Polychloroprene for use in adhesive compositions and having the advantage of remaining in a single phase is prepared by effecting polychloroprene polymerization in the presence of a binary emulsifying system of 1.8 to 3% of resinic derivative and 0.1 to 1% of a fatty acid or salt thereof. Alternatively, a ternary emulsifying system may be used comprising 1 to 3% of the resinic derivative, 0.1 to 1.5% of the fatty acid or salt therof and 0.1 to 2.5% of a sticking agent of a colophony derivative or a polydiene resin.