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Soft futures mixed - Coffee steadies following Tuesday’s rout
On the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.3807 a pound, easing up 0.2% on the day. The July contract was stuck in a tight trading range between USD1.3747 a pound, the daily low and a session high of USD1.3855 a pound.
Coffee prices fell nearly 4% to hit a low of USD1.3682 a pound on Tuesday, as traders continued to monitor weather conditions in Brazil, as the country’s farmers began harvesting the coffee crop.
Brazil is the world's largest producer and exporter of Arabica coffee.
Coffee futures fell close to a two-and-a-half-year low of USD1.3357 a pound on April 15.
Meanwhile, sugar futures for May delivery traded at USD0.1777 a pound, up 0.3% on the day. The May contract held in a range between USD0.1771 a pound, the daily low and a session high of USD0.1780 a pound.
Prices of the sweetener came under pressure Tuesday as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.
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.
May sugar prices fell to a two-and-a-half-year low of USD0.1747 a pound on April 3, amid the view that global supplies are more than ample to meet world demand.
Elsewhere, cotton futures for July delivery traded at USD0.8445 a pound, down 0.75% on the day. The May contract fell by as much as 1% earlier in the session to hit a daily low of USD0.8425 a pound.
Prices of the fiber were lower for the second day amid easing concerns over U.S. planting prospects.
The U.S. Department of Agriculture said Monday that nearly 10% of the U.S. cotton crop was planted as of last week, up from 8% in the preceding week.
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