For the first time ever, cocoa prices reached a record high of $10,000 per metric ton.

• The price of May futures for wheat increased by 3.9% to $10,030 per metric ton, surpassing the $10,000 mark for the first time.
• Cocoa has been on a tear this year, soaring nearly 39%.

Cocoa reached hit a record Tuesday as supply constraints fuel prices higher.

This year, cocoa has experienced a significant increase of nearly 39%, reaching a new high of $10,030 per metric ton, surpassing the $10,000 mark for the first time.

The world's largest coca producer, Ivory Coast, is experiencing unusually hot temperatures that have resulted in dryer-than-normal conditions and lower crop yields. Additionally, an outbreak of cacao swollen shoot virus has further reduced supply.

Despite a decline in chocolate demand in some countries, the move comes as chocolate demand in the U.S. remains strong.