Cocoa futures rose almost 4% during the Halloween trading session. The agricultural commodity has plummeted this year, following the record rally in 2025. Despite the recent decline, last year’s spike is being seen in current Halloween candy prices. Could trick-or-treaters see relief next year?

December cocoa futures advanced $233.00, or 3.85%, to $6,291 per metric ton at 13:06 GMT on Friday on the US ICE Futures exchange. Cocoa is expected to register a weekly loss of approximately 0.7% and is down more than 45% year-to-date.

The Halloween jump was fueled by increasing supply concerns in the current marketing season. Experts argue that there is increasing pessimism in the key growing areas of the Ivory Coast, Ghana, and Ecuador.

However, the latest selloff could pose challenges for future market conditions.

With technical indicators suggesting that cocoa could be in extremely oversold territory, market watchers say that cocoa might be vulnerable to short covering.

“Short covering happens when investors buy back a borrowed asset to close out short positions — which can lead to a profit or a loss. If prices rise, a rush to close short positions can lead to a short squeeze where traders pile back into the asset, pushing prices higher,” CNBC wrote.

Still, assessing the current landscape, strategists suggest that a recovery may be forming in the cocoa market.

“Cocoa markets sank sharply through the week after farmgate prices were raised by the governments in the Ivory Coast and Ghana, driving one of the sharpest weekly losses of the year … following new crop producer sales,” JPMorgan Chase strategists said in a note.

Last year, cocoa prices had flirted with $13,000 per metric ton.

In other agricultural commodities, December corn futures fell $0.0225, or 0.52%, to $4.28 per bushel. December wheat futures declined $0.0575, or 1.1%, to $5.185 a bushel. December soybean futures tumbled $0.0375, or 0.34%, to $11.04 a bushel.