THE CUBA li E J' I E W 37 



Sugar Review 



specially written J or THE CUBA REVIEW by Willett & Gray, Neiv York, N. Y. 



In our last report we noted a sharp drop in Cuban Centrifugals from SJ^c. 

 :. & f. to 4%c. c. & f. within the space of a few days. This condition not satisfying 

 speculators, they immediately put into circulation reports of considerably lower Cuba 

 :rop estimates and with the public naturally excited over the press reports, sugar 

 rapidly advanced until transactions were again made at Syic. c. & f. From 5^c. 

 :. & f. up to 5^c. c. & f. the market has been erratic and fluctuating, and speculators 

 lave been using every effort to maintain prices, having bought thousands of tons of 

 sugar, both on the Sugar Exchange and the actual article, in the endeavor to main- 

 Lain prices. It appears, however, that whenever they stop buying the market imme- 

 diately drops off. This condition has obtained during the entire period under review 

 md recently the market touched 534c. c. & f., but immediately afterwards dropped 

 to 5 7/1 6c. c. & f. The market was quite weak at this latter quotation, when 

 Dperators again circulated reports of reduced crop estimates for Cuba and credited 

 :he Cuban Department of Agriculture with said reduction, giving the matter somewhat 

 Df an official tone. The Cuban Government denied issuing any crop estimates and 

 the market has again reverted to its dull tone. Our refiners naturally had to look 

 Dut for their raw supplies during this period, but they have acted quite conservatively 

 md have only bought sugars equalling their sales of refined sugar, which have been 

 quite large and necessitated corresponding purchases of raws. This large buying of 

 raw sugars caused heavy exports from Cuba and stocks of raws at the refining ports 

 ire now quite ample and the demand for refined sugar is decreasing considerably, 

 causing some accumulation of refined by refiners. 



Europe and the Far Eastern markets have followed our changes here quite 

 closely and there has been considerable speculation throughout the world. The matter 

 tiad become so bad in France that pressure has been put on the French Parliament 

 to take off the duties on sugar, thus opening the French ports to all the sugar markets 

 of the world on the same basis as their domestic product. This seems a radical step 

 to take, particularly in view of the need of France for revenue, but it shows what 

 can be done when the public gets fully aroused. 



During the period under review, refined sugar has been somewhat irregular: when 

 the demand was good prices were advanced, and when the demafid slacked off prices 

 declined and, at this writing, Arbuckle is quoting 8.75c., Federal 8.90c. and the 

 other refiners throughout the country 9.00c., usual terms. 



We do not see the reason for any talk about reduced Cuban crop estimates, 

 as the production to date is almost 500,000 tons more than for the same time last 

 year, and there is no indication that the crop will be any less than that outturned 

 last campaign. 



New York, N. Y., March 22, 1923. 



American Sugar Cane League, Inc., of tion and the Producers' and Manufacturers' 



V- S- ^- Protective Association. Its scope, however, 



The American Sugar Cane League, Inc., is broader than that of any of these, as it 



of the U. S. A., was organized in September is intended to include in its membership 



at New Orleans, La. The new organization those interested in cane production in any 



is primarily a consolidation of three asso- part of the continental United States and 



ciations previously active in the Louisiana to form one strong, active and efficient 



field, the Louisiana Sugar Planters' Associa- organization to promote the welfare and 



tion, the American Cane Growers' Associa- prosperity of the southern cane belt. 



