Word: sugarmen
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...reason for the wholesale-price dip, say sugarmen, is the declining price of the raw product. Sugar speculators, sensing that they had bid up the price on commodity exchanges to an unsustainable peak, have recently begun to dump their holdings and take their profits. U.S. spot prices of raw sugar have tumbled 10? per lb. in the past two weeks to 50?. World sugar prices (the U.S. imports about half the 11.5 million tons that it consumes each year) have fallen from 59? to 49? per lb. in the same period...
...entering the industry. Some 300 farmers have banded into the Sugar Cane Growers Cooperative of Florida, and by next year will have a $6,000,000 mill operating. Growing sugar, at yields of $200 an acre, is more profitable than riding the ups and downs of raising vegetables. Refugee sugarmen from Cuba are jumping into the Florida mucklands to start anew after Castro grabbed their Cuban holdings. The Florida Sugar Corp. is setting up two mills and planting 2,000 acres, with $6,000,000 from the Bacardi rum interests. Osceola Farms, backed by three Cuban families, owns...
...sugarmen argue that the 3?-per-lb. world market price for sugar is misleading. Of the 52 million tons of sugar to be consumed in the world in this year, some 38 million tons will be used in countries where it is produced. Of the remaining 14 million tons, more than 8,000,000 tons will be sold to nations with quota systems similar to the U.S. The remaining 6,000,000 tons, which sells at the world market price, is largely surplus sugar. Says Boyd MacNaughton, president of C. Brewer & Co. Ltd., Hawaii's second largest sugar company...
...most sugarmen see no objections to giving the President the power to change the quotas. Long before Castro, the quota system was a point of contention. Many other producing nations, e.g., Mexico and the Philippines, thought they were being shortchanged because of Cuba's huge share. Florida's Democratic Senator George A. Smathers last week urged that the U.S. cut Cuba's quota and redistribute the amount to such friendly nations as Mexico and Brazil. U.S. Ambassador to Mexico Robert C. Hill has also urged that Mexico's share be increased...
Looking ahead, sugarmen see good opportunities in Hawaii by diversifying into non-sugar lines, as some companies have already done. Another possibility is real estate: though they occupy only 6% of Hawaii's total land area, the sugar plantations have a much bigger share of the flat, cleared land ideal for factory sites, housing and tourist developments. Some 38% of sugar land is leased, and already planters report that lessors are more and more reluctant to tie it up in agriculture when the most attractive long green waving in Hawaii is increasingly not sugar cane but the developer...