Raw sugar futures on ICE fell on Tuesday from their highest level this year, pressured by technical resistance and top grower Brazil's weakened currency, while arabica coffee fell from a 2-1/2-month peak. London cocoa firmed, supported by a weak pound, which made positions cheaper for holders of other currencies and pressured the dollar-traded New York market lower.
Raw sugar remained in sight of Monday's peak for the year so far, buoyed by upward revisions to analysts' global deficit forecasts. The benchmark contract, however, took back most of the prior session's gains as traders pointed to strong chart-based resistance at 15.35 cents.
That was the session high reached in late November and early December, creating a "double top", a technical resistance level.
The move lower was nothing more than a minor set-back, said Dave Toth, market insights senior analyst for RJO'Brien in Chicago, who expected the market to resume higher.
May raw sugar settled down 0.1 cent, or 0.7 percent, at 15.32 cents per lb.
"The market may require a period of consolidation above 15 cents to strengthen the base of the rally and confirm the continuing trend upwards," said Nick Penney, a senior trader at Sucden Financial Sugar.
"Crushing (in center-south Brazil) is expected to begin in the second half of this month, but weather forecasts are somewhat mixed at the moment and this could prompt more ethanol production (from cane) initially."
May white sugar settled up 50 cents, or 0.1 percent, at $439 per tonne, after inching up to $439.40, the highest since August 2014.
Coffee futures turned lower, with robusta supported by concerns over dry conditions in Brazil and Vietnam. May robusta settled down $15, or 1 percent, at $1,423 per tonne, having on Monday touched a three-week high of $1,444.
May arabica settled down 1.5 cent, or 1.2 percent, at $1.257 per lb, after touching $1.278, the highest since January 4. The Brazilian real, the currency of the world's top grower of coffee and sugar, fell for a second straight day and was seen providing some pressure to these commodities.
May London cocoa settled up 4 pounds, or 0.2 percent, at 2,258 pounds per tonne. New York May cocoa settled down $28, or 0.9 percent, at $3,053 per tonne.
Forecasts for wet weather in West Africa, which will aid crop development, also provided some price pressure, though traders noted this came after months of hot and dry conditions.