U.S. soft futures declined on Monday, with sugar prices falling to a ten-week low as investors focused on massive global supplies of the sweetener.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1717 a pound, down 0.1%. Prices of the sweetener fell to a session low of USD0.1714 a pound earlier, the weakest level since September 23.
The March contract settled down 0.41% on Friday to end at USD0.1715 a pound.
The International Sugar Organization recently raised its forecast for a global surplus of 4.7 million tonnes in the 2013-14 marketing season that began on October 1, up from a previous estimate of 4.5 million tonnes.
Elsewhere, Arabica coffee for March delivery traded at USD1.1063 a pound, down 0.4%. The March Arabica contract traded in a range between USD1.1063 a pound, the daily low and a session high of USD1.1145 a pound.
The March contract settled up 2.54% on Friday to end at USD1.1085 a pound as investors returned to the market to close out bets on lower prices.
Coffee prices have been under heavy selling pressure in recent months, as traders monitored improving crop prospects in Brazil and Colombia.
Coffee prices slumped to USD1.0100 a pound on November 7, the lowest since October 19, 2006.
Meanwhile, cotton futures for March delivery traded at USD0.7907 a pound, down 0.35%. Cotton prices traded in a range between USD0.7850 a pound, the daily low and a session high of USD0.7952 a pound.
The March contract rallied 1.16% on Friday to settle at USD0.7935 a pound.
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