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U.S. soft futures decline; sugar hovers near 4-year low

Published 01/14/2014, 07:41 AM
Updated 01/14/2014, 07:41 AM
Sugar prices hover near 4-year low

Investing.com - U.S. soft futures were lower on Tuesday, with sugar prices re-approaching the lowest level since June 2010 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 USD0.1554 a pound, down 0.6%. Prices of the sweetener traded in a range between USD0.1552 a pound and USD0.1567 a pound.

The March contract ended Monday’s session up 0.19% to settle at USD0.1560 a pound.

Sugar prices have been on a downward trend in recent months as market players focused on prospects for increased production out of Brazil and Thailand. Prices of the sweetener slumped to USD0.1541 a pound on January 9, the weakest level since June 30, 2010.

Meanwhile, Arabica coffee for March delivery traded at USD1.1978 a pound, down 0.2%. The March Arabica contract held in a range between USD1.1913 a pound and USD1.1985 a pound.

The March contract dipped 0.66% on Monday to settle at USD1.1985 a pound.

Trading has been choppy in recent sessions as investors speculated over crop conditions in top grower Brazil.

Elsewhere, cotton futures for March delivery traded at USD0.8352 a pound, down 0.2%. Cotton prices traded in a range between USD0.8335 a pound and USD0.8431 a pound. The March contract rallied 1.32% on Monday to settle at USD0.8368 a pound.

The U.S. Department of Agriculture raised its forecast for global cotton inventories last week to a record high of 97.6 million bales in the season ending July 31.

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