Investing.com - U.S. coffee prices extended sharp losses from the previous session on Monday to hit a five-week low, as investors continued to monitor crop and weather conditions in top grower Brazil.
On the ICE Futures U.S. Exchange, Arabica coffee for July delivery eased down 0.22%, or 40 cents, to trade at $1.8445 a pound during U.S. morning hours. Prices fell to $1.8280 a pound earlier, the lowest since April 4.
Coffee prices plummeted 5.93%, or 11.6 cents, on Friday to settle at $1.8485 a pound as the market continued to consolidate after a recent rally, which took prices to the highest level since February 2012.
Arabica prices climbed 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.
Elsewhere, U.S. sugar for July delivery inched up 0.26% to trade at $0.1722 a pound. Prices of the sweetener lost 0.23% on Friday to settle at $0.1717 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, U.S. cotton for July delivery dipped 0.08% to trade at a one-week low of $0.9229 a pound.
The July cotton contract dropped 0.74% on Friday to settle at $0.9236 a pound after the U.S. Department of Agriculture forecast higher production, lower demand and rising inventories for the upcoming season.
The USDA said it expects ending stocks to rise to 3.9 million bales from 2.8 million in the current crop year. Global supplies are projected to rise to a record-high of 101 million bales from 97.91 million in 2013-14.
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