Investing.com - U.S. soft futures were mixed on Tuesday, with coffee prices falling from the previous session’s 16-month high as investors locked in gains from a recent rally.
On the ICE Futures U.S. Exchange, Arabica coffee for May traded in a range between $1.7483 a pound and $1.7675 a pound. Arabica prices last traded at $1.7488 a pound during U.S. morning hours, down 0.3%.
The May contract rallied to $1.7935 a pound on Monday, the most since October 4, 2012, before trimming gains to settle at $1.7635 a pound, up 4.04%.
Prices of the bean have been well-supported in recent weeks as drought conditions in key coffee-growing regions in Brazil was expected to curb output.
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.
Meanwhile, sugar futures for May delivery was little changed to trade at $0.1767 a pound.
The May contract surged to $0.1779 a pound on Monday, the highest since November 19, before parings gains to settle at $0.1768 a pound, up 3.57%.
Sugar prices were boosted by the same hot and dry weather conditions that supported coffee.
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.
Elsewhere, cotton futures for May delivery declined 0.2% to trade at $0.8915 a pound. The May contract rose to $0.9044 a pound on Monday, the strongest level since August 20, before settling at $0.8930 a pound, up 1.08%.