Investing.com - U.S. soft futures were little changed in rangebound trade on Tuesday, with sugar prices holding near 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 USD0.1782 a pound, up 0.25%. Prices of the sweetener traded in a range between USD0.1777 a pound, the daily low and a session high of USD0.1785 a pound.
The March contract rallied 1.14% on Monday to settle at USD0.1775 a pound as investors returned to the market to seek cheap valuations.
Prices of the sweetener fell to a two-month low of USD0.1750 a pound on November 15 after 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 USD1.0948 a pound, little changed on the day. The March Arabica contract held in a range between USD1.0925 a pound, the daily low and a session high of USD1.1008 a pound.
The March contract settled 0.32% higher on Monday to end at USD1.0945 a pound.
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 USD0.7787 a pound, up 0.2%. Cotton prices traded in a range between USD0.7770 a pound, the daily low and a session high of USD0.7796 a pound.
The March contract ended down 0.63% on Monday to settle at USD0.7771 a pound.
The U.S. Department of Agriculture said Monday that nearly 68% of the cotton harvest was completed as of November 17, improving from 58% a week earlier but still below the five-year average of 75% for this time of year.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1782 a pound, up 0.25%. Prices of the sweetener traded in a range between USD0.1777 a pound, the daily low and a session high of USD0.1785 a pound.
The March contract rallied 1.14% on Monday to settle at USD0.1775 a pound as investors returned to the market to seek cheap valuations.
Prices of the sweetener fell to a two-month low of USD0.1750 a pound on November 15 after 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 USD1.0948 a pound, little changed on the day. The March Arabica contract held in a range between USD1.0925 a pound, the daily low and a session high of USD1.1008 a pound.
The March contract settled 0.32% higher on Monday to end at USD1.0945 a pound.
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 USD0.7787 a pound, up 0.2%. Cotton prices traded in a range between USD0.7770 a pound, the daily low and a session high of USD0.7796 a pound.
The March contract ended down 0.63% on Monday to settle at USD0.7771 a pound.
The U.S. Department of Agriculture said Monday that nearly 68% of the cotton harvest was completed as of November 17, improving from 58% a week earlier but still below the five-year average of 75% for this time of year.