Soft futures mixed; Coffee falls to lowest since May 2010
Investing.com
Published May 22, 2013 07:44AM ET
On the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.3193 a pound, down 0.6% on the day.
The July contract fell by as much as 0.7% earlier in the day to hit a session low of USD1.3183 a pound, the weakest level since May 25, 2010.
The coffee market continued to move lower as traders eyed a huge harvest in top grower Brazil.
Meanwhile, sugar futures for July delivery traded at USD0.1692 a pound, up 0.25% on the day. The July contract rose by as much as 0.5% earlier in the day to hit a session high USD0.1694 a pound.
Sugar prices bounced off the lowest level since August 2010 amid speculation futures fell too far too fast. Sugar futures fell to a three-year low of USD0.1670 a pound on Tuesday.
Sugar prices have been under heavy selling pressure in recent weeks as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.
Farmers 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.
Elsewhere, cotton futures for July delivery traded at USD0.8460 a pound, up 0.9% on the day. The July contract rose by as much as 1.1% earlier in the day to hit a session high of USD0.8480 a pound.
The July cotton contract fell to a three-week low of USD0.8373 earlier in the session amid easing concerns over U.S. crop prospects.
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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