(Bloomberg) — Cocoa futures (CC=F) climbed above $12,000 a ton in New York, reaching a fresh record amid mounting worries over reduced output in top grower Ivory Coast.

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The most-active contract rose as much 3.4% to $12,163 a ton. Futures have almost tripled this year as poor harvests in West Africa contributed to the worst deficit ever and forced companies to draw down from stockpiles. Prices in London also rallied more than 3%.

Fears over a weaker than expected crop in Ivory Coast in the current season have renewed supply concerns. Production in the country, which accounts for more than a third of global production, is expected at 1.9 million tons in the 2024-25 season, according to an average of eight analyst and trader estimates compiled by Bloomberg.

That’s down nearly 10% from a government outlook of about 2.1 to 2.2 million tons near the start of the season in October. A poorer harvest will complicate efforts to rebuild stockpiles that are trending lower.

Low exchange liquidity may also be contributing to exaggerated price moves, with aggregate open interest near the lowest in a decade.

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