The price of cocoa drops by 19%, relinquishing some of its previous record-breaking increases.

• The price of cocoa last traded was approximately $7,175 per metric ton, following a decrease of around $1,700.
• In the past year, cocoa futures reached a record high of $11,722 per metric ton.
• Cocoa prices soared this year amid a shortage of cocoa beans.

On Monday, the stock market dropped more than 19%, relinquishing much of the substantial gains that had propelled them to record highs earlier in the year.

Since at least 1980, the biggest one-day drop for the commodity occurred when prices last traded at around $7,175, after dropping about $1,700 per metric ton.

In the past year, cocoa futures reached a record high of $11,722 per metric ton.

This year, cocoa prices increased due to a shortage of cocoa beans resulting from supply disruptions, such as heavy rains and disease. This increase also intensified concerns about higher prices for consumers at the grocery store.

Although Monday's stock price decreased significantly, cocoa has experienced a nearly 70% increase in value so far this year and a 137% increase over the past 12 months.