Investing.com - U.S. soft futures were mixed on Tuesday, with cotton prices extending losses from the previous session after the U.S. Department of Agriculture kept its outlook for domestic supplies unchanged, disappointing expectations that it would cut its ending stock forecast.
On the ICE Futures U.S. Exchange, cotton futures for March delivery shed 0.45% to trade at USD0.8699 a pound during U.S. morning hours.
The March contract rallied to USD0.8884 a pound on Monday, the most since August 20, before erasing gains to settle at USD0.8737 a pound, down 0.11%.
The USDA kept its forecast for U.S. cotton supplies in the current marketing year unchanged at 13.19 million bales, surprising expectations for a decline.
Prices came under additional pressure after the National Cotton Council said U.S. farmers will plant 11.26 million cotton acres in 2014, up 8% from the previous year and slightly more than expected last month.
Elsewhere, sugar futures for March delivery fell 0.45% to trade at USD0.1557 a pound.
The March contract slumped to USD0.1538 a pound on Monday, the lowest since January 31, before trimming losses to settle at USD0.1564 a pound, down 0.57%.
Sugar prices traded near a one-week low 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 USD1.3715 a pound, up 0.85%. Prices of the bean settled 0.37% higher on Monday to end at USD1.3620 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.