Investing.com - U.S. soft futures were mixed on Wednesday, with sugar prices rising for the fifth consecutive session amid speculation adverse weather conditions in top grower Brazil will damage the quality of the crop.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1613 a pound during U.S. morning hours, up 1.1%.
The March sugar contract rallied to USD0.1638 a pound on Tuesday, the highest since January 2, before trimming gains to settle at USD0.1606 a pound, up 2.03%.
Updated weather forecasting models pointed to hot and dry conditions in key sugar-growing regions in Brazil. 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 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, Arabica coffee for March delivery traded at USD1.3465 a pound, down 1.3%.
The March contract hit USD1.3795 a pound on Tuesday, the strongest since May 17, before paring gains to end at USD1.3625 a pound, up 0.22%.
Coffee prices have been well-supported in recent sessions as the same dry conditions that boosted sugar, supported coffee as well.
Brazil is the world''s largest producer and exporter of Arabica coffee.
Elsewhere, cotton futures for March delivery traded at USD0.8538 a pound, little changed on the day. The March contract settled 0.46% higher on Tuesday to end at USD0.8540 a pound.