Cocoa futures continued tanking on Friday as the agricultural commodity’s rally came to a screeching halt. Cocoa prices had rocketed to close to $12,000 last week, but the downside correction from their recent record highs is taking shape. Have the bears taken over from the bulls?

July cocoa futures plummeted $146.00, or 1.79%, to $7,999 per metric ton at 17:18 GMT on Friday on the US ICE Futures exchange. Cocoa will post a weekly decline of more than 25%. Still, the crop is up nearly 91% year-to-date and has popped 173% over the last 12 months.

As expected, a pause in demand has weighed on price. After touching the highest level on record, businesses have postponed their purchases of the crop for the next season. This has provided some relief in the cocoa market.

In addition, traders had been dumping their positions because the enormous price swings have made it costly to maintain a stake in the bean. Margins have spiked this year, forcing investors to close their positions.

Last week, cocoa prices slipped on news that Nigeria reported an export increase of 19% year-over-year in March, totaling 22,199 metric tons.

Supply constraints coming out of Ghana and West Africa fueled the rally. Can falling demand be the catalyst behind cocoa’s decline?

In other agricultural commodities, July corn futures picked up $0.0125, or 0.27%, to $4.61 per bushel. July wheat futures added $0.1625, or 2.69%, to $6.2075 a bushel. July soybean futures advanced $0.12, or 1.00%, to $12.11 per bushel. July orange juice futures fell $0.045, or 1.21%, to $3.684 a pound.