Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1911-03-23
CUBA SUGAR
RULES MARKET

MAI OF MHTCn u'dlS WIN INV o"S"'
situation as follows:
Raws.
The reaction which set in just at
the close of our last review continued
until centrifugals dropped from 3.SOc'
per h., 96-degree test, down TO 3.6fc.
per h., say 10 cents per 100 lbs. de-
cline, this decline wiping out the Is
cents per lbs. advance of the proceed
ing week. European markets held
better, declining only 3-4d. to 9s. Sd.
for beets and 1-2d. for cane. Fol-
lowing these declines Europe led in
an upward movement again, rising
since Monday Cd, by rapid jumps to
Wednesday to los. Sd. for March and
April beets and los. lid. for May,
the latter reacting to los 3 3-4d. at
the close. Cane also rose I'D. to
lis. I'D. for Javas. The effect OF
this movement abroad was to cause
general withdrawal of Cuba and Porto
Rico sellers from the market, the few
lots offered being at advanced prices
and taken by refiners at 5-l6c. C.
& f. (367c) to 1890. C. & T., say
376c. landed the spot quotation at the
close. Naturally much curiosity ex-
listed to know what the sudden change
in Europe was all about, and our prl-
vate cables from Europe said it was
because of the news from Cuba What
was the news? Messrs. Guma-Mejer
gave out the production of sugar in
the island up to end of February.
1t has been customary in former
years when the crop figures were
known to this date to revise crop fig
ures from this basis, adjusted to the
crop receipts of other years after
March |, the other year selected for
this adjustment being the one show
ing nearest conditions to the present.
This appears to be the year 1909,
when production to March | was $685.
| S48 tons, and the after production to
end of crop was 9,734 tons, togeth-
| err a total crop of 1,513,5S2 tons APP
plying this principle to this year the
production to March | is 559,45l tons,
which, added to the after production
of 1909, say 919,734 tons, gives crop
of 1,479,185 tons, or less than ] IL
million tons, which is the crop out
turn now being freely circulated in
Europe for speculative purposes.
The weakness of this conclusion is
shown in the fact that the less pro-
duction, "a 1897 tons thus far from 1908
| figures, is because the grinding sea
son began later this campaign, and is
| quite sure to last longer than in 1909
or 1910.
Figures along this line would look
more plausible if the average produc-
fnr a
1910 were added together and divid'
ed by two, giving crop OF 1.55l,O 0l
tons, and if the deficiency to Marcel
1. compared with 1909, should alst
be recovered, crop of 1854 400 tons
J From the fact that in 1909 thu
working centrals fell off each weel
from 10 to 1862 April 4, thus reduc
ing production, while in 1910 there
were ITO centrals still working Apri
a. we prefer to base the after prodnc
ton on the probably monthly outturl
as given elsewhere, and indicating
crop of fully 100000 tons as fina
} | total production.
VI Europe is net-worked with su9a
, exchanges dealing daily in paper con
, tract sugar subject to bull and bea
, manipulations, so that the actua
; markets for actual sugar on aetna
J values from statistical positions hay
little chance of asserting themselves
) The bull speculation at the momen
D chooses to ignore the European sta
\ tistical situation of large stocks an
\ future supplies beyond possible re
n uuirements and pay attention only t
: a possible deficiency of 100000 ton
. in Cuba, while not so very long since
D while the bear element of specula
0 ton was in action, it was Freely sal
0 that the crops and visible supple
q of sugar in the world were so TX
n cessive that 100000 tons more or les
n crop in Cuba would have no lnllt
y ence." Those big European crops an
. supplies still exist and must be dea
with in due time, indicating that III
b ropean prices may be top heavy DC
0 fore long. In the meantime specu!s
@ ton extends to Cuba sugar and > AZ
q per lb. c. & f., 96-degree test. is he
< ing paid for April deliveries, so
< Lice. over the price refiners are pa,
. ing. Even at 2.47c. c. & =, equ'
y $3.50. landed, our price is .53c. hello
= the parity of European beet, which
9 really too large difference IN vie
0 of the expected deficiency in Amer
% can supplies ;,
o Cuba reports received are general
n favorable for harvesting, Hawaiian r.
n suits to sugar companies given els
n where.
" Philippine production is leg,nnli
D to arrive at shipping ports and mn
5 ing local speculative buyers. no r
5 cent sales to refiners here being r
10 ported. Low grades have been goii
Is to China pending arrival OF new Ja'
70 crop.
~ Java has full-up crop with WINE
~ to meet any deficiency in the UNIT
~ States. Javas are now offered 1
50 July August shipment at lO5. IL
70 c. & f., equal to 4.03c per ID. lande
so against beet parity of 9s. S'-4d.
75 o. LIGHT cables weather unsettled |
70 field work.
os Our Cuba Crop Estimate.
90 In view of ouf recent in'ornati
oo from the island, and OF the compal
~ lively small production TO end
70 February, lis cahled by Me5srs. Cum
20 Meier, say 3, 5.ij1 tons, against "a
Is 766 tons in 1910 and 593,S1S tons
20 1909, we must reduce our estimate
or the total crop production.
~ 1t was expected that the product
W in February, with harvesting in Il
III swing, would equal that of the sal
20 month last year, but it proves to