Copra and coconut oil

Title

Creator

McCombe, Robert J.

Language

English

Source

The American Chamber of Commerce Journal Volume XXX (No. 1) January 1954

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

24 AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1954 plan will bring the price of gold to a satisfactory level without actual monetary cost to our Government. Since, however, the gold-certificate plan is not certain to effec tively achieve its aim, the direct subsidy plan should neces sarily be allied to it_fo provide the necessary support upon which long-term planning can be based. It is up to the Philippine Gold Producers Association to convince our government authorities that relief is im mediately needed, and this we intend to do with all the reserves at our command, and with every hope of success. Copra Cake and Meal Prices. Increased demand for protein meals generally, brought about the first real change in prices for this commodity since last August. Trading for January and February shipment took place at $65-$69 per short ton c.i.f. West Coast, up about $3 for the month. Copra Statistics PHILIPPINE COPRA AND COCONUT OIL EXPORTS Copra and Coconut Oil By Robert J. McCombe Manager, Copra Buying Department, Philippine Manufacturing Company THE price-advance started last August finally slowed to a stop in December. Trading was very light and price unusually static. Surprisingly heavy arrivals were a feature. Copra Prices. During December prices fluctuated narrowly between $212.50 and $220.00 per short ton c.i.f. West Coast, ending at $215.00, off $2.50 for the month. European prices remained unchanged at about $240.00 per long ton c.i.f. Europe. In Manila the local price for fresh copra, resecada basis, 30-day delivery, was steady at F40.00-P40.50 per 100 kilos, off slightly from the November 30 level. Coconut Oil Prices. United States coconut-oil buyers continued to buy very cautiously. Throughout the month large tonnages of unsold afloat oil kept pressure on this market. At the month-end oil was freely offered at 16/ per pound f.o.b. tank cars, Pacific Coast, for Jan uary shipment. Total............................ (In Long Tons) October November Copra United States. . .................... 24,975 30,511 Europe................ .................... 41,825 24,600 Other countries .................... 5,420 4,012 Coconut Oil United States........................ Other countries..................... 72,220 59,123 6,346 8,335 February.. March. . . . Aptil.......... May.......... July........... September November. December. January.. February. Total 6,346 8,335 MANILA AND CEBU COPRA ARRIVALS (/n Metric Tons') Cebu 1953 19 12,682 16 13,029 11 17,991 10 13,380 9 10,164 14 14,462 15 18,182 16 20,413 19 19,779 19 19,123 16 15,709 16 16,838 11 Manila and Cebu 1953 21,130 20,770 24,888 21,685 19,366 25,003 31,802 35,054 36,806 37,271 30,584 32,020 Per cents ge 1953152 J 68.0% > 73.5% 21,998 29,541 30,389 35,355 35,344 PHILIPPINE AND INDONESIAN COPRA EXPORTS (In Metric Tons) Philippine Copra Exports * Percentage 1953 1952 1953/52 41,025 77,050 53.2% 38,672 84,884 45.6% Indonesia Copra Exports Percentage ’ 1953/52 43.6% 75.5% 1952 32,657 24,931 ENGINEERING EQUIPMENT & SUPPLY COMPANY, Inc. MACHINERY • MECHANICAL SUPPLIES • ENGINEERS • CONTRACTORS AIR CONDITIONING For Offices, Theatres, Hospitals, Stores, Restaurants, Hotels, Clubs and Homes ★ ★ ★ Suppliers of MACHINERY, EQUIPMENT and INDUSTRIAL SUPPLIES For Sugar Centrals, Mines, Sawmills, Power Plants, Machine Shops and All Industrial Plants ★ ★ ★ ENGINEERING — DESIGN — APPLICATION — ESTIMATES INSTALLATION — MAINTENANCE — SERVICE — REPAIRS General & Sales Office 174 M. de Comillas Manila Tel. 3-29-21 ★ ★ ★ Operating: g MACHINE SHOPS • STEEL PLATE SHOPS | STRUCTURAL STEEL SHOPS • WELDING I! SHOPS • BLACKSMITH SHOPS • SHEET METAL SHOPS • MARINE RAILWAY I Engineering Shops No. 1 Calle L. Segura & Pasig River Mandaluyong, Rizal Tel. 6-65-68 January, 1954 AMERICAN CHAMBER OF COMMERCE JOURNAL 25 90.3% 19,559 34,518 88.0% 17,258 33,771 65.2% 5,854 28,364 80.4% 17,266 35,696 115.4% 29,586 19,773 109.2% 26,140 17,316 76.4% 21,445 11,483 106.9% 29,409 20,350 118.1% 21,986 12,411 March............... April.................. . . . 