london jan 26 reuters  raw sugar futures on ice fell on wednesday as geopolitical tensions between russia and ukraine kept investors at bay though losses were limited by surging oil prices rising energy prices tend to prompt cane mills in top producer brazil to divert output from sugar to ethanol a canebased biofuel  march raw sugar was down 1 to 186 cents per lb at 1335 gmt  the dollar held below a 212 week high with investors still keen to hold safehaven assets a strong dollar makes dollarpriced commodities like sugar costlier for nonus investors  dealers said geopolitical tensions were driving down sugar but countered that strong energy prices also a result of the tensions were offering it support  they expect sugar to consolidate between 1850 and 1930 cents as a result  looking ahead covriganalytics said it expects the global sugar market to record a small surplus of less than 06 million tonnes in 2021 thanks to higher output in india thailand pakistan europe and mexico  march arabica coffee rose 12 to 24065 per lb having gained 21 by the close on tuesday  the arabica market has struggled to break through resistance of circa 250 but supply chain issues and a tight forward balance sheet should continue to support prices at or above 220 in the short term said citi in a note  citi sees a small global coffee surplus of 11 million bags for 202223 but warned that recent excessive rains in key producers brazil and colombia could tighten the market balance going forward  citi sees the global cocoa market recording a deficit of 85000 in the current season as demand improves the modest deficit should leave prices trading in the mid2000 a tonne level  generally speaking cocoa markets seem to be near fair value here it said reporting by marcelo teixeira and nigel hunt editing by mark heinrich and mark potter