Sugar settled down 0.02 cent, or 0.2 percent, at 13.27 cents per lb. Prices hovered just above last month's seven month low at 13.17 cents as the market consolidated after falling 11 percent in January on expectations for a global surplus.
United States Department of Agriculture (USDA)-Animal and Plant Health Inspection Service (APHIS) is considering non-regulated status for a particular type of ultra-low gossypol cottonseed (ULGCS) containing technology that could expand the feed and food markets for cottonseed.
U.S. cotton producers intend to plant 13.1 million acres this spring, up 3.7 percent from 2017 as prices for other commodities remain low and several positive factors point to a more optimistic outlook for the cotton industry over the next few years, the National Cotton Council said at its annual meeting in Fort Worth this weekend.
Cotton prices have remained sideways for more than a week and even though the market has seen a push down into new lows by only a few ticks on several occasions, buyers seem to be supporting the market at these levels for now?
Futures were slightly lower yesterday. It did not find much support from ideas that the US Dollar is going down or from União da Indústria de Cana-de-Açúcar (UNICA) reported of a sharply reduced cane crush in the latest reporting period.