Cocoa futures plummeted below $10,000 on Tuesday as profit-taking occurred throughout the trading session. Cocoa prices have been on a tear this year because of persistent supply woes in West Africa. The agricultural commodity has struggled to crack the next $11,000 milestone, but it is clear supplies will not improve.

July cocoa futures plunged $162, or 1.65%, to $9,657 per metric ton at 19:32 GMT on Tuesday on the US ICE Futures exchange. Cocoa had spiked to as much as $10,650 a metric ton before erasing its losses and turning negative. Year-to-date, cocoa is up 130%. Over the last 12 months, the crop has advanced 231%.

Market watchers note that cocoa prices slumped on likely profit-taking, primarily because conditions have not changed in West Africa or Ghana. Output and exports are still expected to tumble in the coming marketing season.

Financial markets are bracing for key industry reports that could signal where demand is headed for the bean. Confectionary giants have already confirmed that they will trim their cocoa content and explore alternatives.

Industry observers contend that the only way for cocoa prices to ease is if demand comes to a screeching halt.

For now, the global market will suffer the third consecutive annual cocoa deficit, even if consumption declines in the coming months.

In other agricultural commodities, May corn futures dipped $0.005, or 0.12%, to $4.31 a bushel. May wheat futures fell $0.0225, or 0.4%, to $5.6525 per bushel. May soybean futures declined $0.1325, or 1.14%, to $11.45 a bushel.