Copra and coconut oil

Title

Creator

Rice, William S.,Jr.

Language

English

Source

The American Chamber of Commerce Journal Volume XXX (Issue No. 6) June 1954

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

June, 1954 AMERICAN CHAMBER OF COMMERCE JOURNAL 235 Trend of Exports to: This Month Month Ago Year Ago ....................................3^4,987^ 53^0.905 “ 40^.515 Total.............4L151,676 38,147,660 5,845,417 59,250,474 4,556,993 _43,578,278 by 4,707 bd. ft., as compared to arrivals during the previous month of 13,155,326 bd. ft. During the month under review, April 1954, the local wholesale lumber market prices decreased, compared with those of the previous month. Prices of white l^iuan, apitong, and red lauan decreased to P155-P160, P155-P165 and P185-P200 per 1000 bd. ft. respectively, compared with the prices of P170-P185, P170-P185 and P200-P215 the month before. The downward trend is believed to be caused by an overflow of supplies from Bataan. Copra and Coconut Oil By William S. Rice, Jr. Copra Buyer, Philippine Manufacturing Company THE market maintained a fairly steady character throughout May, moving repeatedly up and down through a comparatively narrow price range. European buying interest has been very good and seems to have been the main source of support for the market. Buyers for Europe have displayed an almost insatiable demand for copra at the level of $185 per long ton c.i.f. European ports, which has tended to stabilize the price at or slightly above that level. Earlier this year we minimized the volume of European interest for Philippine copra, but export statistics have shown our opinion erroneous. Exports to Europe, January through May, were abnormally heavy, and we must con clude that European interest has been the main stabilizing factor in the market this year. Without this large European interest, prices would probably have moved much lower in face of the. good production. Copra Prices. During May, export prices fluctuated in a range equivalent to $165-$175 per short ton, c.i.f. United States Pacific Coast ports. Manila prices for fresh copra, resecada basis, 30-day delivery, moved in a slightly wider range of P28.50 to P32.00 per 100 kilos. Coconut Oil Prices. Coconut oil prices moved within the limits of 12/-13/ per pound, f.o.b. tank cars, Pacific Coast for June shipment. Copra Cake and Meal Prices. The United States West Coast market for sacked meal produced from expeller-extraction process, has been fairly steady in the range $60 to $63 per short ton, f.o.b. dock, West Coast, but the market showed easiness near the month end. Some of this easiness is reported due to distribution of surplus government milk, which, while not directly competitive with copra meal, has imparted sympathetic easiness to the copra meal market. The market for copra meal produced from solvent extraction process was weak throughout the month and prices declined $4 per ton. Recently a trial shipment of copra cake in bulk was made from the Philippines, and the initial reaction is that it proved unsatisfactory both from the viewpoint of qual ity deterioration and handling costs. Copra Statistics PHILIPPINE COPRA AND COCONUT OIL EXPORTS (In Long Tons) Copra Exports United States.................... Europe................................. Other countries............... March April May 23,000 25,623 3,343 23,801 18,550 6,592 28,253 18,050 5,647 51,966 48,943 51,950 Total............................ For a TREAT instead of a TREATMENT Smoke Old Golt CIGARETTE S OLD GOLD brings you nothing but the companionship of the world’s finest to baccos . . . superbly blended to give you a real taste treat. P. Lorillard Company Established 1760, U.S.A. 236 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1954 Coconut Oil Exports United States.................... 5,036 Other countries............... — 3,860 B.F.Goodrich Tubeless Tire Total............................ January.. February. March. . 1954 Totals.. -5,036.. _3,860_ ^40 111 ii .1 If 9:202 19307 io;i64 awe 19366 174 7 PHILIPPINE AND INDONESIAN COPRA (Zn Metric Tons) ^0^593. 77,111.. 67,246 137,008. 107,839 127,0% Philippine Copra Exports* Indones 1954 ian Copra orts* 1953 1954, 53 1954 1953 1954,53 January... 53,992 41,025 131.6% 15,116 14,230 106.2% February.. 58,879 38,672 152.3 17,644 18,884 93.4 March.... 60,919 50,168 121.4 23,377 19,559 119 5 April......... 55,951 48,745 114.8 — 17,258 May......... 62,844 36,536 172.0 — 5,854 Totals . ^292,585 215,146.136.0% 56,137 75.785 ■ Includes coconi * Unavailable. SEALS PUNCTURES — New “Life Saver” Tube less Tire can be run over spikes without losing an ounce of air. Beneath the thread there is a layer of special gummy rubber which seals against punc turing objects. When the object is removed the sealant is drawn into the hole, sealing the hole as you drive. PROTECTS AGAINST BLOWOUTS — Sudden blowouts in regular tires with inner tubes arc usually caused by the tube being pinched bruise— break in the tire carcass. But a bruise-break in the Tubeless Tire merely causes a slow leak. Plenty of time for a safe stop. It changes Blowouts to safe s-s-s-s-slowouts. .F. Goodrich FIRST IN RUBBER 1 Production and Future Prospects. Production is excellent and continues to improve. Exports of coconut products on a copra basis for January to May, 1954, im proved about 31% over the same period of 1953. Arrivals at Manila and Cebu rose sharply in May and now show every evidence of continuing very good as we enter the heavy producing season. Some of the export shipments scheduled for May had to be re-scheduled for early June, due to late arrival of ships. Therefore June exports will probably be very heavy. Price trends seem largely dependent on European interest, and, as this shows evidence of continuing good, it is difficult to foresee any sizeable price decline in the near future, but there is a possibility that prices will move gradually to lower levels during the next two months in the face of seasonal heavy production due to begin soon. We do not expect to see any sharp fluctuation in price during the next few months. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period from April 15 to May 15. During this period copra and nut prices remained quite low, rising and falling slightly. Desiccators were operating at about 50% capacity, which made nut procurement easy, and they were able to buy nuts generally below copra-equivalent prices. Approaching the low consumption months in the United States, where icecream and soft drinks are preferred over baking products and candy, we can expect low pro duction until the middle of July when production will pick up, due to anticipated fall- and winter-buying. How ever, the drop-off is unusually high this year, and as of April 30 the production of desiccated coconut is off 32% as compared with the same period in 1953. Unusually large inventories at the close of 1953 may account for this in addition to a general buying slump. Anticipation of lower prices has been a contributing factor in slackened buying for the first quarter of this year. However, today’s prices are moderately low and should

pages

235-236

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