50,168 . . . 48,745 55,549 55,405 May.................. 36,536 56,053 June.................. . . 48,144 59,876 July................... . . . 64,359 55,756 August.............. 71,010 65,052 September........ . . . 75,804 99,196 October............ . . . 83,610 78,201 November........ ... 73,511 62,262 Totals....... ... 631.584 749,284 81.7% 221,617 271,270 Production and Future Prospects. Estimates for 1954 production indicate an overall increase of about 10% to 15% over 1953. As for the short-term price-trend, some of the trade believe that the usual January price-advance will be contained this year by some of following bearish factors; the typhoon season is passed with no damage; commercial stocks of copra and coconut oil in the United States continue to increase and are now at the highest levels in over a year and a half; Indonesian sales and exports to Europe are expected to remain at a high level; the rela tively high price for coconut oil is meeting more and more resistance from the buyers. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period of November 15 to Dec ember 15, 1953. Following are the shipments for the month of November 1953. Shippers Pounds Franklin Baker Company............................................... 4,994,350 Blue Bar Coconut Company.......................................... 554,340 Peter Paul Philippine Corporation............................. 665,000 Red V Coconut Products, Inc....................................... 1,137,900 Sun Ripe Coconut Products, Inc............................... 718,000 Cooperative Coconut Products, Inc............................ 209,100 8,278,690 Sugar By J. H. d’Authrbau Acting Secretary-Treasurer Philippine Sugar Association THIS review covers the period December 1 to December 31, 1953. New York Market. Much that was unexpected has happened since we last reported. Heavy trade demands on refiners, prompted by fears of shortage should the water front issues remain unresolved, raised spot and December values to as high as 6.35/ as refiners replaced, until .the United States Government granted permission to refiners to melt excess quota sugar. Spot and December deliveries there upon declined gradually to 6.00/, duty-paid basis. Future positions maintained their values throughout. After the close of business on December 14, the U. S. Secretary of Agriculture announced a 1954 domestic quota of 8,000,000 tons with estimated needs set at 8,400,000. Trade circles took a bearish view of these figures, having in mind— (a) ability of all supplying areas to fill their quotas in 1954; (b) doubts of 1954 consumption reaching 8,400,000, i.e., 200,000 tons more than in 1953; (c) that due to waterfront strike-scares and desire of beet processors to market maximum quantities in 1953, invisibles at 31 December may well be considerably above normal; (d) possible intention of U.S. Department of Agriculture to bring price down in line with other United States crops and to discourage further United States sugar expansion. Against this thinking, the futures market did well to drop only 8 points in March and May, 6 in July and September, and 5 in November. The market remained quiet and inactive for a week, in contemplation gathering some underlying strength from reports of the .Cuban inten tions to restrict their 1954 crop to rather under 5,000,000 and not to begin grinding till January 16 (a week or so later than normal). Ratification in London of the International INSULAR LUMBER COMPANY FABRICA, OCC. NEGROS MEMBER — PHILIPPINE LUMBER PRODUCERS’ ASSOCIATION, INC. ---------- ¥----------SPECIALISTS IN KILN-DRIED LUMBER and MANUFACTURERS OF BOXES OF ALL DESCRIPTIONS MANILA DISTRIBUTORS: Philippine Lumber Manufacturing Norton & Harrison Company Company Insular Saw Mill, Inc. 814 Echague 14-30 Soler St. 340 Canonigo, Paco Manila Manila Manila MANILA OFFICE-. 603 FILIPINAS BUILDING

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