Investing.com - U.S. cotton prices extended sharp losses from the previous session on Thursday, as market players looked ahead to weekly export data from the U.S. Department of Agriculture as well as Friday’s closely-watched monthly supply and demand report due on Friday.
On the ICE Futures U.S. Exchange, U.S. cotton for July delivery tumbled 1.44% to trade at $0.9263 a pound during U.S. morning hours.
The July cotton contract hit a daily low of $0.9232 a pound earlier in the session, the weakest level since April 29. Cotton prices lost 1.52% on Wednesday to end at $0.9255 a pound.
According to the USDA, nearly 16% of the U.S. cotton crop was planted as of last week, compared to the five-year average of 25% for this time of year.
Elsewhere, U.S. sugar for July delivery dipped 0.46% to trade at $0.1721 a pound. Prices of the sweetener hit $0.1711 a pound on Wednesday, the lowest since April 25, before settling at $0.1726 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.
Meanwhile, Arabica coffee for July delivery eased down 0.27%, or 0.55 cents, to trade at $2.0040 a pound. Coffee prices fell 0.62%, or 12.5 cents, on Wednesday to settle at $2.0100 a pound.
Arabica prices rallied 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.