Sugar
Media
Part of The American Chamber of Commerce Journal
- Title
- Sugar
- Creator
- Jamieson, S.
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXVII (Issue No. 7) July 1951
- Year
- 1951
- Rights
-
- Fulltext
- 234 AMERICAN CHAMBER OF COMMERCE JOURNAL July, 1951 Albay, Camarines, and Sorsogon.. . . 132,798 78,932 55,528 99,302 98,541 Leyte and Samar... 84,781 50,907 51,669 57,204 32,048 All Other Non Davao.................... 48,303 32,679 37,176 57,054 22,771 Total Bales............. 477,025 297,992 235,794 312,639 306,907 VENETIAN BLINDS Custom built to fit your own requirements. In color and size— perfectly installed for a lifetime of service. Exports during May were 91,438 bales, slightly ex ceeding pressings. Approximately 48% of these shipments went to the United States. The following are the comparative figures for exports for the 5 five months of 1947 through 1951: EXPORTS.— JANUARY-MAY INCLUSIVE T/e'ndZ- Shude. WOODEN ROLLING SCREENS for your porches—any color desired. 1951 1950 1949 1948 1947 United States and Canada.................. 283,060 126,257 81,584 157,121 220,453 Continental Europe.................. 81,618 45,312 48,532 46,493 56,530 United Kingdom.. . 81,334 33,144 13,635 44,780 13,645 Japan......................... 61,619 42,989 67,256 68,636 — South Africa........... 6,990 1,325 2,516 1,460 2,000 China......................... 2,145 7,580 5,861 4,318 1,006 India.......................... 3,342 3,450 1,151 — 1,800 Korea......................... 3,100 — — Australia and New Zealand................. 1,050 625 350 42 — All Other Countries — — 80 2,853 560 Total Bales............. 521,158 263,782 220,965 325,703 295,994 Estimates cheerfully given CADWALLADER PACIFIC COMPANY Aboard America's Post-War Liners S.S. PRESIDENT WILSON • S.S. PRESIDENT CLEVELAND AMERICAN PRESIDENT LINES MARY BACHBACH BLDG., 25th Street, Fort Area Tel. 3-32-81 Sugar By S. Jamieson Secre tary-Treasurer Philippine Sugar Association THIS review covers the period from June 1 to June 30, inclusive. New York Market. Up to the time news was received on June 25 of probable “cease fire” negotiations in the Korean situation, the New York market during the month was firm and the trend was toward higher prices. Dominating the market was Cuba’s strong statistical position as sales to countries other than the United States, at higher prices than those prevailing for United States quota sugar, steadily reduced Cuba’s available stocks. Cuban holders in general sat on the sidelines, evidently believing that sooner or later United States refiners would have to look to them for needed supplies. The increase in the United States consumption quota from 8,000,000 short tons to 8,250,000 short tons, announced on June 8, brought no change in the situation. However, immediately the news about Korea became known, the market regis tered a sharp decline in both spot and future positions and closed at the end of the month in an atmosphere of unsettlement and uncertainty, and both sellers and buyers withdrew to await developments. On June 1 the market opened steady. 25,000 tons of Philippines were on offer for July/August arrival at 6.60/, but there were no offerings of Cubas and Porto Ricos. Spot was 6.55/ On June 4 refiners bought 11,000 tons Philippines for July arrival at 6.60/ and a large quantity of Philippines and Porto Ricos for June/July/August shipment was on offer at 6.60/. Next day, in a quiet market, a further 6,500 tons Philippines for June/July/August arrival were sold at 6.50/. The announcement of the United States consumption-quota increase failed to shake holders. In fact, the market became firmer, and on June 12 refiners bought all the sugar on offer—some 45,000 tons—at 6.60/ On June 15, 2,000 tons of Philippines for July/August shipment were sold at 6.65/. Spot was quoted at the same price. On June 18 refiners announced an increase from 8.50 i to 8.75/ in the price of refined, and the following day entered the market and bought 4,500 tons raws at July, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 235 6.75/. Holders again raised their price, first to 6.80 i and later to 6.85/, and spot advanced to 6.80/. Refiners were indicating 6.75/ and operators 6.80/ prior to the announce ment on June 25 of peace talks on Korea. This news caused a sharp break in spot and futures, and business came to a standstill. At the close spot was quoted at 6.40/. We give below the quotations on the New York Sugar Exchange as of June 29, and for comparison the peak quotations during the month: Closing Peak The world market Contract No. 4 quotations closed on June 29 as follows: quotations quo ta tions September.................. ............... 