Cocoa futures (CC=F) are declining sharply Tuesday morning, having its worst two-day slump since February. Cocoa prices surged in 2024 after inclement weather disrupted cocoa harvests at the beginning of the year.

Crude oil (BZ=F, CL=F) is moving lower as geopolitical tensions in the Middle East are slightly easing, while gold (GC=F) is also moving off of its high seen earlier this month.

Yahoo Finance Senior Markets Reporter Jared Blikre breaks down the latest price actions rippling across commodities.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino

Video Transcript

JARED BLIKRE: Now, at the bottom, we've been tracking cocoa, and I might as well hit that first. We'll get to crude oil and also gold, but here's cocoa. This is the intraday chart.

Let me show you the year to date. And you can see, we are sitting on gains of 140%, and that's after this big, nasty two-day slide. And I just want to show you, you can see how big those red candles are. So a little bit of risk off here.

Also tracking coffee, for instance. That's in the midst of a big two, three day slump there, haven't seen these levels in a few weeks-- or excuse me, a few sessions. But it just goes to show you the volatility we've been seeing here.

Also want to get a check on Brent crude oil. We also track WTI, but here's Brent. This is really the world's reference price. This was over $90 a barrel not too long ago. It looks like geopolitical tensions easing a bit. And we're seeing prices back off a little bit.

But I also want to get to gold and that is GC equals F. We'll see if I can find that here. And even if I can't, it's been on a pretty good run up. Here we go, it's down 8/10 of a percent today. It's also in the midst of a two day slump, but still sitting on gains of 12.75%.

All of this is really interesting to me, because we are seeing the US dollar index, and I'll just pull up a real quick chart of this. US dollar is trading sideways. So I got to ask, what happens if it starts going up again. This ties into the higher for longer. But you can see here, year to date chart, the US dollar index is definitely stalled out. So we'll to see what that has in store for commodities when it finally breaks that trading range.