Raw sugar futures on ICE closed down after earlier hitting a two-week high as selling in top grower Brazil dried up and oil prices rallied.

Coffee and cocoa algo posted losses.

SUGAR

* Raw sugar settled down 0.1 cent, or 0.7%, at 13.83 cents per lb, having hit its highest since April 9 at 14.15 cents per lb. The contract gained 4.6% last week.

* "It would appear origin has finished (panic selling) and is waiting for a higher level," said broker and consultant Michael McDougall.

* The sweetener has gained support recently from bets ethanol demand and prices in Brazil are set to rise.

* Brazil's planned increase in the mandatory ethanol blend in gasoline to 32% from 30% is set to boost demand for anhydrous ethanol by about 1 billion liters, sugarcane industry group UNICA said on Monday.

* Europe's largest sugar producer Suedzucker reported a 53.4% fall in preliminary annual operating profit on Monday as low sugar prices in the European Union hurt results.

* White sugar fell 1.9% to $427.10 a metric ton.

COFFEE

* Arabica coffee settled down 6.4 cents, or 2.2%, at $2.885 per lb, after hitting a one-month high of $3.0625 on Friday.

* Arabica gained support last week from falling exchange stocks KC-TOT-TOT, but the rally has since run out of steam thanks to selling from farmers and exporters in top grower Brazil.

* Robusta coffee fell 1.6% to $3,428 a ton, having also hit a one-month high on Friday.

* ICE robusta coffee speculators are betting on price gains, having switched to a net long position of 2,545 lots as of April 21, exchange data showed.

COCOA

* London cocoa settled down 95 pounds, or 3.7%, at 2,467 pounds per ton, having gained 6% last week.

* After sharp falls this year, cocoa is finding a slightly higher floor amid expectations that demand will recover.

* Cocoa arrivals at ports in top grower Ivory Coast were up 0.3% from the season start to April 26, versus the same period last season, exporters estimated.

* New York cocoa fell 3.9% to $3,296 a ton.

(Reuters)