30 THECUBAREVIEW 



SUGAR REVIEW 



Specially Written for The Cuba Review by VVillett & Gray, of New York 



MARKET FIRM, WITH CONTINUED IMPROVEMENT IN PRICES EXPECTED 

 — U. S. CONSUMPTION TO JUNE 30, 1,61 1,826 TONS 



( )iir last suj;ar review fur this mat;a/.inc was dated June '.nil. 



Centrifugals 'Xi test were then 4.24c. per lb. 



C"nlia ceutrifiij;als, for shipment, were 2 :il-:52e. c. & f. for July. 



Centrifugals are now 4. .3.3c. per lb., showing an advance in spot ([notations of .()9c. 

 per lb., and centrifugals for August shipment are selling at :;c. c. tS: f. c(|ual to 4.36c. 

 per lb. landed. 



During the first half of June, centrifugals further declined to 4.ITc. per 11)., from 

 which low point on the 21st of June they began to advance and the market steadily 

 improved until the present quotation of 4.33c. was reached nn tlie .'ith of July, the 

 market remaining firm at the advance up to the close, with indications of further 

 improvement. 



luiropean markets for beet sugar were at 14s. 8%d. equal to 5.1.3c. per lb. in Xew^ 

 York for centrifugals, and are now 14s. 9%d. equal to 5.16 c. per lb. for centrifugals 

 in New York. The fluctuations in European beet were quite prominent during the 

 first half of June, declining from 14s. 8%d. to 14s. 2%d. on the 16th of June, 

 when the market turned upward under the influence of renewed speculation, making 

 a steady improvement up to 14s. 11 Md. the last of June and under slight fluctuations 

 holding the advance until the 7th of July, since when the European beet market 

 has been rather easier for no special reason and closes at 14s. 9%d., quiet and 

 steady. 



The course of prices during the time under review is simply the working out of 

 the general condition of the sugar statistics throughout the world, the time having 

 finally been reached when a continued improvement for the balance of the campaign 

 year can confidently be looked for. Up to this present time, 3c. c. & f. has been 

 considered a rather sentimental stopping place for Cuba sugars ; w-henever sellers 

 have tried to establish quotations above this price, refiners have withdrawn from 

 the market and patiently waited for renewal of ofifers on this basis which have 

 eventually appeared and business resumed. 



It would seem from the statistical position, however, that sooner or later and 

 probably before the close of the present month, the 3c. line mark will have been 

 crossed, and that the remainder of the Cuban crop will be sold above this sentimental 

 line. The Cuban crop in its final indications seems to point above the 1,7.')0.()00 

 tons limit. The visible production to the 30th of June, cabled by Messrs. Guma-]\Iejer, 

 J,689,675 tons, indicates a crop of 1,805,287 tons, provided the receipts for the 

 balance of the season are the same as last year, say 115,612 tons, and, at present, 

 there are no indications of receipts coming to a close, as has been frequently estimated. 



No change of importance is made in our total of world's crops of sugar from 

 last month. The European beet crop is progressing favorably, although F. 6. Licht's 

 last cable to us indicates that more warm weather is required for l)est results. 



Cuba centrifugals before the close of the campaign are likely to reach the parity 

 of new crop beet sugars, which for October and December are now quoted at lis. 6%d. 

 equal to 4.44c. per lb. for centrifugals in New York, against present centrifugal quotation 

 of 4.33c., a difference in parity of lie. per 100 lbs. to be closed up before new- 

 crop sugars are obtainable. 



Our usual careful estimate of the consumption of sugars in the United States 

 for the SIX months, ending June 30th, shows 1,611,826 tons consumption against 

 1.602,907 tons m 1909, and 1,586,889 tons in 1908, during the same period. These 

 ligures show a very small increase of consumtion for the first six months, but which 

 IS likely to be increased to the normal consumption during the last six months of the 

 year. 



The refined market has been held steady on the basis of 5.15c., less I per cent., by 



