Soft futures mixed; Sugar trades near 7-month high
Investing.com
Published Oct 09, 2013 07:39AM ET
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1854 a pound, down 0.5%. Prices of the sweetener traded in a range between USD0.1848 a pound, the daily low and a session high of USD0.1861 a pound.
The March contract ended 0.16% higher at USD0.1862 a pound on Tuesday, after rising to a session high of USD0.1867 a pound, the strongest level since March 18.
Sugar prices have been well-supported in recent sessions after Unica, Brazil’s sugar industry association, said sugar output in the country’s center-south region will total 34.2 million metric tons in the 12 months that started April 1, down 3.7% from a previous estimate.
Brazil’s center-south region accounts for nearly 90% of Brazil’s sugarcane output.
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 December delivery traded at USD1.1513 a pound, up 0.1%. Arabica prices held in a range between USD1.1470 a pound, the daily low and a session high of USD1.1513 a pound.
The December contract settled up 0.48% to end at USD1.1505 a pound on Tuesday.
Prices of the bean fell to a four-year low of USD1.1322 a pound on October 1, as market players focused on massive global supplies.
Elsewhere, cotton futures for December delivery traded at USD0.8282 a pound, up 0.15%. Cotton prices fell to a session low of USD0.8354 a pound earlier, the weakest level since September 10.
The December contract settled 0.39% lower at USD0.8369 a pound on Tuesday.
Updated weather forecasting models pointed to mostly dry conditions, which was likely to aid the harvest.
Meanwhile, the U.S. Department of Agriculture said it will delay the release of its monthly supply and demand report scheduled for October 11 due to the U.S. government shutdown.
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Written By: Investing.com
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