Soft futures mixed; Coffee trades near lowest since October 2009

Investing.com - U.S. soft futures were mixed during U.S. morning trade on Wednesday, with coffee prices trading near the lowest level since October 2009 as traders continued to worry over ample global supplies of the bean.On the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.2725 a pound, up 0.4% on the day. The July contract held in a range between USD1.2615 a pound, the daily low and a session high of USD1.2768 a pound.The July coffee contract fell to USD1.2585 a pound on Tuesday, the weakest level since October 2009.The coffee market has been under heavy selling pressure in recent weeks as traders eyed a huge harvest in top grower Brazil.Some technical selling also weighed after prices broke below key support levels, triggering a flurry of automatic sell orders amid bearish chart signals.Meanwhile, sugar futures for July delivery traded at USD0.1675 a pound, up 0.1% on the day. The July contract was stuck in a range between USD0.1666 a pound, the daily low and a session high of USD0.1675 a pound.The July contract fell to a two-year low of USD0.1657 a pound on May 23. The sweetener has been under heavy selling pressure in recent months as farmers in Brazil started to accelerate harvesting of the nation's sugar crops.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 July delivery traded at USD0.8139 a pound, little changed on the day. The July contract traded in a range between USD0.8116 a pound, the daily low and a session high of USD0.8173 a pound.Cotton prices fell to a three-and-a-half month low of USD0.8103 a pound on May 24, amid easing concerns over U.S. crop prospects. The U.S. Department of Agriculture said Monday that nearly 59% of the U.S. cotton crop was planted as of May 26, week, up from 39% in the preceding week.
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