Investing.com - U.S. soft futures were mixed on Monday, with sugar prices re-approaching the lowest level since June 2010 as investors continued to focus on massive global supplies of the sweetener.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1556 a pound, down 0.2%. Prices of the sweetener traded in a range between USD0.1556 a pound and USD0.1569 a pound.
The March contract ended Friday’s session up 0.58% to settle at USD0.1557 a pound. Sugar prices fell to USD0.1541 a pound on January 9, the weakest level since June 30, 2010.
Sugar prices have been on a downward trend in recent months as market players focused on prospects for increased production out of Brazil and Thailand.
Meanwhile, Arabica coffee for March delivery traded at USD1.1980 a pound, down 0.45%. The March Arabica contract held in a range between USD1.1963 a pound and USD1.2038 a pound.
The March contract rose 1.09% on Friday to settle at USD1.2065 a pound, as adverse weather conditions in top grower Brazil fuelled speculation of a smaller crop from the world’s largest grower of the sweetener.
Elsewhere, cotton futures for March delivery traded at USD0.8296 a pound, up 0.45%. Cotton prices traded in a range between USD0.8272 a pound and USD0.8333 a pound. The March contract shed 0.27% on Friday to settle at USD0.8259 a pound.
The U.S. Department of Agriculture on Friday raised its forecast for global cotton inventories to a record high of 97.6 million bales in the season ending July 31.