Investing.com - U.S. soft futures were broadly lower on Thursday, with coffee prices pulling back from a one-week high as investors cashed out of the market to lock in gains from a recent rally.
On the ICE Futures U.S. Exchange, Arabica coffee for March delivery hit a session high of USD1.4275 a pound, the most since February 6, before turning lower to trade at USD1.3945 a pound during U.S. morning hours, down 1.5%.
Coffee prices surged 2.84% on Wednesday to settle USD1.4105 a pound after hot and dry conditions in key coffee-growing regions in Brazil fuelled concerns over crop prospects.
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 March delivery dropped 1.45% to trade at USD0.1566 a pound. The March contract rallied 2.26% on Wednesday to settle at USD0.1581 a pound, the highest since February 6.
Elsewhere, cotton futures for March delivery traded at USD0.8735 a pound, down 1.15%.The March contract rose to USD0.8931 a pound on Wednesday, the most since August 20, before erasing gains to end at 0.8837 a pound, down 0.34%.
Jerusalem Post Annual Conference. Buy it now, Special offer. Come meet Israel's top leaders