THE CUBA REVIEW 35 



Sugar Review 



specially written for the Cuba Review by Willett & Gray, New York, N. Y. 



At the time of our last review, quotations were on the basis of 2 3/32c. to 2^c. 

 c. & f. and during nearly the entire period the advancing tendency was maintained, 

 quotations having been advanced to the basis of 2>4c. c. & f., equal to 4.11c. duty 

 paid, on prompt sugars with 2^c. c. & f., equal to 4.23c. duty paid, for late April 

 shipments. The heavy purchases fill the refiners' wants for the present and owing 

 to the easier tendency of refined sugars, both for domestic and export purposes, a 

 reaction followed with quotations at this writing on the basis of 2^c. c. & f. equal to 

 3.86c. duty paid. In regard to nearby sugars, these are more difficult to sell at the 

 moment than sugars for later shipments. Porto Rico sugars are offered at the equiva- 

 lent of 2 S/16c. c. & f. for Cubas and 3.92c. c. i. f. New York with full duty sugars 

 sold to Canadian refiners at 2.32 ^c. c. i. f. Halifax and 2 3/1 6c. c. i. f. New York for 

 shipment to Halifax. Philippine sugars have also been active, as several sales, amount- 

 ing to about 15,000 tons, have been made at from 4c. to 4^c. c. i. f. on shipments 

 March to May. 



The extraordinary large movement in buying sugars covered not only the United 

 States but the United Kingdom and Europe as well, but according to latest advices 

 the demand for refined in the United Kingdom is checked which has also caused a 

 slackening in the demand for raws from that quarter. Reduced quotations to 14s. 

 c. i. f. do not seem to interest the United Kingdom buyers at the moment although 

 France has paid this figure for a cargo to Marseilles, the equivalent of this quotation 

 being about 2.43c. f. o. b. Cuba. 



As regards Cuba, the ninth consecutive week of large movement of Cuban sugars 

 is a record breaker, the receipts of new crop sugars at the shipping ports amounting 

 to 220,000 tons, the largest figure ever reported. In addition to this amount, there 

 were about 15,000 tons of old crop sugars received at the ports making the total 

 arrivals for the past week, 235,000 tons. Exports from the islands were also very 

 large, totaling 230,000 tons for the week. Despite the large exports, the stocks in 

 the island are large and the total quantity in the ports and on the plantations is 

 estimated at 1,217,227 tons at this writing. The number of Centrals grinding since 

 our last report has been increased by seven, 179 Centrals now being at work against 

 191 at the same time last year. 



Our regular monthly cable from the Philippines has come to hand reporting 

 exports during the month of February of 11,000 tons of sugar to the Atlantic ports 

 and 5,000 tons to San Francisco, while our regular cable from Java reports no sugars 

 coming westward during February. 



The strong and active raw market naturally had a tendency to increase the 

 demand for refined and all refiners advanced their quotations to the basis of 5.50c. 

 as against 5.10c. quoted at the time of our last report, but now the market has been 

 somewhat affected by increased offerings of granulated sugars from second hands and 

 as a result of these offerings, one refiner has reduced his price to the 5.40c. basis 

 to meet the competition. 



Export quotations showed a further high point reached during the week, sales 

 having been made as high as 3.90c. net cash in bond but this market is also easier, 

 being affected by the increased desire to sell on the part of refiners as well as larger 

 offerings from second hands. Quotations today are nominally 3.80c. The advance 

 in export has been higher than the advance made in sugars for domestic use, the export 

 quotation having advanced from 2.80c. to 3.90c. net cash in bond while granulated 

 for domestic use advanced from 4.80c. to 5.50c. 



New York, N. Y., March 25, 1922. 



