Evening bulletin., 1911-03-18
SUGAR Prices.


The price of sugar has kept up be-
yond expectations. Going as high as
3.S5, it dropped back only to 1888 and
has held firm there.
Willett & Gray's latest circular gives
some interesting paragraphs on the
market This review follows:
Willett & Grays sugar journal. un-
der date of March 2, gives the follow
ing opinion on how the unexpected
happened in the sugar market:
Outlook.
Present favorable prices for Cuba
sugar for the early season are a re-
suit of circumstances which have kept
refiners short of surplus stocks for sew
eral months and compelled purchases
on the hand to- mouth basis. Smaller
production and better facilities for car
rying sugar in Cuba have helped
planters to await this positive demand,
and they consider 1t preferable to the
former years practise of exceedingly
large sales at the beginning of crop,
thus giving refiners large surpluses at
low prices and causing Independence of
constant regular buying for regular re-
quirements.
Present prices are therefore, more
profitable to planters than there was
reason to expect at this time of the
crop season, and many sellers appear
satisfied to meet BUYERS at present
basis of values.
The Withholding of the beet crops Of
Europe from the European markets for
similar reasons has caused the hand
to-mouth demand over there to bring
values from IS. 5 lid. up to about
los, which favorable price gives fab
ricants full cost of production and one
shilling per cwt. more to apply to div
idends and surplus to working capital,
and should prove quite satisfactory
Both beet and Cuba producers should
be well pleased with these values if
they can be maintained in face of the
statistical position of the sugar world.
1t must be recognized, however, that
the unusually large stock supplies and
crop prospects to be added, now kept
in the background, must eventually be
marketed, and the hand-to- mouth
basis of buying which is likely to be
continued by refners everywhere will
make this more or less slow process.
While the Cuba crop prospects now
give expectation that considerable
amount of full duty sugar will be re-
quired in the United States, yet this
ultimate demand may not appear until
near the end of the campaign. There
will be an opening for supplying such
demand with cane sugar to the eXclu-
sion of beets, not only from the Java
crop, but from other cane producing
counties, Formosa, for instance, where
by our most recent advices large
surplus production, not required Tor
Japan, must be disposed of elsewhere.
Japan and India both will require less
Java sugars than last year and the
United States looks now like their best
available market. Our refiners can
cover their late deficiency wants right
now, if so disposed, at the cost of not
over 4c per ID. landed for Javas,
against October December beets at
cost of 4.06c per lb. landed here.
1t will be of interest to note If the
novel and new competition of Formosa
enters into export trade to any extent.
Also as to whether the profits shown
in beet culture at los. per cwt. leads
to continuance of full next crop sow
ings in face of large surpluses to be
carried over
We simply give the above suggestion
on the sugar situation as whole,
without giving an opinion on the final
outcome at this time.
Raws.
Again we have to advance spot quo
tation for 96-degree test centrifugals
from 367c. per lb to 3S0c. per lb.,
say .13c. per ID. advance for the week.
European beet sugar advanced from
9s. s l. -4d. per cwt. to 9s. IL Id. re-
acting to 9s. 93-4d. at the close.
The two markets worked somewhat
in sympathy during the advance early
in the week. and the United States
market showed more firmness than the
foreign. though closing with a reac-
tion Highest sale of Cubas for March
shipment was at 247c. c. & T., equal
to 3S3c. landed, and for April ship