Investing.com - U.S. soft futures were mixed on Thursday, with coffee prices re-approaching the highest level since February 2012 amid ongoing concerns over a disruption to supplies from Brazil, the world''s largest producer and exporter of Arabica coffee.
On the ICE Futures U.S. Exchange, Arabica coffee for May delivery rose to a session high of $2.0665 a pound, before trimming gains to last trade at $2.0600 a pound during U.S. morning hours, up 0.9%, or 1.8 cents.
Arabica prices rallied to $2.0975 a pound on Wednesday, the most since February 14, 2012, before coming off the highs to settle at $2.0530 a pound, down 0.17%.
Coffee prices have been well-supported in recent months as drought conditions in key coffee-growing regions in Brazil was expected to curb output.
Meanwhile, sugar futures for May delivery fell to a daily low of $0.1751 a pound, the weakest level since March 10, before recovering to trade at $0.1763 a pound, down 0.05%.
The May sugar contract lost 2% on Wednesday to settle at $0.1767 a pound.
Sugar rallied to a four-month high of $0.1846 a pound on March 6, amid speculation dry weather in Brazil will cut this year’s cane crop.
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 rose 0.8% to trade at $0.9292 a pound, the highest since March 7, as concerns over crop conditions in the U.S. lifted prices.
The May cotton contract inched up 0.6% on Wednesday to settle at $0.9220 a pound.
Cotton hit a seven-month peak of $0.9335 a pound on March 7, amid concerns freezing temperatures in key cotton-growing states in the U.S. will curb output and damage the quality of the harvest.
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