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U.S. soft futures decline; sugar falls to 1-week low on ample supplies
Published Feb 10, 2014 07:42AM ET
Sugar hits 1-week low on ample global supplies
Investing.com - U.S. soft futures declined on Monday, with sugar prices falling to a one-week 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 slumped to USD0.1538 a pound, the lowest since January 31, before trimming losses to trade at USD0.1559 a pound during U.S. morning hours, down 0.7%.
The March sugar contract ended Friday’s session down 0.76% to settle at USD0.1573 a pound.
Swiss-based industry group Kingsman said Friday that global sugar production will be 2.1 million metric tons higher than consumption in the 2014-15 crop season starting October 1.
Sugar prices have been well-supported in recent sessions, with prices climbing to a four-week peak of USD0.1637 a pound on February 4 amid speculation adverse weather conditions in top grower Brazil will damage the quality of the crop.
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 March delivery traded at USD1.3490 a pound, down 0.4%.
The March contract rallied to a nine-month high of USD1.4370 a pound on February 6 after hot and dry conditions in key coffee-growing regions in Brazil fuelled concerns over crop prospects.
The South American nation had the hottest January ever and the least rain for the period in 20 years, according to agricultural meteorologists.
Brazil is the world's largest producer and exporter of Arabica coffee.
Elsewhere, cotton futures for March delivery inched down 0.15% to trade at USD0.8734 a pound. The March contract settled 1.34% higher on Friday to end at USD0.8747 a pound, which was the highest since January 24.
Cotton traders readjusted positions ahead of the U.S. Department of Agriculture’s closely-watched monthly supply and demand report due later in the day.
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