A farmers holds cocoa beans while he is drying them at a village in Sinfra, Ivory Coast, on April 29, 2023.
Cocoa prices dropped more than 19% on Monday, giving up a large part of the strong gains that lifted them to all-time highs earlier this year.
Prices last traded at around $7,175, after dropping about $1,700 per metric ton.
Earlier in the year, cocoa futures hit a record of $11,722 per metric ton.
Cocoa prices soared this year amid a shortage of cocoa beans due to supply disruptions, including heavy rains and disease.
Locations:
Sinfra, Ivory Coast