U.S. soft futures were mixed during U.S. morning trade on Tuesday, with sugar prices easing down as market players continued to monitor early harvest progress in top grower Brazil.
On the ICE Futures U.S. Exchange, sugar futures for May delivery traded at USD0.1783 a pound, down 0.3% on the day. The May contract fell by as much as 0.6% earlier in the day to hit a session low of USD0.1779 a pound.
Prices of the sweetener declined 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.
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.