Investing.com - U.S. soft futures were mixed on Thursday, with cotton prices trading below the previous session’s two-month high amid ongoing concerns over U.S. crop conditions.
On the ICE Futures U.S. Exchange, cotton futures for December delivery traded at USD0.9165 a pound, up 0.1%.
The December contract settled down 0.2% at USD0.9155 a pound on Wednesday, after hitting a session high of USD0.9246 a pound.
On Tuesday, prices rose to USD0.9249 a pound, the strongest level since June 14.
The U.S. Department of Agriculture cut its forecast for U.S. and global cotton production in the 2013-14 season on Monday.
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.
Elsewhere, sugar futures for October delivery traded at USD0.1719 a pound, down 0.2%. The October contract ended Wednesday’s session little changed at USD0.1725 a pound.
Prices of the sweetener rose to USD0.1729 a pound on Tuesday, the strongest level since June 27.
The sweetener has been well-supported in recent sessions amid indications farmers in Brazil are favoring higher ethanol production over the sweetener.
Brazil’s leading sugar industry group Unica said in a report last week that farmers in Brazil’s center-south region used 55% of sugar cane processed in the second-half of July to make ethanol, up from 49.4% a year earlier.
Brazil's center-south region accounts for nearly 90% of Brazil's sugarcane output.
The South American country 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 September delivery traded at USD1.2108 a pound, down 1.1%. The September contract settled up 1.7% at USD1.2265 a pound on Wednesday.
Sentiment on the commodity improved after Brazil announced measures to aid the country's struggling coffee farmers last week.
Brazil’s government said it will buy Arabica coffee beans from local growers in order to remove excess supply from the market and combat falling prices.
Coffee prices slumped to a four-year low of USD1.1547 a pound on August 1.
Brazil is the world's largest producer and exporter of Arabica coffee.
On the ICE Futures U.S. Exchange, cotton futures for December delivery traded at USD0.9165 a pound, up 0.1%.
The December contract settled down 0.2% at USD0.9155 a pound on Wednesday, after hitting a session high of USD0.9246 a pound.
On Tuesday, prices rose to USD0.9249 a pound, the strongest level since June 14.
The U.S. Department of Agriculture cut its forecast for U.S. and global cotton production in the 2013-14 season on Monday.
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.
Elsewhere, sugar futures for October delivery traded at USD0.1719 a pound, down 0.2%. The October contract ended Wednesday’s session little changed at USD0.1725 a pound.
Prices of the sweetener rose to USD0.1729 a pound on Tuesday, the strongest level since June 27.
The sweetener has been well-supported in recent sessions amid indications farmers in Brazil are favoring higher ethanol production over the sweetener.
Brazil’s leading sugar industry group Unica said in a report last week that farmers in Brazil’s center-south region used 55% of sugar cane processed in the second-half of July to make ethanol, up from 49.4% a year earlier.
Brazil's center-south region accounts for nearly 90% of Brazil's sugarcane output.
The South American country 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 September delivery traded at USD1.2108 a pound, down 1.1%. The September contract settled up 1.7% at USD1.2265 a pound on Wednesday.
Sentiment on the commodity improved after Brazil announced measures to aid the country's struggling coffee farmers last week.
Brazil’s government said it will buy Arabica coffee beans from local growers in order to remove excess supply from the market and combat falling prices.
Coffee prices slumped to a four-year low of USD1.1547 a pound on August 1.
Brazil is the world's largest producer and exporter of Arabica coffee.