NEW YORK, July 21 (Reuters) - The commodities research team at U.S. bank Citi said on Tuesday it remained bullish on sugar and bearish on coffee while moving to neutral on cocoa futures.

* Citi kept its price targets for ICE raw sugar futures SBc1 at 17 cents/lb in three months and 19 cents in 12 months. Sugar closed on Tuesday at 14.82 cents.

* It said the sugar market will have support from increasing ethanol consumption in Brazil and falling sugar production in Europe and India, amid growing risks from El Nino.

* Citi moved to neutral on cocoa futures CCc1, keeping price targets of $5,000/ton in three months and $6,000/ton in 12 months. New York cocoa closed on Tuesday at $5,520.

* It said it wants to see evidence of El Nino-related crop damages and stronger cocoa demand indicators before any changes to its views.

* The bank said it remained bearish on arabica coffee KCc1 but raised its price targets to $2.50/lb in three months and $2.25/lb in 12 months. Arabica closed on Tuesday at $3.2455.

* It said the supply outlook remains positive for coffee, particularly with a near-record Brazil crop.