NEW YORK/LONDON, Jan 11 (Reuters) - Arabica coffee futures on ICE slumped to their lowest level in more than 1-1/2 years on Wednesday, extending the market's recent slide, as favourable crop weather in Brazil and rising exchange stocks continued to weigh on prices.

COFFEE

* March arabica coffee settled down 7 cents, or 4.6%, at $1.439 per lb after touching $1.4205, the weakest level since early May 2021.

* Dealers said rains in Brazil and forecasts for more showers had boosted the outlook for the arabica crop in the world's top producer.

* "Recerts are going up, weather is ok, positioning not extreme but sentiment is extremely pessimistic," said a U.S. coffee broker, referring to the increasing levels of ICE certified stocks.

* ICE stocks rose again on Wednesday to a six-month high of 850,401 bags, but for the second day the amount of bags being approved in the grading process was smaller than the volume rejected, which is unusual. There were still 170,024 bags pending grading.

* March robusta coffee fell $29, or 1.6%, at $1,811 a tonne.

SUGAR

* March raw sugar was little changed at 19.65 cents per lb.

* Dealers said short-term supply tightness remained the key supportive factor, with March's premium to May widening to about 1.40 cents from 1.29 cents at Tuesday's close.

* Brazil's centre-south sugarcane crushing totalled 2.63 million tonnes in the second half of December, industry group Unica said on Wednesday, soaring from the same period last year when processing had virtually ended by this time.

* Also in Brazil, local media reported the government is prepared to reinstate federal taxes on fuels from March, which should favour ethanol with a smaller levy than gasoline.

* March white sugar fell $2.10, or 0.4%, at $544.00 a tonne.

COCOA

* March London cocoa settled up 26 pounds, or 1.3%, to 2,056 pounds per tonne.

* Ivory Coast's cocoa grind was up 8.9% year on year in December at 172,357 tonnes, data from exporters' association GEPEX showed on Wednesday.

* March New York cocoa rose $29, or 1.1%, to $2,633 a tonne. (Reporting by Marcelo Teixeira and Nigel Hunt Editing by David Goodman and Grant McCool)