Credit Suisse Trims Cocoa, Coffee, Sugar Price Outlook Credit Suisse has trimmed its three

Credit Suisse Trims Cocoa, Coffee, Sugar Price Outlook Credit Suisse has trimmed its three- and 12-month priceoutlook for cocoa, coffee and raw sugar, all traded on Intercontinental FuturesExchange in New York.   The three-month cocoa price outlook was trimmed back to $2,700 a metric tonfrom the prior August forecast of $3,000/ton, while the 12-month view was cutto $2,400/ton from $2,800/ton, the Swiss banking group said.   "Cocoa prices have been overvalued for nearly four years now," Credit Suissesaid. "At current levels, the market still looks expensive, but prices nowfinally seem to be on the right track for a more reasonable valuation."   A more bearish outlook for sugar is also expected.   Sugar is forecast to hit 26 cents a pounds in both three and 12 months, downfrom the August view of 32 cents and 33 cents a pound respectively.   "On the fundamental side, while Brazilian sugar output is expected todisappoint this season, large crops in India, Thailand, Europe and Russiashould keep the market sufficiently supplied," the bank said. "The global sugarmarket is likely to end the 2011/2012 marketing year with a significantsurplus, limiting price upside."   Arabica coffee is predicted to touch $2.20 a pound in three months and $2 in12 months, compared with the August forecasts of $2.85 and $2.40.   "After the sell-off in recent weeks, the technical picture has deteriorated.The trend is now neutral, momentum is actually negative," Credit Suisse said."Overall, we think there are further downside risks for coffee prices given thesignificant overvaluation and deteriorating technicals."