Investing.com - U.S. soft futures were mixed during U.S. morning trade on Thursday, with cotton prices moving higher after the U.S. Department of Agriculture raised its estimates on China cotton import figures.
On the ICE Futures U.S. Exchange, cotton futures for May delivery traded at USD0.8584 a pound, up 0.6% on the day. The May contract rose by as much as 0.9% earlier in the day to hit a session high of USD0.8613 a pound.
In its monthly supply and demand report released Wednesday, the USDA raised its projections for Chinese imports to 16.5 million bales, up from 15 million forecast last month.
The agency also upped its projections for U.S. exports to 13.0 million bales from 12.75 million bales previously.
The report also showed that global cotton inventories in the 2012-13 crop year were expected to rise to a record high of 82.45 million bales, compared to a month-earlier forecast of 81.74 million bales.
Cotton prices rallied to an 11-month high of USD0.9384 a pound on March 15 on the back of strong demand from top consumer China and concerns over U.S. supplies.
Meanwhile, sugar futures for May delivery traded at USD0.1780 a pound, down 0.3% on the day. The May contract fell by as much as 0.5% earlier in the session to hit a daily low of USD0.1777 a pound.
Sugar futures rallied to a two-week high of USD0.1793 a pound on Wednesday, after wet weather in Brazil caused some delays to the sugar-cane crush.
Brazil is the largest producer of sugar cane in the world.
May sugar prices fell to a two-and-a-half-year low of USD0.1747 a pound on April 3, amid the view that global supplies are more than ample to meet world demand.
Elsewhere, Arabica coffee for May delivery traded at USD1.3612 a pound, up 0.4% on the day. The May contract was stuck in a tight trading range between USD1.3578 a pound, the daily low and a session high of USD1.3668 a pound.
Coffee futures fell to a three-week low of USD1.3475 a pound on Tuesday, as farmers in Brazil began harvesting the coffee crop amid expectations for a bumper crop.
Brazil is the world's largest producer and exporter of Arabica coffee.
The May contract fell to a 34-month low of USD1.3207 a pound on March 20, as speculators pushed prices lower amid worries over sufficient global supplies.
On the ICE Futures U.S. Exchange, cotton futures for May delivery traded at USD0.8584 a pound, up 0.6% on the day. The May contract rose by as much as 0.9% earlier in the day to hit a session high of USD0.8613 a pound.
In its monthly supply and demand report released Wednesday, the USDA raised its projections for Chinese imports to 16.5 million bales, up from 15 million forecast last month.
The agency also upped its projections for U.S. exports to 13.0 million bales from 12.75 million bales previously.
The report also showed that global cotton inventories in the 2012-13 crop year were expected to rise to a record high of 82.45 million bales, compared to a month-earlier forecast of 81.74 million bales.
Cotton prices rallied to an 11-month high of USD0.9384 a pound on March 15 on the back of strong demand from top consumer China and concerns over U.S. supplies.
Meanwhile, sugar futures for May delivery traded at USD0.1780 a pound, down 0.3% on the day. The May contract fell by as much as 0.5% earlier in the session to hit a daily low of USD0.1777 a pound.
Sugar futures rallied to a two-week high of USD0.1793 a pound on Wednesday, after wet weather in Brazil caused some delays to the sugar-cane crush.
Brazil is the largest producer of sugar cane in the world.
May sugar prices fell to a two-and-a-half-year low of USD0.1747 a pound on April 3, amid the view that global supplies are more than ample to meet world demand.
Elsewhere, Arabica coffee for May delivery traded at USD1.3612 a pound, up 0.4% on the day. The May contract was stuck in a tight trading range between USD1.3578 a pound, the daily low and a session high of USD1.3668 a pound.
Coffee futures fell to a three-week low of USD1.3475 a pound on Tuesday, as farmers in Brazil began harvesting the coffee crop amid expectations for a bumper crop.
Brazil is the world's largest producer and exporter of Arabica coffee.
The May contract fell to a 34-month low of USD1.3207 a pound on March 20, as speculators pushed prices lower amid worries over sufficient global supplies.