Cocoa's been on a wild ride. After hitting peak prices last year, we've seen some relief lately — but here's the catch: don't count on scoring cheap chocolate bars this holiday season.

Why? Supply constraints, currency shifts, and futures positioning are still keeping pressure on end prices. When major commodities pivot, retail doesn't follow immediately. There's always a lag between wholesale drops and what hits store shelves.

The real question: how much further can cocoa correct? That depends on harvest conditions, global demand, and whether speculators keep hedging. For now, the trend is cooling, but your hot cocoa this winter might still feel like a premium experience.