Soft futures were little changed in the early U.S. morning on Thursday with sugar going near its lowest level since July 2010 amid sufficient global supply.
On the ICE Futures U.S. Exchange, sugar July futures traded at $0,1635 a pound at 11:44 GMT, down 0.12% for the session.
The U.S. Department of Agriculture stated in its crop progress report on Monday that as of June 2 100% of the U.S. sugar was planted, compared to 94% the preceding week. It is also higher than the 98% five-year average and the 96% planted the same week last year.
Sugar prices have also been under heavy pressure as farmers in Brazil, the world’s biggest sugar producer and exporter, started to accelerate the sweetener’s harvest. Brazil accounts for 20% of global sugar production and 39% of the sweetener’s export.
Elsewhere on the market, cotton futures for July delivery gained 0.22% on the day and traded at $0.8371 a pound at 11:57 GMT. Cotton futures reached a two-week high of $0.8613 a pound on Tuesday, due to supply concerns.
According to the U.S. Department of Agriculture’s report published on Monday, 87% of the nation’s cotton crop was planted during the week ending June 2, compared to 59% in the preceding week. This is also 5% higher than the same week last year and 4% more than the five-year average, which equals to 83%.
Meanwhile, Arabica coffee futures for July delivery traded at $1.2760 a pound at 12:01 GMT, gaining 0,12% for the day. Coffee prices have been under pressure as traders expect a huge harvest in the world’s biggest exporter – Brazil. The Arabica contract for July delivery fell to $1.2507 a pound on May 31, the lowest level since October 2009.
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