Investing.com - U.S. soft futures were mostly lower on Monday, with sugar prices falling to a two-week low as the Brazilian real weakened, encouraging growers to sell their crops.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.1677 a pound, down 1.1%. Prices of the sweetener fell to a session low of USD0.1671 a pound earlier, the weakest level since August 7.
The October contract settled 1.45% lower at USD0.1694 a pound on Friday.
A weaker real contributed to losses. Brazil is the world's largest producer and exporter of sugar. When its currency weakens, farmers tend to ship more sugar, as it increases the value of overseas income at Brazilian exporters when repatriated.
Meanwhile, Arabica coffee for December delivery traded at USD1.2290 a pound, down 0.6%. The September contract settled down 0.85% at USD1.2365 a pound on Friday.
Arabica coffee futures were also pressured by weakness in the real. Brazil is the world's largest producer and exporter of Arabica coffee.
Elsewhere, cotton futures for December delivery traded at USD0.9275 a pound, down 0.6%. The December contract settled up 1.7% at USD0.9332 a pound on Friday, the strongest level since March 15.
Prices of the fiber have been well-supported in recent sessions amid ongoing concerns over U.S. crop conditions.
The U.S. Department of Agriculture cut its forecast for U.S. and global cotton production in the 2013-14 season last week. The USDA's new forecast pegged U.S. production at 13.05 million bales, the smallest crop in four years.
The agency also lowered its outlook for record global inventories to 116.38 million bales from a July forecast of 118.02 million bales.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.1677 a pound, down 1.1%. Prices of the sweetener fell to a session low of USD0.1671 a pound earlier, the weakest level since August 7.
The October contract settled 1.45% lower at USD0.1694 a pound on Friday.
A weaker real contributed to losses. Brazil is the world's largest producer and exporter of sugar. When its currency weakens, farmers tend to ship more sugar, as it increases the value of overseas income at Brazilian exporters when repatriated.
Meanwhile, Arabica coffee for December delivery traded at USD1.2290 a pound, down 0.6%. The September contract settled down 0.85% at USD1.2365 a pound on Friday.
Arabica coffee futures were also pressured by weakness in the real. Brazil is the world's largest producer and exporter of Arabica coffee.
Elsewhere, cotton futures for December delivery traded at USD0.9275 a pound, down 0.6%. The December contract settled up 1.7% at USD0.9332 a pound on Friday, the strongest level since March 15.
Prices of the fiber have been well-supported in recent sessions amid ongoing concerns over U.S. crop conditions.
The U.S. Department of Agriculture cut its forecast for U.S. and global cotton production in the 2013-14 season last week. The USDA's new forecast pegged U.S. production at 13.05 million bales, the smallest crop in four years.
The agency also lowered its outlook for record global inventories to 116.38 million bales from a July forecast of 118.02 million bales.