SOFTS-Arabica coffee erases gains after hitting 2-year high
* NY coffee pressured as investors flee to sidelines
* Benchmark ICE coffee climbs to $2.0975/lb during day's gyrations
* Canaplan forecasts Brazil CS sugarcane crop below 577 mln T (New throughout, updates with closing prices; adds byline, NEW YORK dateline)
By Chris Prentice and Nigel Hunt
NEW YORK/LONDON, March 12 (Reuters) - New York coffee futures reversed course on Wednesday after setting a two-year high on weather-related concerns over output in top grower Brazil before edging lower as investors cut risk.
Raw sugar prices on ICE Futures U.S. fell the most in 1-1/2 weeks and New York cocoa futures tumbled the most since January.
Worries over growth in China, the top consumer of many raw materials and the world's second-largest economy, pressured equities and commodities markets. The Thomson Reuters/Core Commodity CRB index was down as energy and soft commodities markets sank.
Benchmark May arabica coffee contract on ICE withstood the pressure and clung to gains throughout much of the session on trade buying, dealers said.
The second-month ICE contract climbed to a two-year high of $2.0975 per lb before closing down 0.35 cent, or 0.2 percent, at $2.0530 per lb. Continuación...