Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Soft futures lower; ICE sugar declines

Published 06/24/2014, 07:47 AM
Updated 06/24/2014, 07:47 AM
ICE sugar futures edge lower

ICE sugar futures edge lower

Investing.com - Sugar futures edged lower on Tuesday, as market players continued to assess the outlook for Brazilian supplies.

On the ICE Futures Exchange, U.S. sugar for October delivery declined 0.29% to trade at $0.1860 a pound during U.S. morning hours.

The October contract rose to $0.1881 a pound on Monday, the most since October 29, amid speculation Brazil is considering increasing the amount of ethanol it uses in fuel for automobiles, sparking concerns over tightening supplies.

Brazil uses sugarcane to make ethanol, unlike the U.S. where corn is primarily used.

The South American nation 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.

Meanwhile, Arabica coffee for September delivery dipped 0.38% to trade at $1.7715 a pound. The September coffee contract rose 1.08% on Monday to settle at $1.7740 as traders worried that drought would hurt Brazilian output.

Brazil is the world's largest producer and exporter of Arabica coffee. Arabica is grown mainly in Latin America and brewed by specialty companies.

Elsewhere, U.S. cotton for December delivery eased down 0.19% to trade at $0.7754 a pound. The December cotton contract rose 0.78% on Monday to end at $0.7768.

According to the U.S. Department of Agriculture, nearly 53% of the U.S. cotton crop was in “good” to “excellent” condition as of June 22, improving from 51% planted in the preceding week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.