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Raw sugar futures fell to a one-month low on Wednesday, with sluggish physical demand, producer selling and bearish technicals all weighing on prices.

March raw sugar was down 0.04 cents, or 0.3%. at 12.14 cents per lb at 1414 GMT after slipping to a one-month low of 12.05 cents.

Dealers said producer selling had been keeping the market on the defensive along with sluggish demand linked to slower economic growth and an expected rebound in production in India during the 2020/21 season.

There also appears to be a more bearish outlook on price charts, they added.

"Technically, prices of raw sugar remain locked inside a downtrend channel and in a context of relatively low volatility," analyst Agritel said in a market note.

December white sugar fell $2.30, or 0.7%, to $333.50 a tonne.

A judge with the US Court of International Trade has struck down a sugar trade pact with Mexico renegotiated in 2017 by the Trump Administration, saying the decision to amend a previous deal was unlawful.

March London cocoa was unchanged at 1,834 pounds a tonne, underpinned by the weakness of sterling.

Dealers said a strong start to the main crop season in top grower Ivory Coast and concerns that global economic woes could curb demand had helped put the market on the defensive.

December New York cocoa fell $15, or 0.6%, to $2,433 a tonne.

Cocoa farmgate prices have risen sharply in Cameroon this season as bean quality has improved, the ministry of trade and exporters told Reuters on Wednesday.

December arabica coffee fell 0.80 cents, or 0.8%, to 98.10 cents per lb, giving up some of the prior session's steep gains in continued choppy conditions.

January robusta coffee was down $1, or 0.1%, at $1,247 a tonne.

Uganda forecasts its coffee exports in the 2019-2020 crop year will be about 16% higher than the previous period, boosted by favourable weather and expanding acreage as new trees mature, an official said on Wednesday.

Copyright Reuters, 2019

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