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Commodities Week in Review: December 14 to December 18

December 19, 2020 at 4:35 by Andrew Moran

Commodities Week in Review: December 14 to December 18

Agriculture 

Strengthening demand, a weaker US dollar, and potential supply issues contributed to agriculture’s impressive week. The biggest news in the agricultural sector was China’s ballooning consumption for soybeans, which allowed the crop to climb to its best level since early 2014. Wheat also captured international headlines for Russia slapping a tax on wheat exports to curb exploding domestic food prices. With the year winding down, agricultural commodities could have their best performance in years. It now remains to be seen if they can carry the momentum into 2021.

Cocoa 

  • Friday Settlement: +$1.00, or 0.04%, to $2,507 per metric ton
  • Weekly Performance: -4.60%
  • YTD Performance: -1.22%

Coffee 

  • Friday Settlement: +$0.0035, or 0.28%, to $1.256 per pound
  • Weekly Performance: +3.89%
  • YTD Performance: -2.75%

Corn 

  • Friday Settlement: +$4.50, or 1.04%, to $4.37 per pound
  • Weekly Performance: +3.13%
  • YTD Performance: +12.85%

Cotton 

  • Friday Settlement: -0.15 cent, or 0.19%, to 77.04 cents per pound
  • Weekly Performance: +4.11%
  • YTD Performance: +11.73%

Orange Juice 

  • Friday Settlement: +$0.06, or 0.51%, to $1.178 per pound
  • Weekly Performance: +1.99%
  • YTD Performance: +18.15%

Rice 

  • Friday Settlement: +$0.005, or 0.04%, to $12.59 per pound
  • Weekly Performance: +1.12%
  • YTD Performance: +4.79%

Soybeans 

  • Friday Settlement: +$0.16, or 1.33%, to $12.1725 per bushel
  • Weekly Performance: +4.80%
  • YTD Performance: +27.33%

Sugar 

  • Friday Settlement: -0.25 cent, or 1.70%, to 14.43 cents per pound
  • Weekly Performance: +0.14%
  • YTD Performance: +7.37%

Wheat 

  • Friday Settlement: -$0.0075, or 0.12%, to $6.08 per bushel
  • Weekly Performance: -1.42%
  • YTD Performance: +8.67%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin skyrocketed to an all-time high this week, topping its previous record high of $19,000. Many analysts are optimistic that bitcoin prices could soar to as high as $25,000 by year’s end, while others are more skeptical and asserting that this is a massive bubble waiting to pop.

  • Friday Settlement: +$80.00, or 0.35%, to $22,950.00 per coin
  • Weekly Performance: +26.69%
  • YTD Performance: +217.87%

Energy 

Crude oil prices logged their seventh consecutive weekly gain, buoyed by growing optimism over the coronavirus vaccine rollout and US fiscal spending. Investors were also bullish on the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, more than likely to postone raising output levels at their next meeting in January on an internal report that lowered demand projections. Natural gas prices also heated up, quietly igniting another rally in the home stretch of 2020.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$0.71, or 1.46%, to $49.25 per barrel
  • Weekly Performance: +5.78%
  • YTD Performance: -19.54%

Brent Crude Oil 

  • Friday Settlement: $0.11, or 0.21%, to $52.37 per barrel
  • Weekly Performance: +4.59%
  • YTD Performance: -20.69%

Natural Gas 

  • Friday Settlement: +$0.071, or 2.69%, to $2.707 per million British thermal units (btu)
  • Weekly Performance: +4.32%
  • YTD Performance: +24.00%

Gasoline 

  • Friday Settlement: +$0.0083, or 0.6%, to $1.3964 per gallon
  • Weekly Performance: +6.78%
  • YTD Performance: -17.73%

Heating Oil 

  • Friday Settlement: +$0.0163, or 1.09%, to $1.5115 per gallon
  • Weekly Performance: +5.32%
  • YTD Performance: -25.39%

Metals 

The precious metals surged on news that the US government is on the cusp of approving a $908 billion coronavirus stimulus and relief package. Gold and silver prices also benefited by the Federal Reserve encouraging a trifecta of stimulus from the US central bank, Congress, and the White House, adding to market concerns about inflation. Copper followed the broader market rally on hopes of a global economic recovery in 2021.

Gold 

  • Friday Settlement: -$3.60, or 0.19%, to $1,886.80 per ounce
  • Weekly Performance: +2.35%
  • YTD Performance: +24.13%

Silver 

  • Friday Settlement: -$0.181, or 0.69%, to $26.00 per ounce
  • Weekly Performance: +8.00%
  • YTD Performance: +45.25%

Copper 

  • Friday Settlement: +$0.041, or 1.14%, to $3.6425 per pound
  • Weekly Performance: +3.06%
  • YTD Performance: +30.16%

Palladium 

  • Friday Settlement: +$16.50, or 0.7%, to $2,364.00 per ounce
  • Weekly Performance: +1.90%
  • YTD Performance: +23.61%

Platinum 

  • Friday Settlement: -$6.10, or 0.58%, to $1,044.00 per ounce
  • Weekly Performance: +2.65%
  • YTD Performance: +7.43%

Steel 

  • Friday Settlement: -$2.00, or 0.23%, to $875.00 per ton
  • Weekly Performance: +2.70%
  • YTD Performance: +48.56%

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

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