Investing.com - U.S. soft futures were mostly lower during U.S. morning trade on Thursday, with coffee and sugar prices continuing their recent downtrend that took prices to two-year lows amid ongoing concerns over ample global supplies.
On the ICE Futures U.S. Exchange, Arabica coffee for March delivery traded at USD1.3803 a pound, down 0.3% on the day.
The March contract fell by as much as 0.5% earlier in the session to hit a daily low of USD1.3778 a pound, the weakest level since June 2010, as traders remained concerned over ample global supplies.
Output in Colombia, the biggest producer of mild washed Arabica in Latin America, increased 64% in January to 877,000 60-kilogram bags, the Colombian Federation of Coffee Growers said last week.
The country's coffee output rose 9% in the 12 months ended in January to 8.09 million bags, the federation said in a statement.
Meanwhile, sugar futures for March delivery traded at USD0.1818 a pound, down 0.45% on the day. The March contract declined by as much as 1% earlier to hit a session low of USD0.1807 a pound.
The sweetener fell to USD0.1803 a pound on February 8, the lowest level since August 2010, as sentiment on the sweetener was dampened amid the view that global supplies are more than ample to meet world demand.
Industry group Sucden do Brasil said last week sugar-cane harvesting in the country’s center south, the main growing region of the world’s largest producer, will start earlier this year because of a record crop.
The South American country is the world’s largest sugar producer and exporter, with the USDA estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Elsewhere, cotton futures for March delivery traded at USD0.8080 a pound, little changed on the day. The March contract held in a tight range between USD0.8140 a pound, the daily high and a session low USD0.8066 a pound.
Cotton prices remained supported amid indications of strong demand from top consumer China and concerns over U.S. supplies.
Prices of the fiber hit an eight-month high of USD0.8394 a pound on January 24.
On the ICE Futures U.S. Exchange, Arabica coffee for March delivery traded at USD1.3803 a pound, down 0.3% on the day.
The March contract fell by as much as 0.5% earlier in the session to hit a daily low of USD1.3778 a pound, the weakest level since June 2010, as traders remained concerned over ample global supplies.
Output in Colombia, the biggest producer of mild washed Arabica in Latin America, increased 64% in January to 877,000 60-kilogram bags, the Colombian Federation of Coffee Growers said last week.
The country's coffee output rose 9% in the 12 months ended in January to 8.09 million bags, the federation said in a statement.
Meanwhile, sugar futures for March delivery traded at USD0.1818 a pound, down 0.45% on the day. The March contract declined by as much as 1% earlier to hit a session low of USD0.1807 a pound.
The sweetener fell to USD0.1803 a pound on February 8, the lowest level since August 2010, as sentiment on the sweetener was dampened amid the view that global supplies are more than ample to meet world demand.
Industry group Sucden do Brasil said last week sugar-cane harvesting in the country’s center south, the main growing region of the world’s largest producer, will start earlier this year because of a record crop.
The South American country is the world’s largest sugar producer and exporter, with the USDA estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Elsewhere, cotton futures for March delivery traded at USD0.8080 a pound, little changed on the day. The March contract held in a tight range between USD0.8140 a pound, the daily high and a session low USD0.8066 a pound.
Cotton prices remained supported amid indications of strong demand from top consumer China and concerns over U.S. supplies.
Prices of the fiber hit an eight-month high of USD0.8394 a pound on January 24.