Soft futures mostly higher - Coffee rebounds from recent losses...

U.S. soft futures were mostly higher during U.S. morning trade on Wednesday, with coffee prices moving higher for a second day amid speculation prices fell too far too quick.

On the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.3832 a pound, up 0.8% on the day.

The July contract rose by as much as 1.4% earlier in the session to hit a daily high of USD1.3907 a pound, the strongest level since April 8.

Coffee futures fell to a three-week low of USD1.3357 a pound on Monday, hovering close to a 34-month low of USD1.3207 a pound hit on March 20.

Coffee traders continued to monitor weather conditions in Brazil, as the country’s farmers began harvesting the coffee crop. Brazil is the world's largest producer and exporter of Arabica coffee.

Meanwhile, sugar futures for May delivery traded at USD0.1789 a pound, little changed on the day. The May contract was stuck in a tight trading range between USD0.1782 a pound, the daily low and a session high of USD0.1793 a pound.

Sugar futures advanced Tuesday after wet weather in Brazil caused some delays to the sugar-cane crush. Brazil is the largest producer of sugar cane in the world.

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.

Elsewhere, cotton futures for May delivery traded at USD0.8374 a pound, up 0.5% on the day. The May contract rose by as much as 0.9% earlier in the day to hit a session high of USD0.8388 a pound.

Prices of the fiber slumped to a six-week low of USD0.8332 a pound on Tuesday after the U.S. Department of Agriculture said that nearly 8% of the U.S. cotton crop was planted as of last week, up from 5% in the preceding week.

The crop update eased recent jitters over a decline in U.S. and global supplies.

The agency said last week that global cotton inventories in the 2012-13 season was expected to rise to a record high of 82.45 million bales, compared to a month-earlier forecast of 81.74 million bales.

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News Source: www.cnbc.com