US MIDDAY: sugar slips

Arabica coffee futures changed direction late in the session and closed up a shade on Wednesday, near last week's 34-year high, while raw sugar dropped as dealers expected a large delivery when the May contract expires on Friday. US cocoa finished firm after climbing on chart-based buying.
The May raw sugar contract fell 0.39 cent or 1.6 percent to close at 24.55 cents a lb, just up from its six-month low of 24.00 cents hit early last week. July dropped 0.28 cent to 22.96 cents. July arabica coffee futures reversed to close up 0.10 cent at $2.9640 per lb. Contract remained near last week's 34-year peak at $3.0250 per lb. Key July cocoa futures gained $75 or 2.4 percent to finish at $3,168 per tonne.