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Commodities Week in Review: August 31 to September 4

September 5, 2020 at 3:18 by Andrew Moran

Commodities Week in Review: August 31 to September 4 

Agriculture 

It was a mixed week for agricultural commodities as many of the crops joined the broader market selloff and were affected by a strengthening US dollar. Chinese demand, domestic production, and weather conditions also weighed on some of the major agricultural products, like soybeans and wheat. With signs that China, Nigeria, and the Philippines are scooping up US wheat, additional foreign buyers could be in the market American wheat, too. 

Cocoa 

  • Friday Settlement: +$2.00, or 0.08%, to $2,597 per metric ton 
  • Weekly Performance: -1.18% 
  • YTD Performance: +2.32% 

Coffee

  • Friday Settlement: +$0.0065, or 0.49%, to $1.3465 per pound
  • Weekly Performance: +6.53%
  • YTD Performance: +4.26%

Corn 

  • Friday Settlement: +$0.035, or 0.99%, to $3.5725 per pound 
  • Weekly Performance: -0.76% 
  • YTD Performance: -7.75% 

Orange Juice 

  • Friday Settlement: +$0.0025, or 0.21%, to $1.2015 per pound 
  • Weekly Performance: +2.60% 
  • YTD Performance: +20.51% 

Rice 

  • Friday Settlement: +$0.055, or 0.45%, to $12.40 per pound 
  • Weekly Performance: +0.98% 
  • YTD Performance: +3.20% 

Soybeans 

  • Friday Settlement: +$0.03, or 0.31%, to $9.69 per bushel 
  • Weekly Performance: +1.79% 
  • YTD Performance: +1.36% 

Sugar 

  • Friday Settlement: -0.14 cents, or 1.16%, to 11.93 cents per pound 
  • Weekly Performance: -5.54% 
  • YTD Performance: -11.24% 

Wheat 

  • Friday Settlement: -$0.0175, or 0.32%, to $5.515 per bushel 
  • Weekly Performance: +0.55% 
  • YTD Performance: -1.43% 

Bitcoin 

The peer-to-peer decentralized digital currency was another victim in this week’s market crash. Bitcoin did slump below the $10,000 mark, but the cryptocurrency rebounded and shook off $157 million in futures expiration. Still, it was not enough to prevent the virtual currency from enduring a steep 7% loss for the week. 

  • Friday Settlement: -$95.00, or 0.89%, to $10,625 per coin 
  • Weekly Performance: -7.21% 
  • YTD Performance: +47.16% 

Energy 

Energy prices started off the week trading at their best levels in five months, but they, too, joined the selloff in the broader financial market. Demand concerns also put pressure on prices, as well as Organization of the Petroleum Exporting Countries (OPEC) about to pump more supply into the system. Investors also monitored the Baker Hughes oil rig count that rose again. Natural gas snapped its weekly winning streak, although it did finish the Friday session higher. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$1.86, or 4.5%, to $39.51 per barrel 
  • Weekly Performance: -7.97% 
  • YTD Performance: -35.45% 

Brent Crude Oil 

  • Friday Settlement: -$0.31, or 0.73%, to $42.35 per barrel 
  • Weekly Performance: -7.81% 
  • YTD Performance: -35.86% 

Natural Gas 

  • Friday Settlement: +$0.092, or 3.7%, to $2.579 per million British thermal units (btu) 
  • Weekly Performance: -2.83% 
  • YTD Performance: +18.14% 

Gasoline 

  • Friday Settlement: -$0.0389, or 3.23%, to $1.166 per gallon 
  • Weekly Performance: -6.47% 
  • YTD Performance: -31.3% 

Heating Oil 

  • Friday Settlement: -$0.0262, or 2.24%, to $1.1415 per gallon 
  • Weekly Performance: -7.94%
  • YTD Performance: -43.66% 

Metals 

It was a tough week for the precious metals, while the industrial metals had a decent five-session run. Although gold and silver ended the Friday session higher, it was not enough to avoid a weekly decline. The yellow and silver metals were hampered by a rebounding US dollar, which is bad news for commodities priced in the greenback since it makes it more expensive for foreign investors to purchase. 

Gold 

  • Friday Settlement: +$3.10, or 0.16%, to $1,940.90 per ounce 
  • Weekly Performance: -1.61% 
  • YTD Performance: +27.69% 

Silver 

  • Friday Settlement: +$0.24, or +0.89% 
  • Weekly Performance: -1.78% 
  • YTD Performance: +51.48% 

Copper 

  • Friday Settlement: +$0.0995, or 3.34%, to $3.0745 per pound 
  • Weekly Performance: +1.47% 
  • YTD Performance: +9.86% 

Palladium 

  • Friday Settlement: +$2.70, or 0.12%, to $2,324.30 per ounce 
  • Weekly Performance: +4.52% 
  • YTD Performance: +21.54% 

Platinum 

  • Friday Settlement: +$17.30, or 1.94%, to $906.90 per ounce 
  • Weekly Performance: -3.59% 
  • YTD Performance: -6.68% 

If you have any questions and comments on the commodities today, use the form below to reply. 

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