5.871} 6 31f< June 21 November................... ............... 5.81 6.31 June 21 March, 1952.............. ............... 5 36 5.87 June 22 May.............................. ............... 5.37 5 87 June 22 September.................................... 6.88f£ January, 1952............................... 6.21 March............................................ 5.47 May............................................... 5.46 July................................................ 5.47 The world spot market price on June 29,was 6.95/ as com pared with 7.00/ on May 31. Cuban sales in the world market included the following: June 13—25,500 metric tons to Germany at from 7.475f! to 7.484f! f.a.s. Cuba June 22—69,200 metric tons to Japan at approximately 9.10f! c. & f. June 29—10,000 metric tons to the United Kingdom at 7-OOjJ f.o.b. Cuba Local Market, (a) Domestic Sugar. The market was quiet but steady, with prices for ordinary centrifugal sugar advancing about 45 centavos a picul. We give below the Bureau of Commerce quotations as of June 27: Centrifugal 97°— P15.75 to P15.85 per picul ” 98°— P16.20 to P16.30 ” ” Washed (99°) — P17.40 to P17.50 ” ” (b) Export Sugar. Fairly large parcels were sold during the first week of the month at prices ranging from P14.75 to Pl5.15 per picul ex mill warehouses. It is be lieved that practically all of the sugar produced by the mills which have finished grinding has already been con tracted and that from now on only limited quantities will be available from the few mills still grinding. Prices con tinued to advance, and before the Korean announcement had reached P15.30. Thereafter buyers withdrew and the market closed on a nominal quotation of Pl4.75. General. Cuba. The 1950/51 Cuban crop will ex ceed the previous one by over 200,000 short tons. Of the United States consumption-quota increase of 250,000 short tons, Cuba was allocated 246,000 tons, making its 1951 United States quota allotment 3,149,200 short tons. United States beet 1951 plantings did not reach ex pectations, and this, together with the possibility that yields are not likely to reach the unusually high level of 1950, may lead to a 30% decrease in the crop this year, according to a New York trade report. World Production. The U. S. Department of Agri culture has issued a report estimating 1950/51 production at 36,560,000 short tons, against 31,927,000 short tons in 1949/50. A preliminary estimate of 1951/52 production made by Dyer, a well-known New York Sugar House, is 37,764,000 short tons. Extension of the Sugar Act. It is reported that bills have been introduced in both the U. S. Senate and House extending the Sugar Act of 1948 to 1956. The Philippine sugar quota of 952,000 short tons will most likely remain unchanged. There is a possibility that the Porto Rican quota will be increased by 170,000 short tons. 1950/51 Philippine Crop. Twenty-three centrals have already finished milling with a total production of 953,347 short tons, which is approximately 45,414 short tons less than their estimated production. Four centrals are still grinding. PACIFIC MIMfflDI® C 0 R P 0 11 1 T 101\' 449 Dasmarinas Manila EXCLUSIVELY REPRESENTING.... CORBIN LOCK COMPANY AMERICAN RADIATOR & STANDARD SANITARY CORPORATION UNION CARBIDE & CARBON CORP. National Carbon Division “Eveready” flashlights & batteries Linde Air Products Division “Union” Carbide PABCO PRODUCTS, INC. “Pabco” Products AMES BALDWIN WYOMING COMPANY BALL BROS. MASON JARS MALLEABLE IRON FITTINGS CO. FAIRBURY WINDMILL CO. CAPEWELL MANUFACTURING CO. SLOAN VALVE COMPANY BOMMER SPRING HINGE COMPANY COLUMBUS COATED PRODUCTS CO. KEENEY MANUFACTURING COMPANY BADGER METER MANUFACTURING CO. DICK BROTHERS MANUFACTURING CO. CARBORUNDUM COMPANY BADGER FIRE EXTINGUISHER CO. STEEL PRODUCTS HOUSE FURNISHINGS GENERAL HARDWARE PLUMBING
- pages
- 234-235