Desiccated coconut

Title

Desiccated coconut

Creator

Hick, Howard R.

Language

English

Year

1949

Rights

In Copyright - Educational Use Permitted

Fulltext

Local copra prices, although generally reflecting outside markets, were influenced by spot conditions for local needs. Thus copra varied in Manila and Cebu between P37.50 and P30, both prices being high when quoted. Supplies were unusually small, and what copra there was, was largely held for outport shipments as such. Desiccated consumption was also a telling factor particularly in the Manila district. Copra shipments for the month were relatively small, totalling 23,778 tons as against 57,960 tons in January, 1948. The breakdown follows: Pacific Coast .............................................. 10,337 Atlantic ........................................................ 4,087 Gulf ............................................................. 5,723 France .......................................................... 1,457 Venezuela .................................................... 1,133 South Africa .............................................. 512 Panama ........................................................ 529 Two January loadings for Europe have been delayed until February. Oil shipments were negligible, totalling 1,633 tons, all of which was consigned to the U. S. Atlantic Coast. Copra cake and meal markets were nominal, there being very little business available or desired. Euro pean f.o.b. indications ranged from $45 to $48 per long ton and meal could be sold on the Coast at from $65 to possibly $70 c.i.f. per short ton. AS the period closed, two things were evident. First, the American value of coconut oil for industrial purposes was lower than the European edible value. Second, coconut oil is still high-priced as contrasted with other oils and fats in the United States. The value for copra to Europe exceeded its value for oil to the United States. Consequently, Philippine crush ers were shutting down and waiting for better times, and American crushers were largely doing the same thing or turning to other seeds. Thus there is com-paratively little coconut oil available anywhere, which may have a steadying effect on the small demand. The local markets do not seem to be heavily oversold but very few dealers are long and future sales must depend on production which is and is likely to con tinue to be very light, even for this time of the year. Although as we write the immediate situation is a tight one, nobody seems to have much confidence in the market, and while a temporary hardness is an ticipated, it would not be surprising if thereafter prices might drift lower once more, although perhaps very gradually and not so emphatically as last month. Any intelligent appraisal is, however, hazardous, for the normal laws of supply and demand cannot func tion properly at a time when unusual circumstances and simple government actions can so easily complete ly upset the picture one way or the other. Desiccated Coconut By Howard R. Hick President and General Manager, Peter Paul Philippine Corporation THIS report covers the period from January 15 to February 15. As a result of the sudden and great drop in copra prices in early January, due to foreign influences, the copra and nut markets have fluctuated more or less normally. However, sellers can not reconcile themselves to the fact that lower copra prices are here to stay, and when influencing factors indicate higher prices, diehards hold the copra and in the case of nuts refuse to harvest, expecting to get better prices, this indirectly making supplies difficult to get in a rising market. But as foreign factors are so great, the local influence has had very little effect, and this substantiates the belief among copra and nut men that a healthier mar ket is here and will likely stay. Nut prices remain very close to the copra equi valent, but supplies are a little tight at the closing of the period. Labor seems to be more or less settled at present, with one other company now paying bonuses for night work. The shipping statistics for the month of January are as follows: Shippers Pounds Franklin Baker Co. of the Philippines .. 3,136,470 Blue Bar Coconut Company................... 131,130 Peter Paul Philippine Corporation ........ 2,660,000 Red V Coconut Products, Ltd................... 1,736,500 Sun-Ripe Coconut Products, Inc............... 415,600 Standard Coconut Corporation ............... 365,000 Isabelo S. Hilario .................................... 0 Cooperative Coconut Products, Inc.......... 0 Tabacalera .................................................. 324,900 Luzon Desiccated Coconut Corporation .. 253,620 GRAND TOTAL .............. 9,023,220 Sugar By S. Jamieson Alternate Secretary-Treasurer, Philippine Sugar Association HIS review covers the period from January 29 to February 26, 1949. Nev: York Market. The period opened with spot at 5.65<t and buyers indicating interest at that price for suitable positions. Some sales of Cuban and Puer to Rican sugar were made on that basis. Thereafter the market became dull and listless and prices fell, no doubt attributable in part to the falling prices of other commodities. Spot fell to 5.60^, and there were sales of Cubas, Puerto Ricos, and Philippine sugar at the same price. Toward the end of Feb ruary, however, the market became steader, and ex change quotations moved upward, followed by a sharp improvement in prices for actual sugar available for prompt arrival and shipment. The market at the close was firm, sellers asking 5.75^ for prompt ship ment and buyers indicating 5.70^. Spot advanced to 5.70ff. This recovery, coming during the production pressure-period and in face of the general weakness of other commodity markets, is regarded as encour aging. The following sales of Philippine sugar were reported: 46,000 tons 1949 January 28 — 2,500 tons February/March 5.66c * 2,000 ” 5.64c * February 8 — 9,000 ” March/April 5.60c * 10 — 1,000 ” February/March 5.62c * 18 — 3,000 ” March arrival 5.65c * 23 — 19,000 ” February/March/Apr. 5.65c * 24 — 2,000 ” March/April 5.70c * 25 — 2,000 ” April/May 5.71c * 3,000 ” 5.70c * 2,500 ” February/March 5.72 i.icf 116

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