Commodity News

Commodities Week in Review: January 25 to January 29

Agriculture 

It might have been a slow week for the agriculture sector, but it was a roaring start for most major agricultural commodities. Despite a strengthening US dollar, crops enjoyed the first month of the calendar year in the green. Aside from the greenback, it came down to fundamentals, with weather conditions, demand, inventories, and output driving these commodities. But can these crops extend the momentum into February?

Cocoa 

• Friday Settlement: -$9.00, or 0.36%, to $2,522 per metric ton
• Weekly Performance: +0.04%
• January Performance: -2.89%

Coffee 

• Friday Settlement: -$0.006, or 0.49%, to $1.2235 per pound
• Weekly Performance: -0.69%
• January Performance: -3.89%

Corn

• Friday Settlement: +$0.1275, or 2.39%, to $5.4725 per pound
• Weekly Performance: +9.40%
• January Performance: +12.66%

Cotton 

• Friday Settlement: +0.74 cents, or 0.93%, to 80.67 cents per pound
• Weekly Performance: -1.09%
• January Performance: +3.15%

Orange Juice 

• Friday Settlement: -$0.0015, or 0.14%, to $1.1045 per pound
• Weekly Performance: -5.68%
• January Performance: -12.24%

Rice 

• Friday Settlement: +$0.02, or 0.16%, to $12.85 per pound
• Weekly Performance: +1.98%
• January Performance: +7.89%

Soybeans 

• Friday Settlement: +$0.145, or 1.07%, to $13.6775 per bushel
• Weekly Performance: +4.43%
• January Performance: +4.39%

Sugar 

• Friday Settlement: +0.26 cents, or 1.67%, to 15.85 cents per pound
• Weekly Performance: 0%
• January Performance: +2.26%

Wheat 

• Friday Settlement: +$0.1575, or 2.43%, to $6.6275 per bushel
• Weekly Performance: +4.37%
• January Performance: +3.27%

Bitcoin 

The peer-to-peer decentralized cryptocurrency bitcoin showed some hints that its meteoric ascent would be cooling off. However, a few impressive sessions, including the final trading session of January, allowed bitcoin prices to maintain their stellar performance. Who knew that Elon Musk adding bitcoin to his Twitter profile would carry such weight for any financial market?

• Friday Settlement: +$4,685.00, or 14.35%, to $37,335.00 per coin
• Weekly Performance: +12.15%
• January Performance: +27.77%

Energy 

It might not have captured the same attention or excitement as the GameStop and Reddit saga. But energy commodities quietly put together a decent week, with natural gas prices leading with the way as cool temperatures lifted the so-called bridge fuel. But the coronavirus pandemic continues to weigh on crude prices, triggering demand concerns among investors. Still, the energy sector enjoyed a huge start to 2021.

West Texas Intermediate (WTI) Crude Oil 

• Friday Settlement: -$0.20, or 0.38%, to $52.14 per barrel
• Weekly Performance: +0.31%
• January Performance: +7.68%

Brent Crude Oil 

• Friday Settlement: +$0.06, or 0.11%, to $55.10 per barrel
• Weekly Performance: -0.2%
• January Performance: +6.54%

Natural Gas 

• Friday Settlement: -$0.107, or 4.02%, to $2.557 per million British thermal units (btu)
• Weekly Performance: +3.99%
• January Performance: +0.83%

Gasoline 

• Friday Settlement: -$0.0226, or 1.43%, to $1.5528 per gallon
• Weekly Performance: +1.06%
• January Performance: +10.04%

Heating Oil 

• Friday Settlement: -$0.0055, or 0.34%, to $1.5955 per gallon
• Weekly Performance: +1.64%
• January Performance: +7.46%

Metals 

Is the bullish run in precious metals over? Despite the Wall Street consensus that gold and silver still have plenty of room for growth due to inflation fears and economic uncertainty, prices have not emitted that same confidence. But silver could be poised for a breakout after a Reddit forum revealed it is attempting to perform a “short squeeze” in the white metal. Meanwhile, the industrial metals were mixed, mainly because of sluggishness in the broader global economic recovery.

Gold 

• Friday Settlement: +$11.90, or 0.65%, to $1,849.80 per ounce
• Weekly Performance: -0.31%
• January Performance: -2.72%

Silver 

• Friday Settlement: +$1.123, or 4.33%, to $27.045 per ounce
• Weekly Performance: +5.79%
• January Performance: +1.96%

Copper 

• Friday Settlement: -$0.0375, or 1.05%, to $3.5405 per pound
• Weekly Performance: -2.18%
• January Performance: +0.58%

Palladium 

• Friday Settlement: -$93.80, or 4.04%, to $2,228.50 per ounce
• Weekly Performance: -5.87%
• January Performance: -9.24%

Platinum 

• Friday Settlement: +$7.50, or 0.7%, to $1,079.90 per ounce
• Weekly Performance: -2.63%
• January Performance: +0.04%

Steel 

• Friday Settlement: +$29.00, or 2.75%, to $1,084.00 per ton
• Weekly Performance: +1.78%
• January Performance: +12.56%