Investing.com – U.S. soft futures were higher during U.S. morning trade on Tuesday, with sugar prices moving further away from last week’s two-and-a-half year low amid speculation prices fell too far too fast.

On the ICE Futures U.S. Exchange, sugar futures for July delivery traded at USD0.1761 a pound, up 0.7% on the day. The July contract rose by as much as 0.9% earlier in the session to hit a daily high of USD0.1764 a pound.

Sugar prices fell to USD0.1725 a pound on April 26, the weakest level since August 10, 2010, as farmers in Brazil started to accelerate harvesting of the nation’s sugar crops.

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.

Sugar prices have been under heavy selling pressure in recent sessions amid the view that global supplies are more than ample to meet world demand.

Meanwhile, Arabica coffee for July delivery traded at USD1.3425 a pound, easing up 0.25% on the day. The July contract was stuck in a tight trading range between USD1.3390 a pound, the daily low and a session high of USD1.3472 a pound.

Coffee prices tumbled to a five-week low of USD1.3275 a pound on Monday, as traders continued to monitor weather conditions in Brazil.

Brazil is the world’s largest producer and exporter of Arabica coffee.

Elsewhere, cotton futures for July delivery traded at USD0.8605 a pound, up 0.35% on the day. The May contract rose by as much as 0.45% earlier in the session to hit a daily high of USD0.8611 a pound.

The U.S. Department of Agriculture said Monday that nearly 14% of the U.S. cotton crop was planted as of last week, up from 10% in the preceding week.

Nearly 25% of the crop was planted in the same week a year earlier while the five-year average is 20%.

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Investing.com – U.S. soft futures were higher during U.S. morning trade on Tuesday, with sugar prices moving further away from last week’s two-and-a-half year low amid speculation prices fell too far too fast.

On the ICE Futures U.S. Exchange, sugar futures for July delivery traded at USD0.1761 a pound, up 0.7% on the day. The July contract rose by as much as 0.9% earlier in the session to hit a daily high of USD0.1764 a pound.

Sugar prices fell to USD0.1725 a pound on April 26, the weakest level since August 10, 2010, as farmers in Brazil started to accelerate harvesting of the nation’s sugar crops.

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.

Sugar prices have been under heavy selling pressure in recent sessions amid the view that global supplies are more than ample to meet world demand.

Meanwhile, Arabica coffee for July delivery traded at USD1.3425 a pound, easing up 0.25% on the day. The July contract was stuck in a tight trading range between USD1.3390 a pound, the daily low and a session high of USD1.3472 a pound.

Coffee prices tumbled to a five-week low of USD1.3275 a pound on Monday, as traders continued to monitor weather conditions in Brazil.

Brazil is the world’s largest producer and exporter of Arabica coffee.

Elsewhere, cotton futures for July delivery traded at USD0.8605 a pound, up 0.35% on the day. The May contract rose by as much as 0.45% earlier in the session to hit a daily high of USD0.8611 a pound.

The U.S. Department of Agriculture said Monday that nearly 14% of the U.S. cotton crop was planted as of last week, up from 10% in the preceding week.

Nearly 25% of the crop was planted in the same week a year earlier while the five-year average is 20%.

Investing.com – Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @Newsinvesting