9, 1910. Centrifugals 96 

 test were then 4.3(x". per lb. and are now 4.36c. per lb., a continuous steady and firm 

 market at this quotation during the entire time. 



Cuba sugars for shipment did not maintain the full quotations of March 9, hut 

 have been l-16c. to l-8c. c. & f. lower, closing for April at 3c. c. & f. and May 3 l-16c. 

 c. & f. 



Very liberal sales were made to our refiners for March shipments, giving them a 

 surplus of supplies for that month and for April use. 



The offerings for May have been of very limited amounts and all refiners are in 

 position to buy freely of that shipment and appear to be willing to do so at 3 1-16 c. & f. 

 (4.42c. landed). 



European beet sugar, which was 14s. 5 l-4d. per cwt. f.o.b. Hamburg, reached the 

 highest level of the campaign at 14s. 9 3-4d. March 29, but losing somewhat at the close 

 at 14s. 8 l-4d., equal to 5.13c. per lb., landed in New York. 



The parity difference between Cubas and Beets is now .77c. per lb. as against .195c. 

 per lb. a year ago. 



Some persons are surprised at the continuance of this large difference in apparent 

 values, but the e.xplanation is simple. Our refiners for the first time in history can see 

 sufficient available supplies for their wants this season in free and partially free duty 

 sugar, and hence need to pay no more for sugar than Cuba sugars can be sold at in other 

 markets. 



On the other hand, European countries are short of supplies and must pay full world 

 prices in order to draw sufficient supplies. This dififcrence of parity just meets the re- 

 quired conditions and will continue to be maintained until Europe draws from the 

 United States sources of supplies sufficient amounts to make it possible that supplies 

 for the United Siates are jeopardized. When such time comes, as it probably will 

 under the reduced rrop estimates, the parity of values must close up and stop the 

 e-xports from Cuba to Europe. 



Messrs. Guma-.Mejer's last estimate of the Cuba crop is 1,600,000 tons minimum and 

 1,675,00 tons maximum. We think we see reasons to expect the full outturn of 1,700,000 

 tons estimated by us as far back as October 21, 1909, if the rainy season does not begin 

 earlier than usual. Current prices for sugar will induce the grinding of cane just as 

 long as is practicable by weather and cane obtainable. 



The immediate future is for a quiet and steady market at 3c. to 3 l-16c. c. & f. basis 

 for shipment. 



The total visible supplies for the world are now 3,336.075 tons against 3,626,341 tons 

 last year, a difiference of 290,266 tons. 



Refined sugar remains steady at the 5.25c. less 1% basis asked by all refiners, but 

 practically all business has been on the basis of 5.15c. less 1% and at the close buyers 

 have no difficulty in securing supplies at this price for granulated. 



Domestic beet sugars are virtually through the marketing for the season. 



New York, April 7, 1910. 



RAINFALL IN CUBA DURING JANUARY, 1910. 

 The last line under the scale of markings is of English inches. No. 1 shows therefore a rainfall 

 °ftw?en and 1 >nch ; No. 2. 1 to 2 inches; No. 3, 2 to 4 inches, and No. 4, more than 4 inches.— 

 Utticial Government Figures. 



