Investing.com - U.S. coffee prices extended losses from the previous session on Monday, amid indications supplies might be on the rise despite uncertainties posed by drought in Brazil.
On the ICE Futures U.S. Exchange, Arabica coffee for July delivery declined 0.47% to trade at $1.8570 a pound, during U.S. morning hours. Coffee plunged 5.97% on Friday to settle at $1.8505 a pound.
Brazil''s official crop bureau Conab said last week that the nation’s new coffee crop is expected to total 44.57 million 60-kg bags, down nearly 9% from a January estimate due to drought conditions in key coffee-growing regions in Brazil.
The agency pegged Arabica production at 32.23 million bags and Robusta at 12.33 million bags.
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. sugar for July delivery advanced 0.25% to trade at $0.1792 a pound. Prices of the sweetener lost 1.59% on Friday to settle at $0.1791 a pound, as investors continued to monitor crop and weather conditions in top grower 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 eased down 0.03% to trade at $0.8979 a pound, the lowest since April 15. The July cotton contract shed 0.6% on Friday to end at $0.8982 a pound.