Soft futures decline; Sugar trades at lowest since August 2010
Investing.com
Published May 21, 2013 07:42AM ET
On the ICE Futures U.S. Exchange, sugar futures for July delivery traded at USD0.1681 a pound, little changed on the day.
The July contract held in a tight range between USD0.1681 a pound, the daily low and a session high of USD0.1690 a pound.
Sugar prices fell to the weakest level since August 2010 as sugar growers in Brazil's center-south region are forecast to harvest a record 589.6 million metric tons of sugar cane in the 2013-14 season, according to Unica, Brazil's sugar industry association.
Brazil is the world's largest sugar producer and exporter, with the U.S. Department of Agriculture estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Meanwhile, Arabica coffee for July delivery traded at USD1.3518 a pound, down 0.5% on the day. The July contract fell by as much as 0.6% earlier in the day to hit a session low of USD1.3513 a pound.
Coffee futures have been under heavy selling pressure in recent sessions as traders worried over ample global supplies and speculators pushed prices lower.
Futures fell to a three-week low of USD1.3405 a pound on Monday.
Elsewhere, cotton futures for July delivery traded at USD0.8551 a pound, down 0.3% on the day. The July contract fell by as much as 0.5% earlier in the day to hit a session low of USD0.8514 a pound, the weakest level since May 13.
The U.S. Department of Agriculture said Monday that nearly 39% of the U.S. cotton crop was planted as of last week, up from 23% in the preceding week.
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Written By: Investing.com
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