Soft futures mixed - Sugar falls to lowest since August 2010
Investing.com
Published Apr 25, 2013 07:29AM ET
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.
On the ICE Futures U.S. Exchange, sugar futures for May delivery traded at USD0.1732 a pound, down 0.3% on the day.
The front-month May contract fell by as much as 0.7% earlier in the session to hit a daily low of USD0.1726 a pound, the weakest level since August 10, 2010.
Sugar prices have been under heavy selling pressure in recent weeks amid the view that global supplies are more than ample to meet world demand.
Meanwhile, Arabica coffee for July delivery traded at USD1.3932 a pound, easing up 0.2% on the day. The July contract was stuck in a tight trading range between USD1.3897 a pound, the daily low and a session high of USD1.3943 a pound.
Coffee traders continued to monitor weather conditions in Brazil, as the country’s farmers began harvesting the coffee crop. Brazil is the world's largest producer and exporter of Arabica coffee.
Elsewhere, cotton futures for July delivery traded at USD0.8364 a pound, up 0.8% on the day. The May contract rose by as much as 1.1% earlier in the session to hit a daily high of USD0.8386 a pound.
Prices of the fiber fell to a two-month low of USD0.8285 a pound on Wednesday, amid easing concerns over U.S. planting prospects.
Nearly 10% of the U.S. cotton crop was planted as of last week, up from 8% in the preceding week, according to the U.S. Department of Agriculture.
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Written By: Investing.com
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