Honolulu star-bulletin., 1916-03-24
HALF Of CUBAN
PRESENT CROP
ALREADY SOLD
Will Be Hard for Foreign Buy
ers to Obtain Much Sugar
Without Higher Prices

That the entrance of foreign buy
the sugar market is practically GER
tain, and that when they do start buy
ing they will have to pay prices higI-
FER than those ruling on. March 3, was
the opinion expressed in the weekly
market letter OF the CzaTnikow-
Rionda Company on that date. The
market resume issued by the we'll
known firm follows, in full:
AT last weeks. close the market
became firmer, with operators seeur-
ing a moderate quantity of Cubas in
prompt positions at 4c CT. (5.02c), and
refiners taking all the Porto -Ricos
available at prices ranging from 4.S3c
to 4.92c landed, according to position.
Meet Higher Views
Continued strength, coupled with
a necessity on the part of the domestic
trade to provide for future require
ments of refined sugars, resulted in a
sharp advance, beginning with refin-
ers purchasing all the Cubas procur-
able at 406c CT. (50Sc) on 29th ult,,
and yesterday meeting the higher
views of sellers by paying 4.25c CT.
(5.27c) not only for March-April ship
ment, but also for some Cubas afloat.
Our spot quotation has consequently
risen to 527c, basis 96 deg, which rep
resents an advance os .25c per pound
on the week. r.. |
Even at this advance In values the
reported business aggregates only
about $4,000 tons Cubas, 10000 tons
Porto Ricos and 1000 tons full-duty
sugars, making a total insufficient for
one weeks present rate Of MEETINGS,
especially If the 5000 tons secured by
operators is taken into account. Lat
ter buyers also paid 4.S125c CT. l5.33c) |
for May shipment Cubas. y |
"Rumors circulating here during the
past fortnight concerning business in
raws for shipment to Europe on the
basis of about s3.65c fob. lack con-
firmation, and with local buyers IN
Cuba paying 3.70c fob, 1T certainly
appears doubtful if anything approach.
ing 10000 tons (the quantity men
toned could have been put through,
although European buyers 10 doubt
gladly would have taken it, as stocks
In both United Kingdom and France
have reached a very low level and
the temperance of those buyers in
the market is. now looked for at al
most any moment. Ss{f
Situation Is Strong. sg..s EsE
"That our market should have dis
played such decided strength in the
absence of a large foreign business
makes the situation all the stronger,
and with the capacity of refiners heav-I
ily taxed to fulfil domestic and for
eign contracts heretofore entered into,
and Cuba. having already sold practi-l
caIly half OF her current crop at very
prices. it will doubtless
prove difficult for foreign buyers to
obtain appreciable quantities unless
they are willing to pay higher prices
than those now ruling for fob. sugars.
"Refiners' MEETINGS at United States
Atlantic ports this week amounted to
72.O00 tons, and adding about 10000
tons for New Orleans, gives the large
figures Of $4,000 tons handled in that
Derioi. Al continuance of operations
Al this rate, which it is reasonable tol
expect. would require 320-350,000 tons
81 raws per month, and with present
scarcity of steamer tonnage it is hard
u possible that arrivals can sufficient
u exceed present melting require
ments to permit of any accumulation
Of stocks by refiners anywhere near
the rate attained in bygcne years.
AN indications therefore point to q
very strong situation when the usual
brisk summer demand for refined
makes its appearance.
sThe weather in Cuba has continued
iry, and there are complaints through
Dut the island of tonnage of cane per
acre falling below original estimates,
but in view of the higher yield OBJ
aimed. il is yet too early to forecast
any reduction in estimates Of the
stands production this csnni.icn.