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Soft futures; ICE coffee trades near 10-week low

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Investing.com -

Investing.com - Coffee prices were little changed near the previous session's ten-week low on Thursday, as investors continued to monitor crop and weather conditions in Brazil.

Brazil is the world's largest producer and exporter of Arabica coffee. The bulk of country's Arabica crop is expected to begin harvest in June, when a clearer picture of damage is expected.

On the ICE Futures Exchange, Arabica coffee for July delivery eased up 0.06% to trade at $1.6953 a pound during U.S. morning hours.

The July coffee contract fell to $1.6735 on Wednesday, the lowest since March 24, before paring losses to settle at $1.7020, down 0.56%.

Coffee futures have been on a downward trend in recent weeks amid indications global supplies might be on the rise despite uncertainties posed by drought in Brazil.

Meanwhile, U.S. sugar for July delivery edged up 0.29% to trade at $0.1705 a pound. The July contract ended Wednesday's session down 0.87% to settle at 0.1704 a pound.

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, U.S. cotton for July delivery shed 0.24% to trade at $0.8587 a pound. The July cotton contract tumbled 1.47% on Wednesday to settle at $0.8608 a pound.

According to the U.S. Department of Agriculture, nearly 62% of the U.S. cotton crop was planted as of last week, improving from 46% planted in the preceding week.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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