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Commodities Week in Review: February 8 to February 12

February 13, 2021 at 4:33 by Andrew Moran

Commodities Week in Review: February 8 to February 12

Agriculture 

For many agricultural commodities, investors turned their attention to the US Department of Agriculture (USDA) and its World Agricultural Supply and Demand Estimates (WASDE) report. It examined the current state of US agriculture and offered a broad forecast. Researchers concluded that supplies are tightening for many crops, such as soybeans and wheat, and added that foreign demand will balloon for many agricultural products. Market analysts called it a bullish report since it signaled smaller inventories and expanding demand, which would lift prices.

Cocoa 

  • Friday Settlement: +$13.00, or 0.53%, to $2,446 per metric ton
  • Weekly Performance: -1.57%
  • YTD Performance: -5.81%

Coffee 

  • Friday Settlement: -$0.0055, or 0.45%, to $1.225 per pound
  • Weekly Performance: -1.17%
  • YTD Performance: -3.77%

Corn 

  • Friday Settlement: -$0.015, or 0.28%, to $5.395 per pound
  • Weekly Performance: -1.73%
  • YTD Performance: +11.07%

Cotton 

  • Friday Settlement: +0.73 cents, or 0.83%, to $88.60 cents per pound
  • Weekly Performance: +7.25%
  • YTD Performance: +13.28%

Lean Hogs

  • Friday Settlement: -0.05 cents, or 0.07%, to 73.975 cents per pound
  • Weekly Performance: +4.30%
  • YTD Performance: +5.15%

Orange Juice 

  • Friday Settlement: -$0.012, or 1.06%, to $1.117 per pound
  • Weekly Performance: -0.40%
  • YTD Performance: -11.24%

Rice 

  • Friday Settlement: -$0.015, or 0.11%, to $13.27 per pound
  • Weekly Performance: -1.12%
  • YTD Performance: +2.19%

Soybeans 

  • Friday Settlement: +$0.035, or 0.26%, to $13.71 per bushel
  • Weekly Performance: +0.26%
  • YTD Performance: +4.64%

Sugar 

  • Friday Settlement: -0.04 cents, or 0.26%, to 15.60 cents per pound
  • Weekly Performance: -5.22%
  • YTD Performance: +0.65%

Wheat 

  • Friday Settlement: +$0.04, or 0.63%, to $6.375 per bushel
  • Weekly Performance: -0.55%
  • YTD Performance: -0.66%

Bitcoin 

Next stop $50,000 for the peer-to-peer decentralized digital currency bitcoin? This week, Tesla Motors announced that it purchased $1.5 billion in bitcoin and that it would soon accept payments in the cryptocurrency in exchange for products in the future. This sparked a terrific rally. Although there was a bit of a selloff, bitcoin prices immediately returned to an upward trajectory.

  • Friday Settlement: +$970.00, or 2.04%, to $48,495.00 per coin
  • Weekly Performance: +27.43%
  • YTD Performance: +65.97%

Energy 

What a week it was for energy commodities. Crude oil prices enjoyed a late-week rally on Middle East tensions as Iran-backed Houthis announced that they struck an airport and an airbase in Saudi Arabia with drones. The strike occurred soon after President Joe Biden ordered the State Department to remove Houthis from its terrorist designation list. Natural gas failed to catapult beyond $3 following a disappointing inventory withdrawal report, despite much of the US blanketed with Arctic-like temperatures.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$1.49, or 2.56%, to $59.73 per barrel
  • Weekly Performance: +4.66%
  • YTD Performance: +23.36%

Brent Crude Oil 

  • Friday Settlement: +$0.28, or 0.45%, to $62.71 per barrel
  • Weekly Performance: +5.18%
  • YTD Performance: +21.25%

Natural Gas 

  • Friday Settlement: +$0.029, or 1.01%, to $2.897 per million British thermal units
  • Weekly Performance: +0.52%
  • YTD Performance: +14.24%

Gasoline 

  • Friday Settlement: +$0.044, or 2.69%, to $1.6946 per gallon
  • Weekly Performance: +2.49%
  • YTD Performance: +20.09%

Heating Oil 

  • Friday Settlement: +$0.0293, or 1.68%, to $1.7739 per gallon
  • Weekly Performance: +3.36%
  • YTD Performance: +19.48%

Metals 

The metals market posted gains this week, with inflation being the primary culprit for the jump in gold and silver prices. A global economic recovery spurred a boost in industrial metals, with platinum prices touching their best levels in six years as more automakers attempt to transition from palladium to its sister commodity.

Gold 

  • Friday Settlement: -$2.00, or 0.11%, to $1,824.80 per ounce
  • Weekly Performance: +0.53%
  • YTD Performance: -4.04%

Silver 

  • Friday Settlement: +$0.43, or 1.49%, to $27.45 per ounce
  • Weekly Performance: +1.54%
  • YTD Performance: +3.49%

Copper 

  • Friday Settlement: +$0.028, or 0.74%, to $3.7995 per pound
  • Weekly Performance: +4.38%
  • YTD Performance: +7.94%

Palladium 

  • Friday Settlement: +$40.50, or 1.73%, to $2,387.50 per ounce
  • Weekly Performance: +1.86%
  • YTD Performance: -2.77%

Platinum 

  • Friday Settlement: +$17.50, or 1.4%, to $1,264.50 per ounce
  • Weekly Performance: +11.14%
  • YTD Performance: +17.14%

Steel 

  • Friday Settlement: +$4.00, or 0.33%, to $1,209.00 per ton
  • Weekly Performance: +7.95%
  • YTD Performance: +25.55%

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

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