March sugar review

Title

March sugar review

Creator

Fairchild, George H.

Language

English

Year

1928

Rights

In Copyright - Educational Use Permitted

Fulltext

THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1928 MARCH SUGAR REVIEW By George H. Fairchild New York Market: Throughout the month under review, the Amer ican sugar market was steady and firm. Prices gradually advanced from 2-5'8 cents c. and f. (4.40 cents l.t.) to 2-7/8 cents c. and f. (4.65 cents 1. t.). During the first week little activity was shown in the sugar market with insignifi cant sales of Cubas effected at 2-5/8 cents c. and f. (4.40 cents 1.1.). At the close, however, the market became firmer with buyers offering at prices ranging from 4.43 cents to 4.48 cents 1. t. The improvement in the market continued in the last three weeks and prices steadily ad vanced to 2—7/8 cents c. and f. oi 4.65 cents 1. t. at the close of the month. The bettei demand for refined was undoubted ly responsible for the improved tone of the market: nevertheless, refiners were in general cautious end reserved in their purchases, and buying during the month was chiefly done by the operators and speculators. The report to the effect that the Cuban Export Corporation had sold all of the 600,000 tons allotted to foreign export, apart from the sugar destined to the United States, and that part of the 200,000 tons held in reserve was already disposed of to the U. K., had a steadying effect upon the market. On the other hand, the announcement on the 29th of Licht’s estimate of the European beet sowings showing an increase of 2% over those of last year caused disappointment with the result that the market became easier. Stocks in the U. K., U. S., Cuba and European The Philippine Guaranty Company, Incorporated (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance Low rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instal ments at low interest Call or write for particulars Room 403, Filipinas Bldg. P. O. Box 128 Manila, P. I. statistical countries at the end of the month were 4,570,000 tons, as compared with 4,308,000 tons at the same time in 1927 and 4,553,000 tons in 1926, from which it will be noted that present visible stocks are higher than those of the cor responding period in the previous years, and if these were the only guides for t he future course of sugar prices, a pessimistic view would be justified, but it is generally believed that the invisible stocks are very low. Philippine Sales: During the month under review, sales cf Philippine centrifugals in the Atlantic Coast, afloats, near arrivals and for future deliveries, aggregated 85,090 tons, being the record sale of the 1927-28 crop. The total Philippine sales in the Atlantic Coast to date amount to 303,090 tons, and with about 50,000 tons sold in the Pacific Coast, make a total sales to date in the United States of 353,090 tons, leaving 200,000 tons still unsold cf the 1927-28 crop. The following is the record of monthly sales on the Atlantic Coast in long tons. Sept., 7,250; Oct., 7,500; Nov., 53,500; Dec., 36,500; Jan., 38,250; Feb., 75,000; Mar., 85,090; total, 303,090 long tons. Estimated sales in the Pacific Coast, 50,000; and total Philippine Sales in the United States to date, 353,090 long tons. Local Market: There was considerable trading in the local market for centrifugals during the first three weeks of the month, when over 500,000 piculs exchanged hands at prices ranging from 1’10.25 to 1’11.25 pei picul. On account of the small quantity available for trad ing, the market was quiet during the last week with very insignificant parcels sold to exporters on the basis of I* 11.00 per picul. The muscovado market at Iloilo was steady with buying done chiefly by the Chinese dealers at prices ranging from 1*6.90 to P7.5O per picul. In Manila, some parcels of “surtidos” exchanged hands at prices from 1*6.45 to 1*6.60 per picul. Philippine Prospects: The milling season for the 1927-28 crop is approaching its end. Mindoro Sugar Co. was first to finish milling on February 10, with a total production of 95,390 piculs or 6,033 tons of sugar. La Cariota Sugar Central finished grinding on March 22 with a total production of 884,609 piculs of sugar from 443,070 tons of cane within a period of 116 milling days, or an average of 3,819 tons of cane a day, which is in excess of the rated daily capacity of its 3000-ton Central. Pro duction of the Centrals up to the middle of March amounted to 464,043 tons, details of which follow: Asturias, 10,183 metric tons; Bacolod, 32,046; Bais, CANADIAN PACIFIC LARGEST—NEWEST—FASTEST—STEAMSHIPS ON THE PACIFIC to CANADA, UNITED STATFS and EUROPE DESCRIPTIVE FOLDERS ON APPLICATION TO CANADIAN PACIFIC PHONE 2-36-56 14-16 CALLE DAVID PIIONE 2-36-57 Proposed Sailings: Steamers Lrare Lrate Lrair Lear Lrai Manila Ilonokona Shan/hai Kvb. Yokohc Vancou “Emp. Canada”. Apl. 14 Apl. 18 Apl. 21 Apl, 24 Apl. 27 May 6 “Emp. Russia” . May 5 May 9 May 12 May 15 May 18 May 27 ‘‘Emp. Asia” . . . May 26 May 30 June 2 June 5 June 7 June 16 ‘‘Emp. Canada”. June 8 June 13 June 16 June 19 June 21 June 30 ‘‘Emp. 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