Investing.com - U.S. soft futures were mostly lower on Thursday, with coffee prices giving back a portion of the previous session's 11% rally which took prices to the highest level since October 2012. On the ICE Futures U.S. Exchange, Arabica coffee for May delivery hit a session high of $1.7748 a pound, the most since October 4, 2012, before erasing gains to trade at $1.6605 a pound during U.S. morning hours, down 3.6%. Coffee prices surged 11.46% on Wednesday to settle $1.7260 a pound as hot and dry conditions in key coffee-growing regions in Brazil fuelled concerns over crop prospects. The South American nation had the hottest January ever and the least rain for the period in 20 years, according to agricultural meteorologists. Brazil is the world's largest producer and exporter of Arabica coffee. Meanwhile, sugar futures for March delivery traded in a range between $0.1631 a pound and $0.1647 a pound. Sugar prices last traded at $0.1633 a pound, down 0.3%. The March contract rallied to $0.1650 a pound on Wednesday, the most since December 31, before trimming gains to settle at $0.1646 a pound, up 1.86%. Sugar prices rallied as the same hot and dry weather conditions that boosted coffee, supported sugar as well. 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 March delivery shed 0.2% to trade at $0.8679 a pound, the lowest since February 11. The March contract tumbled 1.07% on Wednesday to settle at $0.8697 a pound.

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