Sugar futures were little changed, although weighed down by big northern hemisphere crops. Global stocks and the euro slid on Monday as investors took a dim view on whether last week's plan to enhance fiscal discipline in the euro zone was enough to quell a two-year-old debt crisis. In the softs complex, ICE cocoa posted the sharpest fall, dropping 4 percent to a three-year low. "Cocoa feels very oversold, but at the same time I am struggling to find any bullish arguments to turn the market around," said Kona Haque, a soft commodities analyst with Macquarie Bank. "You have a lot of last year's supply carried over to this season, this season's main crop which is big in Ivory Coast and Ghana, and the possibility that next season's crop could be sold forward." ICE second-month cocoa slid to touch a three-year low of $1,983 per tonne, before regaining a little ground to $2,013, down $54 or 2.6 percent in reasonable volume of 10,137 lots at 1510 GMT. London March cocoa hit a contract low of 1,287 pounds and later stood at 1,317 pounds, down 21 pounds or 1.6 percent. World 2011/12 cocoa production is expected to fall around 100,000 tonnes short of grindings, as the market switches back to deficit after a record surplus the previous year, said the head of cocoa at Olam International Ltd. Speculators cut net short futures positions in NYSE Liffe cocoa by 3,300 lots to 2,695 lots in the week to Dec. 6, exchange data showed on Monday. The stronger dollar hit arabica coffee futures, although expectations of tight supplies underpinned the market. "The move on coffee is largely technical," said a London-based coffee futures broker. "It is largely spec selling - other markets are down. It's a bit of negative thinking towards the euro again. I would suggest this is mainly fund liquidation or spec selling as far as coffee is concerned." Coffee output in the north of Brazil's Sao Paulo state is likely to fall next year from the last on-year crop in 2010 after harsh weather, the local cooperative Cocapec said, joining a chorus of subdued estimates for 2012 from the world's top producer. March arabica coffee on ICE was down 6.35 cent or 2.8 percent at $2.2140 a lb. Global coffee markets could remain tight, with prices rising until May 2012 when supplies from producers such as Brazil, Vietnam, Indonesia and Colombia start arriving, putting an end to a bull market, a commodities expert said on Friday. March robusta coffee on Liffe was down $44 or 2.2 percent at $1,918 a tonne in slim volume of 3,791 lots. ICE raw sugar futures were little changed, with upside potential in prices limited by expectations of big northern hemisphere supplies from EU countries, Russia and Ukraine. A European broker said the consensus was that the sugar market would remain rangebound until the end of the year. The end-destination buyers are understocked and looking to re-stock on any weakness, the broker added. Benchmark March futures traded down 0.06 cent or 0.3 percent at 23.34 cents a lb. The front month fell to 22.71 cents on Nov. 25, the lowest level since June. "I am sure that by the end of the year we will have tested 22 cents or maybe lower," one London-based sugar futures broker said. "At the moment rallies are going to be short-lived." March white sugar futures on Liffe rose $2.60 or 0.4 percent to $607.80 per tonne. The contract slid to $594.00 on Nov. 29, the lowest level for the front month since May.