Copra and coconut oil

Title

Language

English

Source

The American Chamber of Commerce Journal Volume XXX (No. 2) February 1954

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1954 COMPLETE INTERNATIONAL BANKING FACILITIES of Amertra NATIONAL HvSiTngs ASSOCIATION WILSON BUILDING 139 JUAN LUNA MANILA Call 5-42 74 or 5 33-90 for FREE estimates. I Dear Homeowner: Don’t throw your old blinds and screens away. Send them to us. We will repair and restore them for you. Life Time Venetians and Veni-Shade wood and bamboo rolling screens are made by— CADWALLADER PACIFIC COMPANY MANILA * CEBU ♦ ILOILO * BACOLOD ♦ DAVAO tme □ CUSTOM-BUILT VENETIAN BLINDS □ I.......:......C EZ=Z=] E makes the difference! I arrangements regarding the settlement of the reparations problem. As the Trade Agreement was to expire at the end of January and shipments had to be made and docu ments negotiated by the end of January, it was exceedingly difficult to do any business with Japan with any degree of safety. However, most exporters realized that something would have to be done in order to permit trade to continue between the two countries, and, on January 22, exporters were advised that they would be permitted to negotiate their documents through February 28 providing the cor responding letters of credit were received in the Philippines before the end of January. On January 28 it was reported in the press that the Trade Agreement had been extended through March 17. This represents a 45-day extension, against a usual extension of 4 months. It is exceedingly unfortunate that the Philippines and Japan cannot set up a Trade Agreement which will permit business to operate smoothly from one year to the next. It is the writer’s opinion that the method presently employed has been most expensive as certainly it has had a depressing effect upon the fiber market. We detail below the usual statistics. The January figures will be included in our February report. Total........................... United States and Canada Continent of Europe. ... United Kingdom.............. Japan................................... South Africa....................... China................................... India.................................... Korea.................................. Australia and New Zea land .................................. Others.................................. Total. 856,158 870,234 978,766 752,933 513,720 Exports—January /December, inclus 360,073 157,736 96,502 203,707 9,000 5,435 6,190 600 1,450 1,826 947 Copra and Coconut Oil By Robert J. McCombe Manager, Copra Buying Department, Philippine Manufacturing Company AFTER a slow start in early January, prices resumed the advance which began last August. Trading reached new highs during the third week of January, due, mainly, to heavy European buying. The United States market, however, remained unusually quiet mainly due to the poor demand for coconut oil. Copra Prices. During January, prices to the United States West Coast narrowly ranged between $217.50 and $222.50 per short ton c.i.f. West Coast. At the end of the month, there was limited buying interest at $217.50 and, on the other hand, a large volume of offerings at $220.00. Net change for the month was up $2.50-$5.00. Most of the activity during the month centered around the European market as European consumers and speculators entered the market about the middle of the month and bid prices up from $240 to a high of $252 per long ton c.i.f. Europe. Toward the end of the month, it became evident that the immediate European requirements had been satisfied and prices slowly eased back to $243-$244 per long ton c.i.f. Europe—up about $3-$4 a ton over the December 31 levels. In Manila the local price for fresh copra, resecada basis, 30-day delivery, reached a high of P42.00 during the third week, but, in line with the easier export markets, closed the month at P40.50-P41.00 per 100 kilos—up about P.50 from the price at the end of last year. February, 1954 AMERICAN CHAMBER OF COMMERCE JOURNAL 69 Coconut Oil Prices.—Demand for coconut oil in the United States during January was very limited. Buyers were aware of the large amount of unsold afloat oil to New York. This oil was available somewhat below copra replacement equivalent and United States buyers, later in the month, took advantage of this to replenish their stocks. At the month end, coconut oil was freely offered at 16-3/4/ c.i.f. New York and 16-1/8/ per lb. f.o.b. tank cars, Pacific Coast, for February-March delivery. In spite of the higher copra market, oil prices were unchanged from the December 31 levels. Copra Cake and Meal Prices. January saw a further increase in the demand for protein meals and the price of copra cake advanced another $4 to about $70-$73 per short ton c.i.f. West Coast. Copra Statistics Philippine Copra and Coconut Oil Exports (In Long Tons) November December Copra United States.................... 30,511 30,199 Europe................................. 24,600 22,000 Other countries................. .... 4,012 1,753 Total............................ .... 59,123 53,952 Cocon ut Oil United States.................... 8,335 4,845 Other countries............... — Total............................ .... 8,335 4,845 Manila and Cebu Copra Arrivals (In Metric Tons) Manila Cebu Manila and Cebu 1951 monthly average . 14,344 19,667 34,011 1952 monthly average . . 14,604 15,102 29,706 1953 monthly average 12,052 15,979 28,031 January, 1951................. 13,242 22,634 35,876 January, 1952............. 14,775 16,303 31,078 January, 1953..-............. 8,448 12,682 21,130 January, 1954................. 13,038 15,490 28,528 COLUMBIAN ROPE COMPANY OF PHILIPPINES, INC. HEMP AND COPRA EXPORTERS STEAMSHIP AGENTS ¥ 206 Myers Building i Port Area, Manila, P. I. ¥ BRANCHES! Davao • Tacloban • Cebu • Tabaco NEW AND... Production and Future Prospects. As is usual in Jan uary, arrivals were very light during the first two weeks. However, toward the end of the month, arrivals, both in Cebu and Manila, picked up sharply to make January an average normal month—35% above January, 1953, which was an abnormally low month. Arrivals are expected to remain good during February. At the end of January, the copra market appeared nervous. The general expectation is that the price trend during February may be slightly downward. Coconut oil is one of the highest priced fats in both the United States and European markets and, because of this, is meeting considerable consumer buying resistance. Should produc tion continue good and the abnormally high European demand subside, prices could react approximately P2-P3 from the present levels. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation -TO SEE (JJKU'*'* * —TO TOUCH —TO OPERATE Modern in design, the MARCHANT is the only American calculator with dials for checking key board entries. Its low-luster finish eliminates reflections causing eye fatigue. With key action twice as light as before, its keys and controls respond to the slightest touch. The MARCHANT is unmatched in accuracy control, simplicity, speed, and silence. Shippers Previous Total Franklin Baker Com pany........................ 46,177,170 46.75% Blue Bar Coconut Company................ 9,711,200 9.83% Peter Paul Philippine Corp......................... 9,955,700 10.08% Red-V Coconut ProDecember For the Year 1953 100% 3,119,705 46.01% 49,296,875 46.71% 977,550 14.42% 10,688,750 10.13% 696,900 10.28% 10,652,600 10.09% 1,554,800 22.92% 28,275,125 26.79% 432,000 6.37% 5,092,100 4.82% ~ ______ 1.541,800 1.46% MARCHANT CALCULATOR ERLANGER & GALINGER, INC. 123 T. Pinpin off Escolta Tel. 3-21-61

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