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Commodities Week in Review: August 10 to August 14

August 15, 2020 at 2:41 by Andrew Moran

Commodities Week in Review: August 10 to August 14 

Agriculture 

Many agricultural commodities took advantage of a weaker US dollar this week. With a lower buck, it makes many dollar-denominated commodities cheaper for foreign investors to purchase. As the fundamentals continue to improve, a lot of analysts are forecasting major gains over the next 12 months for US agriculture. 

Coffee 

  • Friday Settlement: +$0.005, or 0.43%, to $1.1695 per pound 
  • Weekly Performance: +1.83% 
  • YTD Performance: -9.45% 

Corn 

  • Friday Settlement: -$0.0075, or 0.23%, to $3.245 per pound 
  • Weekly Performance: +5.44% 
  • YTD Performance: -16.20% 

Orange Juice 

  • Friday Settlement: $0.005, or 0.04%, to $1.197 a pound 
  • Weekly Performance: +4.04% 
  • YTD Performance: +20.06% 

Rice 

  • Friday Settlement: +$0.14, or 1.18%, to $11.975 per pound 
  • Weekly Performance: +3.14% 
  • YTD Performance: -0.33% 

Soybeans 

  • Friday Settlement: -$0.015, or 0.17%, to $8.98 per bushel 
  • Weekly Performance:  +3.31% 
  • YTD Performance: -6.07% 

Sugar 

  • Friday Settlement: Unchanged at 13.11 cents per pound 
  • Weekly Performance: +3.8% 
  • YTD Performance: -2.46% 

Wheat 

  • Friday Settlement: +$0.035, or 0.7%, to $5.0025 per bushel 
  • Weekly Performance: +0.86% 
  • YTD Performance: -10.59% 

Bitcoin 

The peer-to-peer decentralized virtual currency bitcoin failed to finish the week above $12,000, although it did top the important threshold earlier in the trading week. Can the cryptocurrency sustain the momentum? Like gold, a lot of investors are pouring money into bitcoin as a hedge against inflation. And, like gold, bitcoin is seeing a lot of speculation that could trigger a short-term correction. 

  • Friday Settlement: +$280.00, or 2.42%, to $11,870 per coin  
  • Weekly Performance: +1.93% 
  • YTD Performance: +64.4% 

Energy 

The energy market had another positive week as the fundamentals continue to support crude oil’s comeback. The big surprise was the surge in natural gas prices for the second consecutive week, despite more moderate temperatures expected for much of the US over the next ten days. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.01, or 0.02%, to $42.23 per barrel 
  • Weekly Performance: +1.51% 
  • YTD Performance: -31.01% 

Brent Crude Oil 

  • Friday Settlement: +$0.15, or 0.33%, to $44.95 per barrel 
  • Weekly Performance: +0.58% 
  • YTD Performance: -31.92% 

Natural Gas 

  • Friday Settlement: +$0.163, or 7.47%, to $2.345 per million British thermal units (btu) 
  • Weekly Performance: +3.99% 
  • YTD Performance: +7.42% 

Gasoline 

  • Friday Settlement: +$0.0142, or 1.15%, to $1.249 per gallon 
  • Weekly Performance: +2.93% 
  • YTD Performance: -26.41% 

Heating Oil 

  • Friday Settlement: +$0.0032, or 0.26%, to $1.2413 per gallon 
  • Weekly Performance: +1.37% 
  • YTD Performance: -38.73% 

Metals 

Gold suffered its first weekly loss since early June, while silver faced a significant correction. Many analysts say that some level of consolidation was necessary for the precious metals to trend higher for the rest of the year. The consensus on Wall Street is that gold and silver prices will still test $2,100 and $30, respectively, amid inflation fears. 

Gold 

  • Friday Settlement: -$16.70, or 0.85%, to $1,953.70 per ounce 
  • Weekly Performance: -4.52% 
  • YTD Performance: +28.53% 

Silver 

  • Friday Settlement: -$1.173, or 4.23%, to $26.545 per ounce 
  • Weekly Performance: -6.48% 
  • YTD Performance: +48.3% 

Copper  

  • Friday Settlement: +$0.0565, or 2.01%, to $2.8635 per pound 
  • Weekly Performance: +2.62% 
  • YTD Performance: +2.32% 

Palladium 

  • Friday Settlement: -$76.70, or 3.46%, to $2,140.10 per ounce 
  • Weekly Performance: -2.63% 
  • YTD Performance: +11.91% 

Platinum 

  • Friday Settlement: -$23.10, or 2.35%, to $959.90 per ounce 
  • Weekly Performance: -2.25% 
  • YTD Performance: -1.22% 

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