Investing.com - U.S. soft futures were mostly higher during U.S. morning trade on Monday, with sugar prices climbing on the back of a bout of technical buying amid speculation prices may have bottomed.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1854 a pound, up 1% on the day. The March contract rose by as much as 1.15% earlier in the session to hit a daily high of USD0.1857 a pound.
The March contract fell to USD0.1806 a pound on January 23, the weakest level since August 12, 2010.
Sugar prices regained strength as market players closed out bets that prices would fall further after futures moved into oversold territory.
Sugar futures prices have been under heavy selling pressure in recent months as sentiment on the sweetener was dampened amid the view that global supplies are more than ample to meet world demand.
Wall Street investment bank Goldman Sachs cut its 2013 price forecast on the sweetener earlier in the month, citing ample global supplies.
According to the bank, sugar futures will average USD0.1850 a pound in six months, down from a previous estimate of USD0.2200 a pound.
Meanwhile, Arabica coffee for March delivery traded at USD1.4843 a pound, easing up 0.15%. The March contract held in a tight trading range between USD1.4793 a pound, the daily low and a session high of USD1.4888 a pound.
Coffee futures slumped to a three-week low of USD1.4617 a pound on January 24.
Elsewhere, cotton futures for March delivery traded at USD0.8084 a pound, up 0.4% on the day. The March contract traded in a range between USD0.8020 a pound, the daily low and a session high of USD0.8097 a pound.
Cotton futures rallied to an eight-month high of USD0.8394 a pound on Wednesday, amid indications of strong demand from top consumer China and concerns over U.S. supplies.
The U.S. Department of Agriculture said in its supply and demand report published earlier in the month that the U.S. cotton crop will be 1.4% smaller than previously estimated.
The crop totaled 17.01 million bales, down from the December estimate of 17.26 million. The previous crop totaled 15.57 million bales.
On the ICE Futures U.S. Exchange, sugar futures for March delivery traded at USD0.1854 a pound, up 1% on the day. The March contract rose by as much as 1.15% earlier in the session to hit a daily high of USD0.1857 a pound.
The March contract fell to USD0.1806 a pound on January 23, the weakest level since August 12, 2010.
Sugar prices regained strength as market players closed out bets that prices would fall further after futures moved into oversold territory.
Sugar futures prices have been under heavy selling pressure in recent months as sentiment on the sweetener was dampened amid the view that global supplies are more than ample to meet world demand.
Wall Street investment bank Goldman Sachs cut its 2013 price forecast on the sweetener earlier in the month, citing ample global supplies.
According to the bank, sugar futures will average USD0.1850 a pound in six months, down from a previous estimate of USD0.2200 a pound.
Meanwhile, Arabica coffee for March delivery traded at USD1.4843 a pound, easing up 0.15%. The March contract held in a tight trading range between USD1.4793 a pound, the daily low and a session high of USD1.4888 a pound.
Coffee futures slumped to a three-week low of USD1.4617 a pound on January 24.
Elsewhere, cotton futures for March delivery traded at USD0.8084 a pound, up 0.4% on the day. The March contract traded in a range between USD0.8020 a pound, the daily low and a session high of USD0.8097 a pound.
Cotton futures rallied to an eight-month high of USD0.8394 a pound on Wednesday, amid indications of strong demand from top consumer China and concerns over U.S. supplies.
The U.S. Department of Agriculture said in its supply and demand report published earlier in the month that the U.S. cotton crop will be 1.4% smaller than previously estimated.
The crop totaled 17.01 million bales, down from the December estimate of 17.26 million. The previous crop totaled 15.57 million bales.