Investing.com - U.S. soft futures were mostly higher on Tuesday, with coffee prices rallying to a seven-week high as market players monitored movements in the Brazilian real.
Brazil is the world's largest producer and exporter of Arabica coffee. When its currency strengthens, farmers tend to ship less beans, as it dampens the value of overseas income at Brazilian coffee exporters when repatriated.
On the ICE Futures U.S. Exchange, Arabica coffee for September delivery traded at USD1.2538 a pound, up 1.8% on the day.
The September contract rose by as much as 2% earlier in the day to hit a session high of USD1.2563 a pound, the strongest level since June 12.
Meanwhile, sugar futures for October delivery traded at USD0.1620 a pound, up 0.3% on the day.
The October contract traded in a range between USD0.1611 a pound, the daily low and a session high of USD0.1623 a pound.
On Monday, sugar futures fell to USD0.1603 a pound, the weakest level since July 2, 2010, as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.
Brazilian industry group Datagro said earlier in the months that the country's main growing region is likely to produce 35.3 million metric tons of sugar in the current season, more than the 34.1 million tons of sugar produced last season
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.
Elsewhere, cotton futures for December delivery traded at USD0.8537 a pound, up 0.3% on the day. The December contract traded in a range between USD0.8502 a pound, the daily low and a session high of USD0.8547 a pound.
Brazil is the world's largest producer and exporter of Arabica coffee. When its currency strengthens, farmers tend to ship less beans, as it dampens the value of overseas income at Brazilian coffee exporters when repatriated.
On the ICE Futures U.S. Exchange, Arabica coffee for September delivery traded at USD1.2538 a pound, up 1.8% on the day.
The September contract rose by as much as 2% earlier in the day to hit a session high of USD1.2563 a pound, the strongest level since June 12.
Meanwhile, sugar futures for October delivery traded at USD0.1620 a pound, up 0.3% on the day.
The October contract traded in a range between USD0.1611 a pound, the daily low and a session high of USD0.1623 a pound.
On Monday, sugar futures fell to USD0.1603 a pound, the weakest level since July 2, 2010, as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.
Brazilian industry group Datagro said earlier in the months that the country's main growing region is likely to produce 35.3 million metric tons of sugar in the current season, more than the 34.1 million tons of sugar produced last season
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.
Elsewhere, cotton futures for December delivery traded at USD0.8537 a pound, up 0.3% on the day. The December contract traded in a range between USD0.8502 a pound, the daily low and a session high of USD0.8547 a pound.