36 T H E C V B A R E V I E W 



Sugar Review 



specially Written for THE CUBA REVIEW by Willett & Gray, Xew York. X. Y. 



Our last report was dated September 24, 1923, and at that time the market was 

 strong at 532c. c. & f. The momentum of the advance carried prices I2C. a pound 

 further up to 6c. c. & f. on an active market, but when it reached this quotation, it 

 appeared to attract sugars from all parts of the world. Sugars were offered from 

 practically all Central and South American countries, and as the new European Beet 

 crop was approaching harvesting time, many of these countries began to offer raw beet 

 sugars, as well as White refined. Of course, our Cane refiners were not interested in 

 offers of raw beet sugars, as any refiners manufacturing refined out of raw beets would 

 have difficulty disposing of their refined, as they have made a specialty for many years 

 past of refining Cane sugar only and thus advertising their product. The free offerings 

 of full duty sugars did not appear to disturb Cuba much, owing to the small balance 

 of supplies held there, and at no time have Cuban holders been free sellers, but while 

 Cuba was maintaining this firm attitude, and only reacted to 5/>8C. c. & f.. there have 

 been almost daily transactions in full duty sugars from l-16c. to 34c. a pound below 

 the Cuban parity. It is now estimated that American refiners have 60/75,000 tons full 

 duty sugars, including Brazils. Perus. Venezuelas. Guatemalas, Honduras. San Domingoes, 

 etc. 



Up to the time the market advanced from Sj/ic. to 6c. c. & f., the demand for 

 refined sugar was very good, but since then the demand has slackened off and the refined 

 situation has reverted into a period of dullness. The competition, however, between the 

 refiners is keen for selling sugars, and prices are quite irregular. The Federal from time 

 to time have been quoting Granulated at O.lOc, and the other refiners have met this 

 quotation, but generally most of the refiners have been selling at 0.15c. to 9.25c. There 

 is no export demand, so the entire output of the refiners is at the disposal of American 

 buyers. 



In the meantime, the starting of the American beet crop has taken place, and this 

 has added increased competition to the situation, owing to the fact that futures on the 

 Exchange are quoted for next March and May almost 2c. a pound below prices for actual 

 sugars. The beet manufacturers are using every effort to sell sugars, competing as to 

 prices and allowing special terms and concessions. The general asking price for Beet 

 Granulated for territory Chicago eastward to Buft'alo-Pittsburgh is 8.70c., compared with 

 ^bout 9.15c. for Cane sugars. 



The supplies of raw sugar available are sufficient to take care of a normal demand 

 for refined, but if there is any increase in this demand, it indicates a firmer market for 

 raw sugars, with refiners compelled to compete for the small balance of supplies. How- 

 ever, in view of the unsettled conditions in the refined sugar market, there is very little 

 likelihood of any important demand for refined sugar, buyers being naturally disturbed 

 by the unsettled condition and only purchasing sugars as they need same. 



Cables from the United Kingdom have indicated market fluctuations following those 

 here and, at this writing, the market has quieted off. However, the increased offerings of 

 new European beet crop sugars have interested the English refiners and they have pur- 

 chased some Belgian and other Crystals. The U. K. and Continent have been interested 

 in new crop Cubas and San Domingo sugars, and have bought some cargoes of both at 

 prices ranging from 3.90c. to 4c. f. 0. b. Cuba, one cargo being disposed of to Belgium 

 at 4.10c. f. o. b. Cuba. Sellers of new crop sugars in Cuba have not been free with 

 their offerings, while there continues to be a demand on the basis of 4c. f. 0. b. Cuba 

 for new crop sugars for February/March. 



New York. X. Y.. October 23. 1923. 



