ICE raw sugar futures fell on Monday as the market corrected after gaining nearly 13% last week, and as oil prices fell, with US-China trade tensions resurfacing amid the fallout from the coronavirus pandemic.
July raw sugar was down 0.31 cents, or 2.8%, to 10.65 cents per lb at 1528 GMT, having hit a one-month high on Friday as it recovered decisively from a 12-1/2 year low set earlier last week.
Falling energy prices encourage Brazilian cane mills to ramp up sugar output at the expense of ethanol, a cane-based biofuel.
Broker Marex Spectron said there was no fundamental justification for last week's rally, citing evidence of a fall in fuel consumption of more than 40% in Brazil in April.
The implication is (Brazilian) cane factories are going to have to keep making maximum sugar/minimum ethanol, and the implication of that is we are facing a big surplus," said the broker.
ICE raw sugar speculators increased their net short position by 15,834 contracts to 75,897 in the week to April 28, CFTC data showed.
Britain's Tate & Lyle said US demand for its sugars and syrups used by restaurants, cinemas and other public facilities fell in April as thousands of businesses remained closed by coronavirus lockdowns.
Mexico said Washington will keep an agreement regulating Mexican sugar exports into the United States active for another five years.
August white sugar fell $3.10, or 0.9%, to $348.20 a tonne, having hit its highest since mid-April.
July arabica coffee rose 1.8 cents, or 1.7%, to $108.00 per lb, having hit its lowest in nearly 1-1/2 months last week.
Arabica lost nearly 12% of its value in April as the prospect of a large harvest in Brazil weighed.
ICE arabica coffee speculators cut their net long position by 3,681 contracts to 6,398 in the week to April 28.
July robusta coffee fell $17, or 1.4%, to $1,188 a tonne.
Indonesia exported 11,171 tonnes of robusta coffee beans from Sumatra's Lampung province in April, more than double last year's level.
July New York cocoa was down $26, or 1.1%, at $2,376 a tonne.
New York cocoa speculators increased their net short position by 1,502 contracts to 15,734 contracts in the week to April 28. Cocoa arrivals at ports in top grower Ivory Coast reached 1.753 million tonnes between Oct. 1 and May 3, exporters estimated, down 5.7% from year ago levels. July London cocoa rose 24 pounds, or 1.3%, to 1,909 pounds a tonne?, helped by a fall in sterling.