THE CUBA REVIEW 35 



Sugar Review 



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



At the time of our last review quotations on Cuba Sugars were 2>^c. c. & f ., the market 

 having reacted from the high point of 2>^c. c. & f. for prompt shipment sugars. It was 

 generally expected that after the tremendous crop movement of the three preceding months 

 a period of quietude would take place as there were over 1,500,000 tons of sugar sold during 

 the first three months of the year. With this point in view, it was generally diflScult to 

 maintain prices although 2}ic. c. & f . remained the low price for the period covered by this 

 report, but frequently sugars came into the port and were more or less pressed for sale 

 although in all instances they managed to secifre a buyer and thus maintained the market. 



During the early part of April, speculators commenced to show increased interest and 

 managed by manipulation to run the market up from 2i<(c. to 2>^c. c. & f. but we con- 

 sidered this bull movement ill-advised and predicted that same could not be maintained. 



There was no demand from the country for refined sugar and Europe was only buying 

 the smallest quantities of raw sugar so it was generally impossible for speculators to obtain 

 a sufficient demand to maintain prices when it was not encouraged by the buying of sugar 

 for consumption for this country as well as Europe. 



As we expected, the market gradually sagged and we have again a period when the 

 quotations can only be considered nominal at 214C. for prompt and 23/^c. c. & f. for May 

 shipments, the market being barely mamtained at these prices. The dechne has been 

 encouraged by the large receipts of new crop sugars at the shipping ports and which have 

 been larger than the exports, consequently causing a large increase in the stocks in Cuba, 

 our latest estimate of the stocks of both old and new sugar at the shipping ports and at the 

 plantations or in transit being over 1,400,000 tons. This is a large quantity of sugar to have 

 accumulated in Cuba so shortly after the recent large buying movement and, in our opinion, 

 the best plan to pursue would be to allow prices to go down again in order to encourage 

 buying throughout the world and this is the only way in which Cuba can dispose of her 

 excess quantity of sugar, when we consider the size of the present crop as well as the carry- 

 over of 1,250,000 tons at the beginning of the year. If prices are not made low enough to 

 induce this world demand, there will again be next year an important carr>-over to the 

 consequent detriment of prices. 



In our opinion, there never was a better year for a large consumption in refined sugar but 

 this consumption can only be encouraged by keeping Granulated sugar at a comparatively 

 low level. While we admit that Granulated at 5>2C. to 6c. is normally a low figure, it is 

 not low when compared with the prices at which the tremendous demand for refined sugar 

 started in early January, which figure was 4.80c. less 2%. 



Advices from the European Beet countries from important sources now talk as though 

 any increase in the sowings will be an extremely difficult proposition. In fact, it looks as 

 though the only increase in sowings would be made in France but the increase in this 

 country will not be sufficient to raise sufficient beet sugars for their own needs but they will 

 also require some 250,000 to 300,000 tons of imported sugars, either Cuban raws or American 

 refined. 



Owing to the large previous demand for refined sugars, refined sugar quotations have 

 been difficult to maintain and at this writing are lower than the recent high point of 5.50c., 

 being quoted at from 5.25c. to 5.30c. The demand for refined sugar for export has not 

 been large but there has been a steady market movement from day to day, the quotation 

 as we write this article being 3.70c. net cash in bond. 

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



Re vista Azucarera 



Escrita especiahnente para la Cuba Review por Willett & Gray, de Xiieva York. 

 Cuando publicamos nuestra ultima revista, las cotizaciones de los azucares de Cuba 



