Investing.com - U.S. sugar prices extended gains from the previous session on Tuesday to hit a seven-day high, as investors continued to monitor crop and weather conditions in top grower Brazil.
On the ICE Futures U.S. Exchange, U.S. sugar for July delivery rallied 1.27% to trade at $0.1754 a pound during U.S. morning hours, the most since May 2. Prices of the sweetener picked up 0.52% on Monday to settle at $0.1729 a pound.
Sugar prices have been under pressure in recent sessions amid indications global supplies of the sweetener might be on the rise despite uncertainties posed by drought in Brazil.
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.
Elsewhere, Arabica coffee for July delivery advanced 0.57% to trade at $1.9050 a pound. Prices fell to $1.8275 a pound on Monday, the lowest since April 4, before turning 2.915 higher to end at $1.8925 a pound.
Arabica prices climbed to a 26-month high of $2.1892 a pound on April 23, as drought conditions in key coffee-growing regions in Brazil was expected to curb output.
Brazil is the world's largest producer and exporter of Arabica coffee.
Meanwhile, U.S. cotton for July delivery dipped 0.45% to trade at $0.9089 a pound. The July cotton contract slumped to $0.9050 a pound on Monday, the lowest since April 17, before settling at $0.9130 a pound, down 1.15%.
The U.S. Department of Agriculture said Monday that nearly 30% of the U.S. cotton crop was planted as of May 11, up from 16% in the preceding week. The five-year average for this time of year is 34%.