Investing.com - U.S. soft futures were mixed on Wednesday, with sugar prices fluctuating near the lowest level since June 2010 as investors continued to focus on massive global supplies of the sweetener.
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On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1521 a pound, up 0.1%. Prices of the sweetener traded in a range between USD0.1514 a pound and USD0.1527 a pound earlier.
The March sugar contract ended Tuesday’s session unchanged at USD0.1522 a pound.
Sugar prices have been on a downward trend in recent months as market players focused on prospects for increased production out of Brazil, Thailand and India. Prices of the sweetener hit a three-and-a-half year low of USD0.1510 a pound on January 16.
Meanwhile, Arabica coffee for March delivery traded at USD1.1543 a pound, down 0.3%. The March Arabica contract held in a range between USD1.1533 a pound and USD1.1598 a pound.
The March contract slumped to USD1.1470 a pound on Tuesday, the lowest since January 3, before trimming losses to settle at USD1.1620, down 0.81%.
Trading has been choppy in recent sessions as investors speculated over crop conditions and harvest prospects in top grower Brazil.
Elsewhere, cotton futures for March delivery traded at USD0.8780 a pound, down 0.4%. Cotton prices traded in a range between USD0.8761 a pound and USD0.8815 a pound.
The March contract rallied to USD0.8843 a pound on Tuesday, the highest since August 20, before trimming gains to settle at USD0.8813 a pound, up 1.53%.
Cotton futures rallied on Tuesday amid speculation cold temperatures in key cotton-growing states in the U.S. will damage crops.
Prices of the fiber have been well-supported in recent days amid growing speculation global supplies of the fiber will not as high as recently estimated by the U.S. Department of Agriculture.
The USDA expects global cotton inventories to a reach a record high of 97.6 million bales in the season ending July 3.