Cocoa futures in New York tumbled as much as 6.4 percent on Friday, falling below $5,300 a ton and marking the lowest level since February 2024, Bloomberg reported. The decline pushed key technical indicators into oversold territory, suggesting the recent selloff may have been too rapid. Prices are down roughly 55 percent this year, heading for a third consecutive weekly loss.

The slide comes as markets respond to improved supply prospects from Ivory Coast, the world’s largest cocoa producer. Port arrivals for export in the West African nation rose 20 percent compared with the same period a year earlier, offsetting earlier delays at the start of the season.

“The market had turned negative on prices in the wake of an improvement in the Ivory Coast port arrivals this week and generally benign weather,” ADM Investor Services analyst Mark Bowman said in a note. Technical indicators point to continued downward pressure unless prices rebound above the 10-day moving average, according to Sucden Financial analysts Daria Efanova and Viktoria Kuszak.

Arabica coffee was also under pressure, set for a third week of losses with a drop of more than 5 percent over five sessions. The decline accelerated following the US administration’s announcement of trade deals with Latin American countries that will reduce tariffs on common groceries, including coffee beans. Brazil and Colombia, the two top arabica producers, were seen as key beneficiaries of the tariff reductions.