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Commodities Week in Review: February 15 to February 19

February 20, 2021 at 3:57 by Andrew Moran

Commodities Week in Review: February 15 to February 19

Agriculture 

In a recent research note, JPMorgan Chase warned that the commodities market is in a “supercycle,” an extended period of rampant gains. The financial analysts stated that agriculture, energy, and metals are in the middle of a massive bull run that could last for a couple of years amid strong demand worldwide at the same time. This has been apparent in the agriculture sector, with prices for many crops at multi-year highs. With a weaker US dollar lingering in the background, many of these agricultural products enjoyed a stellar performance.

Cocoa 

  • Friday Settlement: +$3.00, or 0.12%, to $2,446 per metric ton
  • Weekly Performance: 0%
  • YTD Performance: -5.81%

Coffee 

  • Friday Settlement: +$0.002, or 0.15%, to $1.2935 per pound
  • Weekly Performance: +5.59%
  • YTD Performance: +1.61%

Corn 

  • Friday Settlement: -$0.0725, or 1.32%, to $5.43 per pound
  • Weekly Performance: +0.65%
  • YTD Performance: +11.79%

Cotton 

  • Friday Settlement: +0.39 cents, or 0.43%, to 90.69 cents per pound
  • Weekly Performance: +2.36%
  • YTD Performance: +15.96%

Lean Hogs

  • Friday Settlement: +0.775 cents, or 0.92%, to 85.275 cents per pound
  • Weekly Performance: +15.28%
  • YTD Performance: +21.22%

Orange Juice 

  • Friday Settlement: +$0.003, or 0.27%, to $1.0985 per pound
  • Weekly Performance: -1.66%
  • YTD Performance: -12.71%

Rice 

  • Friday Settlement: $0.01, or 0.08%, to $12.78 per pound
  • Weekly Performance: +0.08%
  • YTD Performance: +7.26%

Soybeans 

  • Friday Settlement: +$0.0325, or 0.24%, to $13.7825 per bushel
  • Weekly Performance: +0.53%
  • YTD Performance: +5.19%

Sugar 

  • Friday Settlement: +0.32 cent, or 1.93%, to 16.91 cents per pound
  • Weekly Performance: +8.4%
  • YTD Performance: +9.1%

Wheat 

  • Friday Settlement: -$0.0725, or 1.09%, to $6.58 per bushel
  • Weekly Performance: +3.22%
  • YTD Performance: +2.53%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin has transformed into a $1 trillion market, topping $55,000 for the first time ever. Last year at this time, bitcoin’s market value was just under $200 billion. Is this the mother of all bubbles? While financial experts agree that there is some speculation involved, the bitcoin boom is being driven by investors holding it as a global digital reserve asset. So, is the next stop $60,000?

  • Friday Settlement: +$3,560.00, or 6.8%, to $55,900 per coin
  • Weekly Performance: +15.27%
  • YTD Performance: +91.31%

Energy 

It was an up-and-down week for the energy sector, with weather primarily in focus. A blast of freezing temperatures and snowstorms impacted 100 million Americans, creating power outages in several US states, including Texas and Oklahoma. But investors are also combing through domestic output levels, US inventories, and global demand. Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) were also under the spotlight this week as industry observers believe that Riyadh and the rest of the cartel will curtail the production freeze beginning in April.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$1.49, or 2.46%, to $59.04 per barrel
  • Weekly Performance: -1.16%
  • YTD Performance: +21.93%

Brent Crude Oil 

  • Friday Settlement: -$0.07, or 0.11%
  • Weekly Performance: +0.21%
  • YTD Performance: +21.50%

Natural Gas 

  • Friday Settlement: 0% to $3.082 per million British thermal units (btu)
  • Weekly Performance: +6.39%
  • YTD Performance: +21.53%

Gasoline 

  • Friday Settlement: +$0.0746, or 4.16%, to $1.8689 per gallon
  • Weekly Performance: +10.29%
  • YTD Performance: +32.44%

Heating Oil 

  • Friday Settlement: -$0.0218, or 1.2%, to $1.8010 per gallon
  • Weekly Performance: +1.53%
  • YTD Performance: +21.3%

Metals 

Can the metals market maintain consistent momentum? Ever since coronavirus vaccines were announced last fall, it has been a rocky performance for the precious metals, with industrial metals doing most of the heavy lifting in the sector. The primary factor that might be keeping gold prices elevated is inflation fears, especially after Treasury Secretary Janet Yellen pushed for even more fiscal stimulus to combat the coronavirus-induced financial crisis.

Gold 

  • Friday Settlement: +$8.10, or 0.46%, to $1,783.10 per ounce
  • Weekly Performance: -2.29%
  • YTD Performance: -6.23%

Silver 

  • Friday Settlement: +$0.292, or 1.08%, to $27.37 per ounce
  • Weekly Performance: -0.29%
  • YTD Performance: +3.19%

Copper 

  • Friday Settlement: +$0.1655, or 4.24%, to $4.0665 per pound
  • Weekly Performance: +7.03%
  • YTD Performance: +15.53%

Palladium 

  • Friday Settlement: +$30.70, or 1.31%, to $2,379.50 per ounce
  • Weekly Performance: -0.34%
  • YTD Performance: -3.10%

Platinum 

  • Friday Settlement: +$7.50, or 0.59%, to $1,282.20 per ounce
  • Weekly Performance: +1.40%
  • YTD Performance: +18.78%

Steel 

  • Friday Settlement: -$22.00, or 1.73%, to $1,248.00 per ton
  • Weekly Performance: +3.23%
  • YTD Performance: +29.60%

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

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