Investing.com - U.S. soft futures were mixed on Wednesday, with sugar prices swinging between small gains and losses amid indications farmers in Brazil are favoring higher sugar production over ethanol.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.1647 a pound, little changed. The October contract settled down 0.9% at USD0.1646 a pound on Tuesday.
Prices of the sweetener held in a range between USD0.1642 a pound, the daily low and a session high of USD0.1649 a pound.
Brazil’s leading sugar industry group Unica said in a report last week that farmers in Brazil’s center-south region used 47.8% of all the cane processed in the second-half of July to make sugar, up from 45% two weeks earlier.
Brazil's center-south region accounts for nearly 90% of Brazil's sugarcane output.
The South American country 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.
Elsewhere, Arabica coffee for December delivery traded at USD1.1750 a pound, up 0.7%. The December contract settled 0.85% lower at USD1.1675 a pound on Tuesday.
Arabica prices traded in a range between USD1.1668 a pound, the session low and a daily high of USD1.1775 a pound.
Arabica prices fell to a four-and-a-half-year low of USD1.1547 a pound on August 1, as traders eyed a huge harvest in Brazil.
Brazil is the world's largest producer and exporter of Arabica coffee.
Meanwhile, cotton futures for December delivery traded at USD0.8412 a pound, down 0.1%. Prices held in a range between USD0.8393 a pound, the daily low and a high of USD0.8434 a pound.
The December contract settled down 0.9% at USD0.8415 a pound on Tuesday.
Prices have been consolidating after plunging almost 10% last week amid indications of improving global crop prospects.
Some technical selling also contributed to losses as a wave of long liquidation by institutional investors was triggered after prices broke below key support levels.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.1647 a pound, little changed. The October contract settled down 0.9% at USD0.1646 a pound on Tuesday.
Prices of the sweetener held in a range between USD0.1642 a pound, the daily low and a session high of USD0.1649 a pound.
Brazil’s leading sugar industry group Unica said in a report last week that farmers in Brazil’s center-south region used 47.8% of all the cane processed in the second-half of July to make sugar, up from 45% two weeks earlier.
Brazil's center-south region accounts for nearly 90% of Brazil's sugarcane output.
The South American country 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.
Elsewhere, Arabica coffee for December delivery traded at USD1.1750 a pound, up 0.7%. The December contract settled 0.85% lower at USD1.1675 a pound on Tuesday.
Arabica prices traded in a range between USD1.1668 a pound, the session low and a daily high of USD1.1775 a pound.
Arabica prices fell to a four-and-a-half-year low of USD1.1547 a pound on August 1, as traders eyed a huge harvest in Brazil.
Brazil is the world's largest producer and exporter of Arabica coffee.
Meanwhile, cotton futures for December delivery traded at USD0.8412 a pound, down 0.1%. Prices held in a range between USD0.8393 a pound, the daily low and a high of USD0.8434 a pound.
The December contract settled down 0.9% at USD0.8415 a pound on Tuesday.
Prices have been consolidating after plunging almost 10% last week amid indications of improving global crop prospects.
Some technical selling also contributed to losses as a wave of long liquidation by institutional investors was triggered after prices broke below key support levels.