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Soft futures mixed; Sugar falls to 2-month low

Published 11/21/2013, 07:53 AM
Updated 11/21/2013, 07:53 AM

Investing.com - U.S. soft futures were mixed on Thursday, with sugar prices falling to a two-month low as investors continued to focus on massive global supplies of the sweetener.

On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1757 a pound, down 0.45%. Prices of the sweetener fell to a session low of USD0.1750 a pound earlier, the weakest level since September 25.

The March contract declined 0.28% on Wednesday to settle at USD0.1760 a pound.

Sugar prices have been on a downward trend in recent weeks as investors focused on massive global supplies of the sweetener.

The International Sugar Organization raised its forecast for a global surplus of 4.7 million tonnes in the 2013-14 crop year that began on October 1, up from a previous estimate of 4.5 million tonnes.

Elsewhere, Arabica coffee for March delivery traded at USD1.0993 a pound, down 0.1%. The March Arabica contract held in a range between USD1.0978 a pound, the daily low and a session high of USD1.1068 a pound.

The March contract rallied 1.52% on Wednesday to end at USD1.1020 a pound as investors returned to the market to seek cheap valuations.

Coffee prices have been under heavy selling pressure in recent months, as traders monitored improving crop prospects in Brazil and Colombia.

The front-month December contract slumped to USD1.0100 a pound on November 7, the lowest since October 19, 2006.

Meanwhile, cotton futures for March delivery traded at USD0.7848 a pound, up 0.45%. Cotton prices traded in a range between USD0.7817 a pound, the daily low and a session high of USD0.7860 a pound.

The March contract ended 0.75% on Wednesday to settle at USD0.7814 a pound.

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