Investing.com - U.S. soft futures were mixed on Wednesday, with cotton prices rising to a six-month high as frigid weather in key cotton-growing states in the U.S. was likely to slow the pace of the harvest.
On the ICE Futures U.S. Exchange, cotton futures for March delivery rose to a session high of USD0.8895 a pound, the most since August 20.
The March contract last traded at USD0.8852 a pound during U.S. morning hours, down 0.2%. Cotton prices rallied 1.49% on Tuesday to settle at USD0.8867 a pound.
The U.S. National Weather Service said that the southern part of the U.S. may get 1 to 3 inches (2.5-7.5 centimeters) of snow and sleet over the next three days.
Market players discounted the U.S. Department of Agriculture’s decision to keep its outlook for domestic supplies unchanged on Monday,
Elsewhere, sugar futures for March delivery fell to a session low of USD0.1542 a pound, before turning higher to trade at USD0.1557 a pound, up 0.8%.
The March contract slumped 1.15% on Tuesday to settle at USD0.1546 a pound.
Sugar prices have been under pressure in recent sessions as investors focused on massive global supplies of the sweetener.
Swiss-based industry group Kingsman said last week that global sugar production will be 2.1 million metric tons higher than consumption in the 2014-15 crop season starting October 1.
Meanwhile, Arabica coffee for March delivery traded at USD1.3658 a pound, down 0.05%. Prices of the bean settled 0.7% higher on Tuesday to end at USD1.3715 a pound.
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.