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Commodities Week in Review: December 7 to December 11

December 12, 2020 at 3:47 by Andrew Moran

Commodities Week in Review: December 7 to December 11

Agriculture

Gains in the agricultural commodities market were mixed this week, potentially because of a greenback. The US Dollar Index, which measures the greenback against a basket of currencies, rose 0.3% this week. A stronger buck is bad for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase. Despite the subdued week, agriculture commodities surged 11% in November, according to the Commodity Research Bureau Index.

Cocoa 

  • Friday Settlement: +$6.00, or 0.23%, to $2,628.00 per ton
  • Weekly Performance: -1.09%
  • YTD Performance: +3.55%

Coffee 

  • Friday Settlement: -$0.007, or 0.58%, to $1.209 per pound
  • Weekly Performance: +3.33%
  • YTD Performance: -6.39%

Corn 

  • Friday Settlement: +$0.025, or 0.59%, to $4.2375 per pound
  • Weekly Performance: +0.83%
  • YTD Performance: +9.43%

Cotton 

  • Friday Settlement: -0.26 cents, or 0.35%, to 74.00 cents per pound
  • Weekly Performance: +3.42%
  • YTD Performance: +7.32%

Lean Hogs

  • Friday Settlement: -1.875 cents, or 2.88%, to 63.225 cents per pound
  • Weekly Performance: -4.85%
  • YTD Performance: -11.29%

Orange Juice 

  • Friday Settlement: -$0.0055, or 0.47%, to $1.155 per pound
  • Weekly Performance: -6.74%
  • YTD Performance: +15.85%

Rice 

  • Friday Settlement: $0.005, or 0.4%, to $12.45 per pound
  • Weekly Performance: +1.80%
  • YTD Performance: +3.62%

Soybeans 

  • Friday Settlement: +$0.0875, or 0.76%, to $11.615 per bushel
  • Weekly Performance: 0%
  • YTD Performance: +21.5%

Sugar 

  • Friday Settlement: -0.25 cents, or 1.71%, to 14.41 cents per pound
  • Weekly Performance: -0.41%
  • YTD Performance: +7.22%

Wheat 

  • Friday Settlement: +$0.2025, or 3.39%, to $6.1675 per bushel
  • Weekly Performance: +6.94%
  • YTD Performance: +10.23%

Bitcoin 

The peer-to-peer decentralized virtual currency bitcoin has struggled to maintain momentum since hitting a record high last week. Are bitcoin prices facing a correction? The consensus is that if the cryptocurrency is able to hold a $17,000 resistence level the digital currency could retest $20,000 heading into 2021. Ultimately, according to various media reports and institutional analysis, a lot of the money flowing into bitcoin is from millennial investors who view it as the true safe-haven asset.

  • Friday Settlement: -$325.00, or 1.76%, to $18,115.00 per coin
  • Weekly Performance: -4.23%
  • YTD Performance: +150.90%

Energy 

The energy sector had a tremendous week, with oil prices touching their best levels in nine months. Natural gas recovered from the downward trend of the last month, recording modest gains that were mostly driven by storage data. Should energy prices keep this up as the year comes to a close, oil and gas could be setting themselves up for a monumental 2021.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.22, or 0.47%, to $46.56 per barrel
  • Weekly Performance: +1.02%
  • YTD Performance: -23.93%

Brent Crude Oil 

  • Friday Settlement: +$0.10, or 0.2%, to $50.07 per barrel
  • Weekly Performance: +2.12%
  • YTD Performance: -24.17%

Natural Gas 

  • Friday Settlement: +$0.042, or 1.65%, to $2.595 per million British thermal units (btu)
  • Weekly Performance: +1.65%
  • YTD Performance: +18.87%

Gasoline 

  • Friday Settlement: -$0.0089, or 0.68%, to $1.3077 per gallon
  • Weekly Performance: +3.63%
  • YTD Performance: -22.95%

Heating Oil 

  • Friday Settlement: -$0.0005, or 0.03%, to $1.4352 per gallon
  • Weekly Performance: +2.58%
  • YTD Performance: -29.16%

Metals 

The precious metals market’s future is a bit uncertain due to optimism over the coronavirus vaccines. With hope over fiscal stimulus in the US, gold and silver have shown signs of life. Copper, which has been on a tear since bottoming out this past spring, took a bit of a breather. The remaining industrial metals failed to soar amid bullishness in the broader financial market.

Gold 

  • Friday Settlement: +$6.10, or 0.33%, to $1,843.50 per ounce
  • Weekly Performance: -0.08%
  • YTD Performance: +21.28%

Silver 

  • Friday Settlement: -$0.019, or 0.08%, to $24.075 per ounce
  • Weekly Performance: -1.01%
  • YTD Performance: +34.50%

Copper 

  • Friday Settlement: -$0.0415, or 1.16%, to $3.5345 per pound
  • Weekly Performance: +0.16%
  • YTD Performance: +26.30%

Palladium 

  • Friday Settlement: -$15.50, or 0.66%, to $2,320.00 per ounce
  • Weekly Performance: -1.34%
  • YTD Performance: +21.31%

Platinum 

  • Friday Settlement: -$10.70, or 1.04%, to $1,017.00 per ounce
  • Weekly Performance: -4.97%
  • YTD Performance: +4.65%

Steel 

  • Friday Settlement: +$2.00, or 0.24%, to $852.00 per ton
  • Weekly Performance: +3.90%
  • YTD Performance: +44.65%

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

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